This tutorial discusses Bonfire cryptocurrency and how it works. Also, understand how and where to buy Bonfire cryptocurrency:
Bonfire cryptocurrency was launched in April 2021 on PancakeSwap and claims to help shield holders from the volatile crypto market.
It claims to do so by charging a 10% transaction fee on all trades and rewards (static rewards) half of this amount to holders while the rest goes to liquidity pools on the Binance Smart Chain. The project is very low activity at the moment, although it is still active.
It also implements a manual burn such that the team can decide to destroy tokens whenever they want to reduce supply. It has so far burned 41.57% of the total supply of 1 quadrillion tokens.
However, Bonfire demand hasn’t increased as previously targeted using these features. It indeed looks like an abandoned project with very low trading volumes and very poor price prospects.
What You Will Learn:
- Buy Bonfire Cryptocurrency
- List of Places to Buy Bonfire Crypto
- Bonfire FAQs
Buy Bonfire Cryptocurrency
Bonfire failed to release the app as planned earlier and most of its other features remain to be seen. It is definitely one of the projects you should avoid investing in or buying.
This tutorial discusses Bonfire cryptocurrency, how it works, and how and where to buy Bonfire cryptocurrency.
Market Trends: Bonfire can be traded in 1 cryptocurrency market or against BUSD, ETH, and other cryptos. These markets are on PancakeSwap and MoonPay. It can be purchased instantly with a credit card through MoonPay.
Bonfire token details:
The cryptocurrency has a market capitalization of $0 and a 24-hour trading volume of $1,495.
Bonfire volume and market cap:
Bonfire cryptocurrency has invested in a total of 321, 273 wallet addresses. The largest addresses are those for the PancakeSwap exchange, which holds 32.8%, and the burn address, which holds 41.75% of the total tokens. The third and fourth largest wallets hold 1.75% and 1.37% and all the rest hold balances of below 0.5% of the tokens each.
A total of 1.182 million transfers have been done on the smart contracts.
- Bonfire is either a failed, abandoned, or very slow-growing project. There are definitely hundreds of alternatives to consider when you look at Bonfire’s poor price traction and prospects.
- Crypto does not seem to be suitable for long-term or short-term holdings in the wallet in expectation of price traction.
What Are Bonfire Features
Here are some of the Bonfire features, apart from the manual burn and 10% transaction tax to reward holders and invest in the liquidity pool:
#1) Bonfire Connect: The yet-to-launch platform that Bonfire envisions to be a place where people can connect, socialize, make friends, play games, own digital land, and express creativity. There is scanty information about this project but the website indicates that it will prepare for the Bonfire Connect Metaverse.
The little information available is also very general about the project. The website states in other places that Connect will be a social platform where people will be paid for making friends, expressing creativity, and learning new things. No dates have been given for the Connect launch.
#2) Bonfire Metaverse: Bonfire’s website states that the metaverse will use different solutions and be capable of connecting to the real world. This indicates that it will host NFTs or non-fungible tokens, given that an NFT pre-sale will be held. There is very scanty information on those plans with no dates given for the launch of either the pre-sale or the metaverse.
#3) Bonfire Group: Bonfire group is a company based in the Netherlands according to the Bonfire website. The website claims that the group also includes remote workers from all over the world. This is the team involved in the development of the Bonfire ecosystem. The identity of the founder, CEO, and CoT are disclosed on the website.
Bonfire Tokenomics and Why Bonfire is a Bad Idea
It appears that the Bonfire cryptocurrency, for now, exists just to encourage or motivate users to hold it and generate a social following. This is being done by rewarding holders using half of the 10% charged as a transaction fee per trade. For those interested in how to trade bonfires, this may not be the best for price speculation.
Pulling some tokens out of supply through burns is also targeted to increase demand and therefore price, but the manual burn is not well explained. Besides, it is not regular or trustless, happens at the mercy of the team and creators, and may therefore be prone to manipulation.
Many other projects have implemented the idea of charging a fee on trade to reward holders and most of them remain with low trading volume and price prospects. Without a persistent and substantial trading volume, this idea will not succeed.
High trading volumes may be necessary for a token that seeks to improve its public outlook, for instance, through listing on popular cryptocurrency exchanges. It affects pricing. Many people would like to invest and trade a coin that has numbers. Low trading volumes signify that not many people are willing to trade the token and a hefty transaction fee discourages it.
The original total supply was 1 quadrillion tokens, which again is massive and likely to flood the market. Although there is a manual burn that has removed more than 41% of the supply from circulation, it has not affected demand and pricing substantially. The price still has kept volatile and falling.
Again, there would not be much point in supplying 1 quadrillion tokens initially and then resulting in repurchasing to remove some from the supply. This idea seems to be successful on tokens or cryptocurrencies with a huge following like BNB.
Bonfire has also received major setbacks as a result of low trading volumes and other metrics because it is no longer tracked on CoinMarketCap. The trading volume dropped by $5,000 in Q1 2022. This is not very positive news for those who want to know how to trade Bonfire.
Positive Audit Report by Metapulse
Despite this outlook, the project was given a positive audit report by Metapulse. Metapulse performed an automated as well as manual analysis of the Bonfire smart contract. It analyzed the rewards system, token burning process, application behavior, and overall mechanics.
The company said the flaws discovered in the smart contract did not affect holders and hence the smart contract was safe. It said that a bot that could steal tokens from a liquidity pair did not affect investor funds or other contract components, but only the liquidity pair.
People are generally silent on social media about the Bonfire token, although it generates many impressions on Twitter per day (above 100,000 to 200,000) and Reddit.
The cryptocurrency’s social media pages have the following number of users Reddit– 29.9k members where it is considered active, 1,561 followers on Twitter, 374 followers on Instagram, 28,547 members on its Telegram group, and 11,798 members on Discord group.
Bonfire Price Predictions
There are varied Bonfire price predictions given by different analysts. Those given by Price Prediction appear to be more relevant to the current Bonfire situation. The analysts expected the coin to trade at $0.00000001 on average in 2022, $0.00000002 on average in 2024, $0.00000003 on average in 2026, and $0.00000006 on average in 2028.
The experts also expected the crypto to trade at $0.00000009 in 2029 and $0.00000021 on average in 2031. Some other predictions indicated that the coin could trade at between $1.4 and $1.78 on average in 2031, but this would require huge fundamental and operational changes in the crypto project.
Where to Buy Bonfire Coins
Just two markets exist on two cryptocurrency exchanges where you can buy and sell the token. Additionally, users asking where they can buy Bonfire crypto can do so using credit cards and debit cards at MoonPay third-party exchanges.
There are many reasons why most crypto exchanges may not have listed Bonfire for trading. The first may be due to its low trading volumes. Most exchanges like to list tokens with high daily trading volumes to boost liquidity and for other reasons.
The second may be because of low community support. Although Bonfire is present on social media, an assessment of the smart contract shows that just slightly above 3,000 addresses hold the token, but even then, only two wallet addresses – the burn and PancakeSwap exchange wallets are significant holding 41.57% and 32% respectively.
The rest of the wallet addresses hold less than 2% each. This reveals a high level of centralization.
The tokenomics may also be a factor given that the cryptocurrency has very little utility for now – most of its main features are yet to launch. It markets just two features for now. These features include rewarding holders with half of the 10% transaction fee charged on each trade and the manual token burn meant to boost demand from time to time.
Unfortunately, Hotit is not available as a place where you can buy Bonfire crypto as of August 2022 due to allegations that an employee was involved in illegal issues. However, this market may open soon to allow people to trade cryptocurrencies.
List of Places to Buy Bonfire Crypto
PancakeSwap is a decentralized exchange built on the Binance Smart Chain. It lets users swap cryptocurrencies amongst themselves in peer-to-peer mode from wallet to wallet without a middle party.
PancakeSwap requires you to have an external wallet, which you must connect to the exchange before trading. This is because it does not host a wallet where you can keep the cryptocurrencies you buy or are selling.
For that reason, you must create a cryptocurrency wallet on MetaMask, Trust Wallet, or Binance Smart wallet to use the exchange in the case when looking for Bonfire crypto where to buy.
How to Buy Bonfire Coin on PancakeSwap
Step #1: Create a Binance account
Binance Smart Chain tokens are not supported on most centralized exchanges. You will not find BNB listed on many centralized exchanges for other reasons as well despite being a token with a strong outlook and tokenomics. You will need, however, to have BNB tokens to buy anything on PancakeSwap. It is used on the DEX to pay for gas fees.
Therefore, you might need to sign up on Binance to buy BNB. That said, buyers located in the United States should use Binance.us to sign up and purchase BNB. There it can be bought with or traded against deposited USD. Binance will require users to verify their account before proceeding to trade.
Step #2: Buy BNB on Binance
How many Binance tokens you need to trade on PancakeSwap depends on the number of crypto tokens. In this case, Bonfire – you need to buy on Binance. Once you are signed up, verified, and signed back in, click/tap Buy Crypto from the menu on the home page.
Choose a payment method, choose crypto (most appropriately BUSD or USDT), enter the amount to buy, proceed to enter a credit card, debit card, bank deposit, or third-party payments, enter details of the chosen payment method, and proceed to confirm the transaction.
You can also click/tap p2p to buy stablecoins or BNB on the peer-to-peer platform (directly from a user using their preferred payment methods).
Once the purchased stablecoin is in your wallet, click on Menu, then Markets. Choose the BNB/stablecoin pair and proceed to input the amount to buy, choose the order type, and confirm by clicking Buy. This should be a simple process even for those looking for bonfire crypto where to buy.
Step #3: Download the Trust Wallet app and create an account
Download Trust Wallet from the Google Play store or iOS app store. Proceed to create an account on Trust Wallet. Remember to write down and save your passphrase to secure the paper. The BNB wallet address can be copied from the Trust Wallet. This is the wallet address to which you will be sending the cryptocurrency.
Step #4: Send BNB from Binance to Trust Wallet
Go back to your Binance account. Go to the Wallets tab and select Withdraw. Choose the BNB crypto and tap/click Send via Crypto Network, and enter the wallet address from Trust Wallet to which you will send the BNB, enter the amount, and proceed to send. The balance should reflect on the Trust Wallet account.
This is a very important step for those who want to know how to buy Bonfire coins because you must have the correct wallet address to not lose crypto.
Step #5: Swap BNB tokens for Bonfire tokens on Trust Wallet
Select Apps and go to PancakeSwap exchange. Use PancakeSwap v1. Copy the Bonfire contract address found here and paste it into the search bar for tokens on the swap tab. Proceed to exchange BNB for Bonfire.
Ensure to leave some BNB to cover transaction costs or gas. Bonfire so purchased will appear on the Trust Wallet. Using MetaMask follows the same paths and processes.
How to Buy BNB Tokens on MoonPay From the Bonfire Website
You can purchase Bonfire from the crypto’s website which directs you to the MoonPay website. Simply head over to the Bonfire crypto website and from the homepage, choose the currency (USD among others), enter the amount of BNB you need to purchase with a credit/debit card, enter your BNB wallet address, and click Buy.
You will need to either sign up or log in on MoonPay. Enter your card details and proceed with the purchase. Once it is processed, the BNB can then be used as previously to purchase Bonfire from PancakeSwap.
How to Purchase Bonfire Crypto
Hotbit has suspended deposits, withdrawals, and other related activity due to a recent claim that one of its team members engaged in fraudulent activity. Thus, it is not possible, for those interested in Bonfire crypto buying in August 2020, to trade cryptocurrencies on the exchange.
How to Purchase Bonfire Crypto From Peers
Any cryptocurrency can be sent from wallet to wallet and Bonfire is not exceptional. This is what most cryptos are meant for. Therefore, Bonfire can also be sent from one person to another either for free or for sale. There are not many known markets besides PancakeSwap where you can trade PancakeSwap with peers but it is possible more could sprout up.
Q #1) How much is a Bonfire worth?
Answer: Bonfire cryptocurrency is worth $0.000000005471 each. It has a trading volume of $1,277 or less. The highest has been $0.00000095% and the lowest at $0.000000000105%. Bonfire cryptocurrency started in April 2021 and was trading at $0.00000068 for early investors.
Prices change all the time and for those requesting information on how to buy bonfire crypto, please always check the latest prices on CoinMarketCap and crypto information trackers.
Q #2) Will Bonfire token go up?
Answer: Analyst predictions for Bonfire Token show that the crypto price will take time to gain substantial momentum. The prospects are that the crypto will attain a price of about $0.00000003 in 2026, and $0.00000006 on average in 2028. It will trade at around $0.00000021 on average in 2031.
There also are high chance that the token will tumble and fall and be worth nothing by 2025 if nothing is done to bring it to the right path. The section below on where to buy Bonfire also has information on how to buy bonfire crypto.
Q #3) What is going on with Bonfire crypto?
Answer: Bonfire price has gone down by 99% since the project started in April 2021. It has been very volatile and most of the early investors have already cashed in their tokens after they attained a maximum price shortly after launching.
Despite the community being active on social media to try to pump the token, not much has gained traction in more than a year. The token economics do not seem to be working to boost demand– including manual burn and rewarding of holders.
Bonfire has also failed to launch the app, Bonfire Connect, and the planned metaverse. It looks like the token is abandoned, a scam, a pyramid scheme, or just a failed one.
Q #4) Is Bonfire a good token?
Answer: Analyses do agree that this is not a good investment or buy for anyone looking to buy cryptocurrencies. It has a poor price outlook and is not expected to gain traction any time soon. For instance, experts predict it may trade for just $0.00000006 in 2028 and $0.00000021 on average in 2031.
At a slow rate of adoption, slow rate of price traction, very low trading volumes, and poor community participation, the project is unlikely to pull investments and interest from the masses. The team is yet to launch a planned app, Bonfire Connect, and metaverse which may increase the utility of the token.
Q #5) What was the starting price of Bonfire?
Answer: Bonfire started for $0.00000068, which is what early investors bought it for in April 2021. The price is now down by about 99%. The cryptocurrency’s price appears to be largely determined by the hype on social media, more than any other factor.
Please check the section below on where and how to buy bonfire crypto.
Q #6) Where can I buy Bonfire crypto?
Answer: PancakeSwap is the answer to the question where can I buy Bonfire crypto? However, we do not support any fiat depositing or buying with fiat.
We discussed how and where to buy Bonfire coins. Bonfire crypto tokens can only be purchased from PancakeSwap only. Buyers require BNB to use PancakeSwap for Bonfire crypto buying. BNB can be bought directly from the Binance exchange, MoonPay, and many other exchanges/platforms using USD and other fiat currencies.
PancakeSwap allows you to instantly exchange BNB for Bonfire crypto tokens. We also explain the Bonfire fundamentals and why it is not a very considerable purchase at the moment.
- Time taken to write the tutorial: 10 hours.