If handled right, the crypto world can be very rewarding. Without a doubt, it is one of the easiest ways to make money. This is why we are going to discuss another cryptocurrency called “Bonfire” that would bring you luck and good fortune.
What is Bonfire
You may ask. Bonfire token has the Binance Smart Chain as its core blockchain. It is described as “community-oriented, frictionless, and yield generating.” This decentralized social media network is appealing to any trader who knows a good deal when they see one. Upon every transaction made using Bonfire tokens, a 10% fee is taken out. Using the RFI tokenomic model, every Bonfire token holder receives a proportion of 5% from that fee. Bonfire token holders receive extra security for their finances because of the additional 5% fee that goes into the liquidity pool.
This is why Bonfire has a large community gathered around it despite being new to the crypto world. The community participates in giveaways, charity campaigns, and competitions as a part of Bonfire.
What is the Use Case & Future Plans for Bonfire?
As a person who is very cautious about the future, you might be wondering what the future of Bonfire looks like. Providing a decentralized social media platform of many features for cryptocurrency traders is the end game for this project. These features include giving a secure space for NFT sales and sharing but there is so much more in planning. Bonfire has a promising future of being a stable, multi-purpose platform. A team of highly skilled and experienced developers is working hand in hand with marketing and social engagement managers to achieve that goal.
Now, knowing these details does not mean anything without knowing how to buy Bonfire, does it? So let us walk through those steps.
Step by Step Guide to Buy Bonfire
Step 01: Signup on Binance and Create an Account
Binance is one of the world’s largest platforms for cryptocurrency exchanges. It is also reliable and secure, which is why it is a favorite among many experienced traders. It is also easy to use and allows you to purchase many different cryptocurrencies of your choosing.
To get your own BNB tokens, you have to have a Binance account. You can use different methods of acquiring a Binance account.
You can choose the method that supports you best. Whatever method you choose, you have to go through the registration process. You just have to follow a few easy steps to get you all set up on the Binance exchange platform. Here is how you do it.
- Go to the website you choose from Binance.us or Binance.com.
- Click on the button ‘Register’.
- You can choose either register by email address or register by phone number.
- Fill in the necessary details. Make sure to create a strong password.
- In the Referral ID area, you can type the ID of the Binance account that sent you the invite. Filling this field is optional.
- Then tick the agreement field and click on the ‘Create Account‘ button to create your Binance account.
- There will be a test to confirm that you are human. Complete that task.
- You will receive a verification code to the email address or phone number you entered. Enter that code in the Account verification field.
- When you complete the verification, you can open your Binance account.
Remember that this is about your finances. Therefore, always use strong passwords, secure email addresses, and phone numbers.
KYC on Binance exchange
Binance exchange has initiated news rules and regulations to ensure the security of all its users. Therefore, you must go through an identity verification procedure as well. This would take only a moment of your time.
- Log in to your Binance account.
- Go to the verification tab.
- Click the Start button.
- Fill out the details on the form on this page and click OK.
- Fill out the rest of the details on the next page. You might want to use the webcam or your smartphone to take a portrait picture.
- Complete all the requirements and click on the Next button.
- You will receive a verification email if you have completed the process successfully.
When you complete this procedure, you are all set and ready to begin trading.
Step 02: How to Fund Your Account (Buy BNB or BUSD from Binance)
After you set up your account, the next step is funding your account. Follow these steps to get through this.
- In your Binance account, go to the wallet tab.
- In the dropdown menu, click on Fiat and Spot.
- In the redirected age you can see the available balances. There, click on the Deposit tab.
- Click on Crypto and choose the cryptocurrency you like.
- Then you will find the address of that currency. Copy that address and send the cryptocurrency you chose to that address from your wallet application.
- Then go to Trade Convert to convert the crypto to either BNB or BUSD.
Step 03: Buy Bonfire Through MetaMask Wallet and PancakeSwap
When you have funded your account with BNB tokens, you have to connect with Pancakeswap. To do so, you need a secure wallet. There are many wallets in the current crypto market and MetaMask is the giant among them. To use MetaMask, first, you have to know how to Open a MetaMask Wallet.
- First thing first, you need to decide in which browser you need your MetaMask wallet. It works on popular browsers like Google Chrome, Mozilla Firefox, or Brave – a specially designed browser for cryptos.
- Now that you’ve decided which browser, visit the website, https://metamask.io. Important: This is the official and only website – make sure your URL is correct before moving to the next steps.
- Now that you have the right website, click on any ‘Download’ button you see.
- It will navigate you to the download page. By default, the site will show the extension for your preferred browser – in this case Google Chrome.
- Click the button ‘Install MetaMask for Chrome’ & it’ll redirect you to the extension page inside the Chrome web store.
- Simply click the button ‘Add to Chrome’. Then click ‘Add extension’ to confirm.
- After the installation is complete, Chrome will automatically open a new window to continue with account creation.
- You will see a button called ‘Get Started‘. Once you click on it.
- You can create a MetaMask account. If you already have an account, you can import it here.
- Click the Create a Wallet button and tick the agreement button.
- Then you have to create a strong password for your wallet and confirm it.
- MetaMask gives you a Secret Recovery Phase (Seed Phrase). This will help you recover your funds in the event of an emergency. You can memorize it or write it down and keep it secured. You will have to confirm the seed phrase too. Note: MetaMask will show you a couple of options on how to save the seed phase securely. Choose a method, follow the instructions exactly. Losing your seed phase is equivalent to losing your wallet.
- In the next step, you will have to confirm the Secret Recovery Phase given by MetaMask.
- Then the screen will show a Congratulations message indicating that the installation process is complete.
Now you have a MetaMask wallet, it is time to connect the Binance chain to it. Otherwise, you won’t be able to do transactions on the Binance mainnet.
- By default, MetaMask connects to the Ethereum platform. You have to change this to Binance.
- Click on the ‘Ethereum Mainnet‘ on the top of your wallet.
- Choose the Custom RPC option. This will lead you to the Networks section in Settings.
- Then you will have to fill in details on the Binance network. You can fill in these details as follows.
- Press Save to connect to the Binance Mainnet.
- Press Save to connect to the Binance Mainnet.
It is time to fund the account from Binance wallet.
- First thing first, open your MetaMask & make sure you’re connected to the Binance Smart Chain.
- Copy the wallet address you see by simply clicking on it.
- Next thing is to go back to your Binance account. log in if you haven’t logged in already.
- Then move your cursor to ‘Wallet’ and click on the ‘Fiat and Spot’.
- Select BNB coin from the list and select the ‘Withdraw’ option. This will lead you to the withdrawal window.
- Paste the MetaMask wallet address you copied in step 02 in the address field and enter the BNB amount you wish to withdraw from your account. Then click ‘Submit’. Tip: Binance will fill the Network field automatically to Binance Smart Chain (BEP20). You do not have to worry about this, it is the right network.
- Once you have confirmed the withdrawal, you will see the MetaMask wallet balance getting updated in a matter of minutes.
How to Buy Bonfire with PancakeSwap
- Visit the PancakeSwap website and connect your wallet to the platform. There are multiple wallet options you could choose from, but for this instance choose the MetaMask option.
- Follow the pop-up screen instructions on the screen by clicking Next Buttons and finally the Connect Button.
- If you can see your wallet’s address on the top right corner of the page, it means that you have successfully completed the process.
- From the PancakeSwap, select ‘Exchange’ under the ‘Trade’ menu.
- Select Bonfire from the currencies by clicking the ‘Select a currency’ option. This is possible to do with the contract address of Bonfire, which is ‘0x5e90253fbae4dab78aa351f4e6fed08a64ab5590’.
- Click ‘Import’ by accepting the consent on the screen.
- Enter the Bonfire amount you want to buy, enable it, then click the ‘Swap’ button to make the transaction. Note: There will be a pop-up window from MetaMask, this is pretty stand-forward. Follow along with the instruction until the transaction completes.
- After completing the transaction, Bonfire tokens will come to your MetaMask account in no time.
Bonus Step: How to Keep Your Bonfire Securely with a Hardware Wallet?
A hardware wallet is a little plug-in device you can carry with you. Using this device, you can access your assets securely from anywhere. By the sound of it, you probably have already decided that this needs extreme security. So, we are going to talk about some of the best hardware wallets out there.
Best Wallet for Bonfire: SafePal S1
SafePal S1 supports over 20,000 cryptocurrencies including Binance smart chain tokens, including Bonfire coins. It is affordable and secure too. You can purchase a wallet from the links provided below.
You can buy crypto, scan, hide, change tokens, and manage multiple wallets at once with this device. Here are some more features about SafePal S1.
- Multiple layers of security sensors.
- It has 100% offline sign-in technology in-built to tighten-up the security.
- Supports 23 blockchains including Binance and Ethereum.
- It is only the size of a credit card, lightweight and good to go anywhere, anytime.
Other Wallets for Binance Coins Like Bonfire
Ledger Nano X, Ledger Nano S, Ellipal Titan, Trezor are some of the other Supported Wallets for Binance tokens.
Ledger Nano S supports Androids and different desktops. It has a built-in display and can manage multiple currencies. It is widely used as a crypto-buying combo for beginners.
Ledger Nano X is a successor to the Nano S. It supports both iOS and Android. It has multiple features that are not in the Nano S device like Bluetooth support, and 8-hour battery life.
Ellipal Titan is also a high-quality wallet that secures your coins and tokens very well. It is easy to use. Trezor also offers high-level security for the wallet with two-way authentications, password manager, and verifying messages.
Frequently Asked Questions
Bonfire has a static reward system and the project has a developing team with skilled and experienced workers. It is a coin that can hit near an all-time high price in the near future. Many traders agree that Bonfire will be a worthy investment because of its amazing Developers, community, tokenomics, and other details like imminent CoinMarketCap and CoinGecko listings. Bonfire charity events and merchandise also help their worth.
Bonfire shows a lot of promise and potential. It already has a professional-level website, developing dApp and NFT marketplace and advert running on the front page of Poocoin. It has an extreme growth and many of the traders compare it to Safemoon, one of the highest-grossing crypto projects of all time. Bonfire is being appreciated on lots of media platforms and has a strong community built around it.
You can sell your Bonfire coins on Trust wallet or PancakeSwap. Copy the contact address of your Bonfire token. Go to PancakeSwap and paste the address on the received area on the Exchange tab. Then enter the amount and click OK.
The audit done by Dessert Finances states that Bonfire is not a scam. Also, Bonfire shows its core management team on its website and has a great level of transparency. Many traders express that they think Bonfire to be a trustworthy investment.
Yes. When you first buy Bonfire tokens, you have to use major cryptocurrencies. These include BTC, ETH, USDT, and BNB. However, many traders prefer BNB (Binance) for Bonfire token trades.