Bonfire Crypto: How Does It Work And How Can You Get Started?

  • Thinking of making a crypto investment? You should consider looking into one of the newer kids on the cryptocurrency block, Bonfire Crypto.

     

    Bonfire Crypto was launched just this April 18, 2021, according to GameRevolution last August 23, the price of the cryptocurrency was $0.0000000504. This was a drop from their all-time high of $0.00000094, which they achieved three months before the Game Revolution article.

     

    Despite the drop-off recorded in Game Revolution and elsewhere, many cryptocurrency investors believe that Bonfire can't and shouldn't be written off. The cryptocurrency market is naturally still volatile and Bonfire is still a relatively good way to start in cryptocurrency.

     

    How does Bonfire work?

     

    Bonfire works using the static reward system. From every transaction made, 10% is split into two parts. One of these parts is distributed among the holders of Bonfire Crypto tokens. The other part is used to fuel a liquidity pool in the decentralized exchange known as Pancake Swap.

     

    The idea behind the Bonfire token is that it is a community token that also has a self-generating income mechanism for its holders.

     

    The static rewards system is the big advantage that Bonfire Crypto supporters will tout when asked about why they are investing in that particular cryptocurrency. Bonfire wasn’t the first to use the static rewards system, Safemoon was the pioneer there, but it’s something that’s considered to give investors a little more stability in the volatile cryptocurrency market.

     

     

    With the static rewards system, token holders earn an amount that is conditional on the volume of Bonfire tokens available in the market. This alleviates the sell pressure that some other investors in other types of cryptocurrency. The system also encourages holders to hold on to their Bonfire tokens so that they can earn taxes from transactions that are made on the market. These taxes that they can earn are based on the percentage that was specified in their contract, which makes them dependent on the total tokens one holds.

     

    Other advantages of Bonfire

     

    As we mentioned, part of your investment in Bonfire Crypto will go to a liquidity pool at Pancake swap. These tokens are permanently locked into a zero address. This means that they are immune from machinations from developers and will not lose their liquidity.

     

    Also, since the ownership of a Bonfire token is locked in a zero-address, it is impossible to calculate the private key. This means nobody can change the setting contact, making Bonfire one of the most secure cryptocurrencies available.

     

    How to buy Bonfire Crypto

     

    First, you need to register on a Fiat-to-crypto exchange, like Uphold or Coinbase. Once you are registered, you need to use fiat money to buy USDT. You then transfer USDT to an Altcoin exchange so that you have an altcoin wallet. You then convert your USDT into BNB by going on Binance. Transfer the BNB you converted to a wallet on Ledger Nano S or Ledger Nano X then, add a MetaMask Extension to your Chrome browser. You can then open PancakeSwap, connect with MetaMask then buy Bonfire tokens.