- SignUp for Binance Account & Buy USDT Then Send USDT To Exchange
Bonfire is a great yield generating, synergic, and user-friendly contract based on the Binance Smart Chain. Bonfire is a project that is predicated on the RFI tokenomic model – this charges a 5% fee on each transaction and then that gets redistributed to all the holders holding the Bonfire token. Another 5% fee is also taken which goes into the liquidity pool that helps provide additional security to token holders.
Bonfire is a BEP-20 token that has a blockchain of Binance Smart Chain at its core. The long-term goal of Bonfire is to create a decentralized platform for social media, so artists can easily sell their non-fungible tokens (NFTs)!
Bonfire charges a total of 10% fee on every transaction to incentivize their investors so they would hold on to their Bonfire tokens.
The Bonfire is not only a user-friendly and yield generating project but also has one of the most incredible impressive communities built around it. They host multiple giveaways and competitions, even charity donations.
Bonfire is unique in many ways and is on the constant move towards making itself more multi-faceted and stable. Their team is diligent and has dedicated members with high technical experience. They also have skilled marketing and social engagement managers who are always ready to help and make Bonfire a good experience for any investor. Their team has faith that decentralized finances are the upcoming future of the world from today.
Price of Bonfire:
Bonfire is currently priced for $0.00 and is ranked #3074 on the Coinmarketcap.
Bonfire is the type of cryptocurrency, unlike other cryptocurrencies, that cannot be purchased with fiat money. But you will still be able to directly purchase Bonfire and it is a very simple process!
First, you have to buy USDT from an exchange that offers fiat-to-crypto exchange, and then transferring to the exchange that offers Bonfire. Still, confused? Here we have a complete guide on how you can purchase Bonfire easily! Just follow the steps given below.
How to buy Bonfire:
Step 1: Register yourself on a Fiat-to-Crypto Exchange. The first step is to purchase one of the major cryptocurrencies out there. For example, USDT. Some of the most commonly used fiat-to-crypto exchanges are Uphold.com and Coinbase.
Both of these exchanges are well known and have their fee policies.
You are advised to try out both of these exchanges and see for yourself which one you like the best.
Coinbase is currently the largest crypto exchange in the world that accepts fiat money.
How to make an account on Coinbase?
Type in your email and then press on “Get Started”.
Make sure that you are providing your real name and details because Coinbase will verify these details later. Choose and strong password and make sure your account is safe from hackers Once you receive a confirmation email, open the link given within. You will be asked to give a valid mobile number and you can set up a 2-Factor-Authentication to add extra security. Conclude your identity verification. You will go through a Know-Your-Customers (KYC) process, which is a bit lengthy. But it is automated and you will be done soon.
Uphold is another very popular and reliable fiat-to-crypto exchange. It has many advantages, such as: It is very easy and convenient to trade multiple assets. It has almost 7 million users currently. You can even apply for an Uphold debit card where you will be able to send crypto assets on your account as if you are using a debit card! They even have a mobile app that lets you withdraw funds to a ban or any other altcoin exchange in a beat! (Uphold is available for US users only but will be available to other countries soon)
Step 2: Buy USDT with fiat money
After you are done with the KYC process you will be prompted to provide payment using either a credit or debit card. You can even opt for a bank transfer. Whilst using a card, you will be charged a higher payment but it includes an instant purchase, using a bank transfer is cheaper but slower. Now that the payment has been made, you are now all set to click on the “Trade” button and choose USDT. Confirm your transaction, and now you have made your first crypto purchase!
Step 3: Transfer USDT to an Altcoin Exchange
Select altcoin exchanges:
The next step is to convert the purchased USDT to Bonfire.
For this, you have to go to an exchange that lists Bonfire. Since Bonfire is currently listed on PancakeSwap, we will provide a guide on how you can exchange USDT to Bonfire using PancakeSwap. PancakeSwap is a decentralized exchange and it has different steps than any other exchange.
PancakeSwap does not require you to register an account, and it does not have a KYC process either. But it requires you to manage your private key to your altcoin wallet. It is recommended that you take care of this key. Once the key is lost, you will never be able to see your coins again.
Now, convert your USDT to BNB on Binance PancakeSwap. There you can trade your BEP-20 tokens easily. PancakeSwap is built on an automated market marker system that relies on user-funded liquidity pools. So since Bonfire is a BEP-20 token that runs on the Binance Smart Chain, your quickest route to buying Bonfire is transferring your USDT to Binance and convert it to BNB. Then send that to your wallet using Binance Smart Chain and then swap the BNB for Bonfire on PancakeSwap. If you belong to the US, you should consider using one of the exchanges mentioned below:
Now that you are registered on Binance or any one of the exchanges we mentioned above, you can now head over to the wallet page, opt for the USDT and press the ‘deposit’ button.
Cope the USDT address, and navigate back to Coinbase. Withdraw the UDT to this copied address and then wait a while for it to arrive. Normally it can take up to 15-30 minutes, and it greatly depends on the usage of the USDT network.
When you see that your coins have arrived, trade the USDT to Binance Coin or BNB. Transfer these BNBs to your wallet. The next step is a bit daunting. You will have to create your wallet to hold the BNB and the Bonfire.
There are many ways you can create your wallet. The way we recommend is using the hardware wallet. They can be Ledger Nano S or the Ledger Nano X. These are safe hardware that assure to protect your assets and provide good measures of security. You will only have to store the seed phrases in a place that is secure and DO NOT put it up online, like any cloud services, storage, or email. If you prefer creating your wallet, we will show you how to using MetaMaks: Using your Chrome browser, add the MetaMask extension. You can get the MetaMask extension at the Chrome web store.
Proceed by clicking on “Get Started”. Next click on the ‘create a wallet’ button. Read through the instructions given and then click on ‘Agree’. Form a secure password and make sure to remember it. Now, you will see that you are faced with a list of randomly generated numbers. Click on the ‘reveal secret words’ and we recommend that you write these words down somewhere. Please do not save them in any online space.
Now that your seed phrases are secured, you will be prompted for confirmation. Confirm it by verifying and
You’re now done.
Click on ‘all done’ and your wallet is now ready to be used.
Click on the MetaMask extension in chrome, and unlock your wallet using your password. You will be able to see your account balance right after. You can now deposit your BNB to the wallet you just made. To do this you can go to PancakeSwap, press on “Connect” and then choose MetaMask. Make sure you are using the right network to send your BNB, by confirming that you want the Binance Smart Chain network added to MetaMask. Now that you have added the network, you can see your BNB balance on the Binance Smart Chain. Copy the address to the clipboard by clicking on the name of the account.
Go back to Binance now (or any of the exchanges that you used to purchase the BNB). Navigate to the BNB wallet and choose ‘withdraw’, on the recipient’s address. There, paste your wallet address and check to see if it is the correct address. Press ‘submit’ and once you have successfully withdrawn the BNB, you will notice it arriving shortly into your wallet. After this whole process, you are now finally ready to purchase Bonfire.
Go back to the PancakeSwap. Select the ‘Trade > Exchange’ on the left side of the sidebar. Now you will see a smaller interface with two fields and a button saying ‘connect Wallet’ or ‘Swap’. Press the ‘Connect Wallet’ option and enter the amount you want to exchange for Bonfire. Choose Bonfire in the dropdown menu and verify. Proceed with ‘Swap’.
In the screen that appears next, confirm the transaction again by clicking on the ‘Confirm Swap’. You will be prompted by MetaMask if you want to allow PancakeSwap to spend your BNB. Press ‘Confirm’ and wait for it to process.Wait till you see ‘Transaction Submitted’ and you are now done! You have finally bought BonFire. In a little while, you will be able to see the Bonfire balance inside your MetaMask Wallet.
If you are looking for more cryptocurrency exchanges there are a handful of more popular crypto exchanges out there, with an impressive trading volume and a trusted big user base.
These features are an indicator of how you can sell your coins at any given moment. Even the fees will be lower than before. It is advised that you should register to these exchanges as well because when Bonfire gets enlisted there, it will immediately attract a large number of trading volumes from users there. This means that you will have a lot of great opportunities to trade!
Binance is one the of most popular cryptocurrency exchanges that originate from China. They moved their headquarters, later, to the Island of Malta in the EU – which is a very crypto-friendly place! Binance is well known for its crypto-to-crypto exchange and it became very popular in the year 2017. Binance currently does not allow US investors so for any of the US investors out there, you should opt for other crypto exchanges.
Gate.io is a US-based cryptocurrency exchange that originated in 2017. This is a great option for US investors to use since this exchange is completely US-based. This cryptocurrency exchange is available in both English and Chinese – which is another convenient feature for Chinese crypto investors.
The main reason Gate.io is so famous is because of the number of trading pairs they have. Their wide selection of trading pairs avails its users to have access to many new altcoins. The Gate.io trading volume is also very impressive. Gate.io is almost always on the list of the top 20 exchanges that have the highest trading volume. The trading volume goes up to approximately USD 10 million daily. So, all in all, Gate.io is an amazing crypto exchange for investors who want a wide selection of trading pairs and the kind of impressive liquidity that good crypto exchange has.
Last Step: The last step with which we conclude is to store the Bonfire safely in your hardware wallet. Here are two reliable hardware wallets:
Ledger Nano S
- The Ledger Nano S is a very simple and easy-to-use hardware wallet.
- It can be used on both desktops and laptops
- It is portable and very lightweight as well.
- It supports almost all the blockchains and a wide selection of the (ERC-20/BEP-20) tokens
- There are multiple languages available.
- It was created by a well-established company that came into existence in 2014. And they were known to have good chip security.
- It is cheap and affordable.
Ledger Nano X
- The Ledger Nano X is a very powerful element chip (ST33).
- It can also be used on the desktop or laptop using Bluetooth integration.
- It is rechargeable. Light-weight and portable
- The screen is larger
- It has held a bit more storage than the Ledger Nano S.
- It supports almost all the blockchains and a big range of (ERC-20.BEP-20) tokens.
- It has multiple languages.
- It has a been created also by a very well-established company founded in 2014, with a good measure of chip security.
If you intend to keep Bonfire for a longer period, then it is highly recommended that you look up various ways to keep it safe. Yes, Binance is one of the most popular and very reliable crypto exchanges, but it is not concealed facts that there were a few incidents of hacking and some people’s funds were lost.
So one way to store your cryptocurrency is to put them in “Cold Wallets”.
Cold wallets are wallets that only have access to the blockchain when you are online or sending funds. This reduces any chance of a hacking event happening. For example, a paper wallet is a type of Cold Wallet. It is an offline–generated public as well as a private address that you can jot down someplace and it will stay safe. But, keep in mind, that also is not the safest option. Hardware wallets, as mentioned above, have a better chance of protecting your funds and coins. Hardware wallets are simply USB-enabled devices that can store your important information in a very reliable and secure way.
They have built-in security that is seriously unmatched, Their firmware is maintained all the time by the manufacturer – making it a very safe option to always fall back on. The most popular choices you have for hardware wallets are the Ledger Nano S and the Ledger Nano X. These hardware wallets will cost you around $50 to $100. It depends on the feature that they have to offer. But in the longer, these wallets are a very good investment.
Other useful tools for trading Bonfire:
Encrypted Secure Connection
We know that cryptocurrency is decentralized – this implies that investors have to take 100% responsibility for securely handling their assets. Even when you are relying on hardware wallets to keep you safe, when you start using an encrypted VPN connection, it’s one more step you are taking towards secure trading. Hackers will never be able to intercept or have a glimpse of your activity. Even when you are trading using public WiFi. NordVPN is one of the most popular VPN services – it is paid – but using a free VPN service is as good as useless. NordVPN has a military-grade security level that gives you an encrypted connection to do your crypto trading in peace. You can even use it to block any malicious ads and websites that interfere during your transactions. The NordVPN offers almost 5000+ servers in over 60+ countries. There Is no limitation to the bandwidth or the data and you will be able to easily use it on the go! It is also very cheap – only $3.49 per month.
If you are looking for a cheaper alternative to a well-secured VPN Connection, then Surshark is here. Surfshark is a new company but has to offer more than any other VPN services out there. They already have almost 3200+ users and are available in 65 countries! It also provides other services than VPN, like CleanWeb – which can block ads – malware protection, and more! Surfshark can be used on any device, it is compatible with all of them.
Now that you have all the possible options available you can easily select the one you want. It is not a rocket science, all you need is a bit of analysis and research and you are good to go.
Best of luck!