Bonfire is a Binance Smart Chain based contract that is community oriented, frictionless, and operates on an RFI tokenomic model. This model takes a 5% fee on every transaction made by the users. This 5% is proportionally distributed to all holders of the token. While this is true, another 5% fee goes into the liquidity pool. Bonfire has long term plans to launch a decentralized social media platform. If you want to know how to buy Bonfire (BONFIRE), we have got you covered with all the details here.
How To Buy Bonfire (BONFIRE)
Here are the complete details.
Step 1- Register On Any Crypto Exchange
BONFIRE like many other cryptocurrencies can not be purchased directly. You will first need to buy Bitcoin (BTC) or Ethereum (ETH). To accomplish this step, you need to register on any of the credible crypto exchanges like Coinbase.
Step 2- Buy Crypto With Cash
Once registered on the crypto exchange, you can buy BTC or ETH by paying cash through bank transfer or using an instant cash deposit (applicable in some countries).
Step 3- Transfer To Altcoin Exchange
Now, you will need to transfer your purchased cryptocurrency to an exchange that allows BONFIRE trading. Some of the popular altcoin exchanges include Gate.io, Binance, HotBit, and Poloniex. Just like other crypto exchanges, you will need to register on any of these first. While this may be valid, you may need to first check which of the altcoin exchanges allow BONFIRE exchange.
Step 4- Deposit Your Crypto
After registering for altcoin exchange, you will be eligible to exchange your cryptocurrency. However, the exchange policies may vary depending upon the alt exchange you are using. On depositing BTC to an exchange, you will find a string of random numbers saying ‘BTC address’ in the exchange app. Once you locate it, click on ‘Copy Address’ or simply select the address by right-clicking and copying the address.
Now, head to your crypto exchange e.g. Coinbase, and go to the Portfolio page. Once the page is open, click on your assets list and then click ‘Send’.
You can now paste the copied wallet address to the ‘Recipient’ field and click on ‘Send’ to proceed.
Once your exchange is successfully through, you will receive a confirmation email from your altcoin exchange.
Step 5- Buy And Trade BONFIRE
You can now open your altcoin exchange and select BTC from the options above the search bar. We choose BTC because we are trading bitcoins to purchase BONFIRE. Now, type “BONFIRE” in the search bar and you will find the available sets of pairs.
Select the pair to see the price chart. Once you are ready to make the purchase, click on the green button ‘Buy BONFIRE’.
Following the above-mentioned steps, you can easily buy Bonfire (BONFIRE) with your BTC or ETH on any of the altcoin exchanges.