Bonfire is a new cryptocurrency on the block and the main goal of this post is to give simple steps on how to buy Bonfire crypto on Trust Wallet. But first off let us get some background info on the Bonfire token.Q
About Bonfire token
Bonfire is a BEP-20 token anchored on the Binance Smart Chain. The project’s long-term objective is to create a decentralized social media platform for artists to sell NFTs, in addition to providing many other features yet to be disclosed.
By charging a 10% fee for transactions, Bonfire encourages investors to hang on to their Bonfire tokens. 5% of this fee is transferred to holders of Bonfire tokens, while the remaining 5% is contributed to the Pancakeswap liquidity pool.
Simple steps to buying Bonfire token with Trust Wallet
Step 1 – create a Binance account.
Most centralized cryptocurrency exchanges do not support Binance Smart Chain tokens (BNB tokens), owing to the fact that it is a new network. Furthermore, most of these tokens are highly new, and most of their teams have not yet built a minimal viable product.
PancakeSwap dex is a good Binance Smart Chain-based Decentralized Exchange. The great thing about the PancakeSwap dex is the low fees,great user interface and functionality it offers.
Pancakeswap is an excellent option for purchasing Bonfire tokens. You must create an account with Binance to purchase a Bonfire token. If your IP address indicates you’re from the United States, you won’t be able to create an account. It may take some time to be accepted for trading on Binance.us.
Binance.com is the best option available.
Step 2- Download the TrustWallet app and create an account.
Once you have obtained BNB tokens, you must send them to a cryptocurrency wallet compatible with Pancakeswap. Trust Wallet is one of the best software wallets on the market since its secure platforms allow you to exchange any tokens on Pancakeswap. Also because it is a decentralized wallet
After downloading your TrustWallet app, create an account and save your crucial phrase securely. Then, copy the BNB address on Trust Wallet and transfer your BNB from Binance to the wallet.
Step 3- Using Pancakeswap, swap BNB for Bonfire token.
Once your BNB has been deposited on Trust wallet, Select the Apps section and migrate to Pancakeswap exchange. Then select Pancakeswap v1.
Copy Bonfire token contract address from Coinmarket cap and paste it on the search bar for tokens on the swap tab.
Once you have successfully added the Bonfire token on the swap tab, swap BNB to Bonfire. Leave some BNB to cover transaction fees for the swap.
Confirm and complete the transaction. Your Bonfire will appear on your Trust wallet.
Now that you have gotten your tokens in your Trust Wallet, know that you can also buy them with your MetaMask wallet. All you have to do is download Metamask wallet and go through the same process.
Is Bonfire Token a Good Investment?
On the other hand, you may ask if Bonfire token is a good investment or not? Well, there is no direct answer to this but as it is said in crypto parlance do your own research before making any investment.
You can check some key metrics such as Bonfire’s market capitalization. Data from crypto data aggregator, CoinMarketCap places the diluted market capitalization of Bonfire token at $5,196,787. there are no clearly identified use cases for the token but with time and evolution, we will know.
Finally, this is not financial advice but a popular one in the crypto space, do invest more than you can afford to lose in any crypto investment.
