In this post we are going to see how you can buy Bonfire without paying high commissions. Currently, it is not listed on any exchange, but you can get it through the DEFI pancakeswap exchange. If you don’t know how, let’s see it here.
If you want to know more about this cryptocurrency, below we are going to see what Bonfire is so you can learn more about this cryptocurrency before you buy it.
Where to buy Bonfire
To buy Bonfire, we are going to use Binance and Metamask wallet, for me it is the best option, but you can also use other wallets if you don’t use Metamask. Binance is going to be useful to buy BNB and USDT or the cryptocurrency you want, to exchange it for the Bonfire token.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
If you already have Binance Coin in your metamask wallet to pay for commissions, less than a dollar, you are simply going to have to go to pancakeswap, and copy the Bonfire contract in order to find the token. You can find this on Coingecko by searching for Bonfire or you can copy the contract from the Binance network just below:
0x5e90253fbae4dab78aa351f4e6fed08a64ab5590
With this contract, you will be able to find the token, in from to exchange it for the cryptocurrency you want in Pancakeswap. You can also add the token in metamask and be able to see the amount you have once purchased.
It is currently listed on the exchange gate.io, which you can create your account below and buy without using pancakeswap in a simpler way.
Platform: Gate.io
Min. Deposit: $10
License: Cysec
New cryptocurrencies (ICO’s)
Growing exchange
Step by step
Let’s see in more detail how you can buy Bonfire. The first thing is to login to Binance, if you don’t have an account you can create one here. With your account, you must make a deposit to have funds and be able to buy BNB. You can deposit funds with your credit card, to have the balance directly and without having to wait.
With your first deposit, whether it is euros, dollars or another currency, you must go to markets, and look for your currency with respect to Binance coin (BNB). In my case, EUR/BNB. Here go to the red sell button, and exchange your currency, in my case euros, for BNB. We use BNB because the commissions on the Binance network are paid with this cryptocurrency, as happens with the Ethereum network with ETH. You can also buy USDT (Tether), but you must have a small amount of BNB in your metamask wallet to pay for commissions, less than $1. 10-15$ of BNB is enough.
Once you have BNB, you must click on the cryptocurrency, and click on withdraw. Go to your metamask, and click on the address, you will see that an address is copied when you click on it. You must enter this address in Binance to withdraw your BNB from Binance to Metmask. It is very important to enter the BEP20 network, and the amount you want to withdraw. The commission is 0,80$. Confirm that everything is correct and confirm the transaction.
Open your metamask wallet, and if you have the Binance network configured, the amount of BNB you have transferred should appear in a few minutes. If you don’t have the Binance network configured, I recommend you look up how to configure the Binance smart chain network in Metamask, so you can use it, without it, you won’t be able to buy Bonfire.
With this done, we must go to pancakeswap. Here in from, we indicate BNB and to, the Bonfire token. If you look for it, you will not find it. In order to use it, you must copy the address of the contract and paste it. You can search for it in coingecko to see it, or you can copy it just below:
0x5e90253fbae4dab78aa351f4e6fed08a64ab5590
With this, the Bonfire token should appear in order to be able to exchange.
Before clicking on swap, you are going to have to go to the settings wheel, Slippage tolerance and put 11%. This is because this cryptocurrency charges a 10% commission, 5% is burned and 5% goes to people who hold Bonfire. So if you buy Bonfire, you’re going to see the amount you have increase just by having it in metamask.
With the 11% marked, just click on swap, and confirm in your metamask the transaction. Now, you can go to your metamask, and add the token with the contract that you can find in coingecko or just above Bonfire to see the amount of cryptocurrencies reflected in your wallet. With this, you will be able to have Bonfire and accumulate this cryptocurrency without doing anything. If you don’t have an account with binance, you can create one just below.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
What is Bonfire?
Bonfire is a frictionless, yield-generating contract that allows the user to seek refuge amid market uncertainty. The protocol was launched on April 18, 2021 through an OTC pre-sale mechanism on Binance Smart Chain (referred to as BSC). The token contract employs a static reward system: 10% of each transaction is split into two parts: one part is distributed to holders, while the other 5% is used to feed the liquidity pool on the decentralized exchange PancakeSwap. The tokens are permanently locked in the LP, which reduces the available supply. The token was launched with the idea of creating a community token with a self-generated revenue mechanism for its owner.
The static reward system is a concept pioneered by reflect.finance and popularized by Safemoon. It is a great alternative to the usual high APY liquidity farms out there because of its unusually sustainable approach. The amount of the reward is conditional on the volume of the token in the market, thus alleviating the selling pressure exerted on the token by early investors. In addition to all of the above, the mechanism encourages token holders to keep their tokens to earn taxes from transactions in the market, which is based on the percentage specified in the contract and depends on the total number of tokens held by the owner.
Unlike other market protocols, the contract does not employ a manual burn wallet (meaning that the developer does not control a significant portion of tokens that could negatively impact the market) and our community prides itself on our excellent token distribution:
Automatic Liquidity Pool
Bonfire employs an automatic liquidity pooling (AutoLP) algorithm in its token contract. As mentioned above, the network collects 5% of each transaction, whether the order is a buy or sell, and adds it to the LP. This also acts as an arbitrage-resistant mechanism that secures a portion of Bonfire’s volume as a reward for holders. The intended goal is to minimize price movements when large wallets decide to sell their tokens in the future, which, compared to coins without an AutoLP system, leads to a reduction in significant price fluctuations.
Bonfire Security
Bonfire is designed to be secure. As mentioned above, our token distribution is one of the healthiest currently in existence, with no whales controlling extravagant amounts of the supply in circulation. In addition, Bonfire’s smart contract has implemented two important security features, intended to make the token fully autonomous and immune to malicious manipulation. Fraudulent blockchain-based schemes running on BSC are abundant, and we take steps to ensure that Bonfire is as far away from that space as possible:
- PANCAKESWAP LOCKED LIQUIDITY
- The liquidity pool tokens for Bonfire are permanently locked at address zero, which means that developers cannot pull the blanket on the market, and the PancakeSwap market will always have liquidity in it. Here is the LP burn transaction:
- The LP burn transaction took place on April 18, 2021 at 09:25:93 PM +UTC.
- DISCLAIMER OF OWNERSHIP
- The ownership of the Bonfire smart contract has been passed to address zero (0x000000000000000000000000000000000000000000000000000000000000000), which means that no one can change the contract configuration, since calculating a private key for address zero is impossible. Here is the transaction of the relinquished ownership: The relinquished ownership transaction was performed on April 18, 2021 09:27:27 PM +UTC. It can be verified by calling the owner() function of the Bonfire smart contract:
- Owner – address 0x000000000000000000000000000000000000000000000000000000000000000.
In addition, Bonfire has been independently audited by Dessert Finance and we are working to coordinate audits of larger companies (QuantStamp, CertiK, etc.).
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
