These tokens are available on Binance, so you’ll need to make an account with the cryptocurrency exchange to get started. In order to use Pancakeswap, you’ll need to own BNB tokens. Most of these cryptocurrencies are extremely new, and most teams behind these tokens haven’t developed a minimum viable product yet. Step 1: Open a Binance Account.Ĭentralized exchanges like Coinbase, eToro and Kraken have yet to support any Binance Smart Chain tokens. In percentage terms, Bonfire has appreciated over 300%, averaging over 100% returns per day since its launch. Since then, the token has appreciated to $0.0000007 in just 3 days. Still, 700,000,000,000,000 is an enormous amount of tokens when compared to Bitcoin’s maximum supply of 21 million and Ethereum’s circulating supply of 115 million.īonfire began trading on Pancakeswap for around $0.00000023. The initial maximum supply was 1,000,000,000,000,000 (1 quadrillion), but 30% of these tokens have been burned. Brief History of Bonfireīonfire token has a brief history, being that the token launched just 3 days ago on Binance Smart Chain. If you're new to crypto – you might want to stick to Bitcoin. In the same way, people use the cheap (and centralized) Binance Smart Chain to spam loads of pump and dump coins on the market. Communication styles were completely different, and phishing spam calls were much more rare. Remember a time when calls and texts still costed money to send across the phone network. Since the transaction fees are so low on the Binance Smart Chain (when compared to Ethereum), the amount of spam is greatly increased. While this may sound enticing, these token economics greatly resemble the economics behind pyramid schemes. 5% of this fee is distributed amongst Bonfire token holders, while the other 5% is added to the Pancakeswap liquidity pool. The token follows similar tokenomics (token economics) as SafeMoon and NFTART.finance.īonfire incentivizes investors to hold their Bonfire tokens through charging s 10% transaction fee. The project has the long term goal of creating a decentralized social media platform for artists to sell non fungible tokens (NFTs), as well as providing many other yet to be announced features.Īs of writing, Bonfire has yet to establish its minimal viable product, and investors are buying up Bonfire purely off speculation. Leverage Your Crypto & Avoid Capital Gainsīonfire is a BEP-20 token that uses the Binance Smart Chain as its core blockchain.Step 3: Buy a Hardware Wallet (optional).
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