Is Bonfire a legit Crypto?
Bonfire is a poor choice for a cryptocurrency investment. Tokens like this are a dime a dozen. They have big goals, like launching their own exchanges. They tack on a 10% transaction fee and tell you how you'll profit just by holding.
Is Bonfire a good investment?
This claims to reward people who buy and hold onto the cryptocurrency, while those who sell it will be slapped with a penalty. This is known as multi-level marketing or a pyramid selling scheme, and can sometimes be a sign of a scam and makes it a very high risk investment.
Will bonfire token recover?
The token is technically still alive. It's available on PancakeSwap, a popular place for these kinds of recently-launched projects that aren't big enough for major exchanges. None of the top cryptocurrency exchanges have listed it, and they likely never will.
Does bonfire crypto have a future?
None of the top cryptocurrency exchanges have listed it, and they likely never will. If you're wondering whether Bonfire has any sort of future, it's doubtful.
How do I get bonfire Crypto? How to Buy Bonfire (BONFIRE)
Brief History of Bonfire.
Step 1: Open a Binance Account.
Step 2: Download MetaMask.
Step 3: Buy a Hardware Wallet (optional).
Step 3: Make your purchase.
7. Leverage Your Crypto & Avoid Capital Gains.
8. Current Crypto Prices. Bonfire is not supported by Coinbase.
Can you make money off of bonfire?
With Bonfire, you can choose to sell your apparel any way you like. Whether you want to sell your art online through a campaign, are raising money for a good cause, or want to build up your stock of products, Bonfire has everything you need to get started.
Bonfire’s goal is to protect buyers from an unstable market, but it has been a turbulent journey so far.
Bonfire is a cryptocurrency token that was launched in April. According to its website, it shelters holders from storms, which means volatile crypto markets. If you invest in Bonfire, you can collect taxes when others sell and "increase your profits".
It didn’t take long for Bonfire visitors to find out and the early return was promising. In two weeks, it hit 100,000 holders. As of May 10, it had risen more than 1,700% in value. But the success did not last long, as the value continued to decline since reaching an all-time high in early May.
This is not a unique problem for Bonfire, as the entire market has been shaky recently. If you are trying to figure out which cryptocurrency to buy, the question is whether Bonfire is likely to return or toast this token.
How Bonfire works
Bonfire is one of the many new tokens that employs fixed rewards, a tax on sellers that is used to reward holders.
Here's how Bonfire's static rewards work - there's a 10% fee for each transaction. For example, if someone sells 10 million bonfire tokens, they have to pay a 1 million fee. Half the fee is redistributed to everyone who owns Bonfire. The other half goes to the liquidity pool, raising funds that make it easier for Bonfire to trade.
Static rewards are a feature that has become extremely popular among new tokens and can work well if the price increases or stays the same. However, most of these tokens end up going into a freefall. When this happens, you still lose money even after factoring in the rewards you have earned.
Bonfire plans
Bonfire’s roadmap and white paper have several goals. Here are the most notable and their progress so far:
A Non-Fungible Token (NFT) Marketplace: The Bonfire team is creating "the most unique NFT frictionless trading market." It is listed as one of Bonfire's goals for the third quarter of 2021, and current progress is 0%, according to Bonfire's website.
A Bonfire app: This will allow users to buy Bonfire, track their passive income from tokens, view market data, and receive updates from the team. It was listed as one of Bonfire’s goals for the second quarter of 2021, but current progress is only 30%.
A Crypto Exchange: Bonfire plans to launch a decentralized crypto exchange called FireSwap in the third quarter of 2021. Current progress is 0%.
The team is contacting major cryptocurrency exchanges to try to get Bonfire listed. However, this is unlikely to happen, as the largest exchanges choose the cryptocurrencies they sell. Most buyers get bonfire at Pancakeswap, a decentralized exchange that is home to many small projects.
Bonfire has lofty goals, but they are no different than the goals set by numerous other projects. There is no shortage of new tokens whose teams are planning to create NFT marketplaces, apps and exchanges. And like Bonfire, all of these projects are supposedly going to the moon.
The problem of bonfire
While evaluating the bonfire, several red flags came up.
Failure to meet the target
About two months later, the Bonfire team had trouble following its roadmap. The big miss is the Bonfire app, which was not ready in the second quarter of 2021.
The roadmap mentions weekly Ask Me Something (AMAs) and billboard ads. None of them were done. There are AMA videos, but they are not weekly.
This is not a good sign that Bonfire has already failed to meet the targets, especially as simple as the weekly AMA. This raises questions about the team's ability to handle more ambitious objectives.
Massive price reduction
Bonfire had a spectacular week in early May, but it has been bombing ever since. The price is less than 90%, and the trading volume is a fraction of what it once was.
The argument that Bonfire's team and supporters hold is that the entire crypto market is down, so lower prices can be expected. There is only one problem with this argument: the whole point of bonfire is that it is "shelter from the storm."
The front page of the website explains how the market can be a scary place and that bonfire lets you “seek refuge from the storm outside”. The white paper echoes the sentiment that Bonfire "allows the user to take refuge in the uncertainty of the market." Your investment loses 90% of its value when you are not taking refuge from uncertainty.
There is no competitive advantage
When you compare Bonfire with all the tokens in the market flood, there is nothing that sets it apart. The 10% transaction fee has been done before, and its plans are no different than other projects.
Even "Why Bonfire?" The white paper section on tokens is a general description that may apply to a number of cryptocurrencies. It says Bonfire has an enthusiastic team, they want to create a financially attractive cryptocurrency for short-term traders and a suitable asset for long-term investors, and they are determined to change the status of decentralized financing (DFI).
If you don't have thousands of other cryptocurrencies, you can copy and paste that description into hundreds.
Should you buy bonfire?
Bonfire is a bad choice for investing in a cryptocurrency. Tokens like this are a dozen in a dime.
They have big goals like launching their own goal exchange. They charge a 10% transaction fee and will tell you how to make a profit just by holding on. And teams are pumping these tokens as much as possible on social media to talk about how prices are going to be 100 times bigger.
There are a lot of projects out there just like Bonfire, and most of them go nowhere. Buying a bonfire or something similar is like buying a penny stock. There is a very thin chance to pick that needle in the haystack. But 99 times out of 100, you lose money.
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