What is Bonfire coin? Bonfire coin (BONFIRE) is a community-driven blockchain project that allows users to earn passive income. In this article, you can find answers to frequently asked questions such as what is Bonfire coin, how does it work, what does it offer, how to buy BONFIRE, what is it used for. As Kriptokoin.com, we have prepared it for you.
What is Bonfire coin (BONFIRE)?
Bonfire coin is a token that works as the native cryptocurrency of the Bonfire project. The DeFi project is a network with a liquidity lock feature that offers its users the opportunity to earn passive income. Transactions made on the Bonfire network are charged a transaction fee in Binance Coin (BNB). 5% of this fee is transferred to liquidity pools. The remaining 5% is distributed among BONFIRE holders. Users can earn tokens and earn passive income simply by transacting over the network.
The project aims to attract users who are overwhelmed by the high transaction fee but low speed structures of dense blockchains such as Ethereum. Aiming to be a platform that provides reliable and risk-free income, the network is designed to increase the rewards it offers per transaction as its user base grows.
What is BONFIRE used for?
Bonfire coin is used for transactions on the Bonfire network and is the native cryptocurrency of the platform. Users must have Binance Coin (BNB) to transact over the network. The project collects taxes in BNB coin from transactions made over the network. Half of the taxes collected are shared among the BONFIRE holders.
BONFIRE token is used as a cryptocurrency that generates profits to its holders per transaction. In addition, the asset also has a staking feature. This means that users can lock their BONFIRE tokens with a certain maturity and earn additional token rewards at maturity.
What are the advantages?
The Bonfire network runs very fast, yet charges very low transaction fees. In large and popular blockchains like Ethereum, slow speed delivery is seen as a big problem despite the high transaction fee. Users who hold the token of the platform receive 5% of the transaction fee they pay for their trading transactions as a reward. Users holding BONFIRE can lock their assets through smart contracts and earn income at maturity.
What are the disadvantages?
Bonfire coin is currently traded on only a few exchanges. Exchange listings are very important for cryptocurrency projects because listings have positive results on the asset’s adoption, popularity and price. Transactions made through the Bonfire network are paid with BNB, the native cryptocurrency of Binance Smart Chain. Users must have BNB in order to be able to trade.
How to get Bonfire coin?
Investors interested in Bonfire coin can subscribe to crypto exchanges such as PancakeSwap and Decoin where the token is listed. Users can purchase BONFIRE by depositing money into their wallets after completing the registration process.
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