Bonfire: Burning questions about the new crypto on the block
From the looks of things, Bonfire is as likely to be a flash in the pan as opposed to a bright spark.
In today’s extremely crowded crypto market, every new coin has as much chance of being a dud as being the next dogecoin. Anyone who wrote that sentence last year would be laughed off the internet, but here we are. In this article, we’re going to explore Bonfire through the lens of the most common questions people may have about it, along with addressing any potential concerns.
What Exactly Is Bonfire?
It’s a cryptocurrency token that calls itself a “yield-generating contract”. It’s also brand new on the scene, with a rapidly growing community despite the lack of support from dedicated trading platforms. Considering the lack of details and abundant jargon, potential investors may have reason to doubt it.
So It’s A Meme Token?
Yes, but also no. Think of Bonfire as an unlisted or OTC stock; it’s not worth much on a token by token basis, but it’s low entry price and immensely volatile nature can make for a huge return on investment, assuming the whole thing doesn’t implode overnight. Considering that Bonfire can only be bought with other tokens through a browser extension, it’s safe to say the currency has a long way to go before it hits the mainstream. Any new token worth its salt should be traded on trusted platforms, make use of good web design for their branding and engagement, and be bought directly instead of through a different token.
How Is It Worth Anything?
Like many new tokens, Bonfire has a value based on the consensus of its community. A portion of every sold token is distributed among investors, providing an incentive for people to hold onto their tokens. This is likely to drive up the price over time. Crypto has always been a risky endeavor, and investors are more likely to lose money than not. Despite this, Bonfire is being bought and traded at an astonishing rate, and shows no sign of slowing anytime soon. The appeal of rapid value gain can often outweigh the risks of high losses associated with crypto and investments in general.
Is It Going To The Moon?
Ever since the GameStop drama rocked the market, every new investment opportunity is laden with this question. The boring answer: It depends. If Bonfire reaches a critical mass of users, and official support, the value is more than likely to increase. Conversely, failing to break into mainstream markets will see Bonfire thoroughly quenched, most likely. It all comes down to the reception from crypto institutions and the public at large, though it’s not likely to become a household name like Bitcoin or Ethereum. Rest assured, if it does, the surge in value is likely to be astronomical.
From the looks of things, Bonfire is as likely to be a flash in the pan as opposed to a bright spark. While investing in it may seem like a maverick move, it may turn out to be the return surge of a lifetime. For now, all we can do is wait and see.