How to buy FIRE and how to create Phoenix Community Capital nest (FIRE nest)? Is it worth it?

Node protocols are really popular at the start of 2022, and there are new protocols popping up every single day. Many of them disappear as quickly as they show up, and this causes great confusion among investors. Which one should you invest in? Are these protocols sustainable? What can we know about Phoenix Community Capital? Is it a good project? Should we fear that it will rug from one day to another? And if you decide to invest and create one or more FIRE nests (they don’t call them nodes), how can it be done?

• Unfortunately, FIRE has died together with most other similar node and DAO projects. Forget about the content of this article, and look for something else instead. [NOVEMBER 2022]

In a world in which there are probably 100 different node protocols to choose from, why should you choose this? Or should you choose some other protocol? In this article, we will share some thoughts about Phoenix Community Capital, and we will also tell you how to buy the tokens and how to create a nest if you decide to invest.

• Read more about other popular node protocols such as Thor Financial, ProjectX, and PowerNodes by clicking the links.

Should you invest in Phoenix Community Capital?

This is the number one question, and it is hard to give a definite answer. But, we will tell you this at once…

In a world in which there are at least 100 different node/nest protocols, this one is for sure among the top five we would consider for an investment.

Why is that?

• Phoenix Community Capital isn’t a fork of some other protocol. This is important. It has been created by developers, and the code is written from the bottom. This isn’t code stolen from another project, but it is written solely for Phoenix Community Capital. This is a GIANT thing, because most of the rugs just copy the code, attract investors, and then leave! Here actual code has been written by the developers!
• The code has been audited before the project was released. In other words, they did real work before releasing the protocol, and not just dumped something on the market and then decided to do some work on it (and audit it) later.
• The team isn’t entirely doxxed, but they are not hiding either. A full doxxing of the team is underway, but you can already now follow several of them on Twitter (@ThePhoenixEric, @ThePhoenixLuke, @Showtime2kX, @jordannharryy). In this list, especially Jordan Harry and Showtime are people of great respect on Twitter, so when they actually approve and take part, that is actually something giving great confidence to us and other investors. You can also see Luke and listen to Eric in this YouTube clip if you want to see the person in real life.
• Phoenix Community Capital has a great reputation online and they also have a big community made up by peopple who have been in crypto for a long time. It isn’t a coincidence that FIRE has turned incredibly popular in the XRP (Ripple) community, and that in itself comes with a hope that the community will be around for a long time (as the XRP fans are stubborn and long-term).

Is FIRE sustainable?

That might be the next question that many people will ask, including us. Currently, the price for one nest is 10 FIRE tokens and the rewards are 0.225 FIRE per day per nest. As a result, it will take you approximately 45 days to turn one nest into two if you just compound your rewards. Or if the price remains the same, it will take 45 days to reach your ROI (return of investment). But with such rewards, how can the protocol remain sustainable?

That is a brilliant question, and even though the creators of the protocol claim that they have everything under control, the current reward level seems hard to keep up, especially once the number of new investors slows down, and the only thing remaining are those cashing out in order to take profit.

So, the sustainability question is the one that causes some worries about FIRE, just like it does with all the other similar protocols like Strongblock, THOR, POWER, COMB, and the others.

The FIRE cap of 100,000 nests in total (April 2022 update)

In the start of April 2022, Phoenix Community Capital announced that there will be a cap of 100,000 nests in total. This is also a step in the direction of sustainability, even though many will say that once the nest cap has been reached, whales will just dump FIRE tokens while there will be no FIRE arriving in the wallet currently receiving the FIRE tokens used to create nests.

No matter what, this is something any investor should be aware of, knowing that there will come a day, probably before the start of May 2022, when you will no longer be able to create a FIRE nest as the 100,000 nest cap will be reached.

How to buy FIRE and how to create a nest?

Are you ready to invest in FIRE? Would you like to create a nest? How can it be done? It is quite easy, and here we will show you step-by-step how it can be done!

Before you continue, we strongly recommend that you use a hardware wallet to protect your investments. The best hardware wallet for this purpose (the way we see it) is the Trezor wallet, but a Ledger is also a good option.

• The first thing you need is a MetaMask wallet installed on your computer or some other device. We do recommend that your MetaMask wallet is used together with a hardware wallet to increase your security level, but it isn’t required. But, if you first spend $6000 or more to create a nest, you shouldn’t feel sorry about spending $100 extra to buy a hardware wallet. Do you need help connecting your hardware wallet to MetaMask or to make MetaMask work with Avalanche (the blockchain on which Phoenix Community Capital is operating)? Check this article for more information and help!
• Now it is time to buy some AVAX tokens and send them to MetaMask wallet. You can buy AVAX tokens on popular exchanges such as Binance and Kucoin. Since you can transfer money from your normal bank account to those exchanges, it is very easy to get started with one of these options.
• When you have bought AVAX tokens on Binance, Kucoin, or some other exchange, withdraw your funds to your MetaMask address. Make sure to withdraw using the Avalanche C-Chain. It is recommend to do a test transfer first where you only transfer 0.1 AVAX to see that everything is working properly before you make a final and big transfer.
• Head over to TraderJoe and swap your AVAX tokens (in your Avalanche/MetaMask wallet) to FIRE tokens. Below you can see an example of what this might look like on the website of TraderJoe.

Do not spend all your AVAX, because you will need more AVAX to pay for the transaction fees on Avalanche and you also need 0.25 AVAX to pay your nest fee (valid for 90 days) on the website of Phoenix Community Capital.

• When you have bought 10 FIRE tokens, visit the Phoenix Community Capital website and create your first nest.

When you create your first nest, make sure that you have 10 FIRE tokens in your wallet and enough AVAX to pay for the transaction fees and the first 90 days of nest fees (approximately 0.25 AVAX is required for that). There will be a total of two transactions for you to create your first nest and to pay the required fee.

• You have now create your first FIRE nest which will generate 0.225 FIRE in rewards daily.

You can pay as much as 180 days of nest fee in advance. The fee is per nest. If you decide to claim your rewards, there is a 0.05 AVAX fee per node per claim, meaning that the fee is the same no matter how much you claim. This makes it better to claim more seldom in order to not pay the 0.05 AVAX fee too regularly.

What is Phoenix Community Capital doing with the FIRE you use to pay for a nest?

This is an essential question.

• When you pay 10 FIRE to create a nest, the following is happening.
  • 7 FIRE tokens is sent to the rewards pool, used to pay rewards to NEST holders.
  • 1 FIRE is split into FIRE/AVAX and is added to the liquidity pool.
  • 2 FIRE is added to the community investment treasury wallet.

The investment wallet/treasury is used to invest in other projects. Phoenix Community Capital has several great investors and people with great experience in the art of trading and investing, and together with the community, they are responsible for investing in projects with great potential.

The treasury wallet is currently secured by a multi-signature requirement, meaning that Eric, Luke, and Showtime all have to be present and active in order to move any funds in the wallet. The role of Showtime is supposed to be swapped to a DAO representative later.

What is the purpose of the different NFTs available?

There are currently two NFTs available, a MASTER NFT and a GRAND MASTER NFT. These are very similar to the NFTs of Strongblock, meaning that they will increase your rewards. You need 10 nests in order to buy and use a MASTER NFT, and you need 100 nests in order to buy and use a GRAND MASTER NFT.

Currently, the reward boosts are the only functions of these NFTs, but even more stuff will be added in the future if everything happens according to plan.

The FIRE whitepaper

Much of the information of this article has been gathered from the Phoenix Community Capital whitepaper. If you want to take a closer look at it yourself, click the link above.

Wrapping it all up

We are mostly positive about Phoenix Community Capital and the protocol. It sounds and looks way better than most other node protocols, and the team seems to be very dedicated and serious. If the market goes bearish, we expect FIRE to drop a lot in value as well, but at the same time, it will most likely remain more stable than most other junk node protocols without doxxed teams and certified contracts.

But, our final words will be borrowed from Showtime2kX, one of the community leaders for Phoenix Community Capital.

Do not invest because of someone else, or because someone told you to do so. Do not invest because of what we have written in this article. Invest based on your own research, and only spend money that you can afford to lose!

What are your thoughts about Phoenix Community Capital? Have you invested? Are you happy? Are you having questions about the protocol that remain unanswered? We would love to hear your thoughts, comments, experiences, and/or questions!