[CHEMISTRY NERD ACTIVATED]
Ok ok ok, so there's two different colors of fire here right- we got blue-orange and sparky green... I think there might be red? But predominantly it's the sparky green and the blue-orange flames.
So green flames with the lil sparky bits in my experience is a result of copper being set on fire, so they're probably a result of the "beyblades" scraping against each other and the surface and loosening bits of copper, maybe rust too.
The blue-orange flames are probably a result of the alcohol or oil that the person put down on the surface originally.
And if there are red flames in there (on second watch I don't think so, it might just be a bunch of orange), a bunch of elements can give off red flames... the one that I'm most familiar with is strontium, but I don't think that fits in this scenario.
Turns out that when you set certain elements on fire, the heat from the flames gives the atoms some extra energy, which excites their electrons (makes them move faster), and they can jump to a higher orbital. Once the electrons calm down and go back to their normal state, they release photons (light particles). The energy that they need to release to get back to their normal orbital corresponds to specific wavelength of light, which results in the colors we see-
I think that's how the concept works, flame tests were one of my favorite experiments to do. Ah- yeah that's my nerd rant of the day-
Beyblade heavyweight division