What are bounty programs in Cryptocurrency?
A Bounty program exchanges cryptocurrency for promotion. Initial coin offerings (ICOs) are marketed by offering crypto bounties as incentives to users. Several different activities are carried out by participants in the ICO. People can learn more about this organization through this program. Tokens are used as rewards. Tasks are assigned to participants by the company. There is a wide range of difficulty in these tasks. The tasks can be as simple as following a brand or product on social media. Bounties come in two stages:
Pre-ICO – This means purchasing tokens at even lower prices for a very limited number of tokens. The company can then use the funding to complete its ICO or to create its product.
Post-ICO – The key focus is on delivering value and providing the final product to the token holders (users).
Airdrops vs. cryptocurrencies:
You are required to complete tasks before receiving a bounty in airdrops as opposed to bounties.
There are differences in participation, tasks, and rewards between bounty and airdrops, despite some similarities between them.
When a bounty campaign is live, the task of completing it repeatedly is required, while with an airdrop the activity is one-time.
Most airdrops involve you completing simple tasks that do not require any special skills. Tokens are sometimes distributed with no conditions attached to them.
Crypto bounties don’t work like that. To complete bounties successfully, you’ll need specific skills, and the task will take plenty of time and effort on your part.
Bounties require more effort and are more complicated than simple tasks.
A proof of authenticity may also be required after completing a bounty-related task. What does that mean exactly? The purpose of this is to validate that the Bitcoin Talk nickname you’re using belongs to you.
This isn’t necessary with airdrops.
Common types of crypto Bounties:
Signature campaign
You accomplish this type of task by adding a signature to your account. When posting a message on a topic that is requested by the bounty campaign, your signature will be visible. You must create several promotional posts on the Bitcoin Talk forum to get a signature.
Members receive rewards based on their membership levels, such as Junior, Senior, Hero, and Legendary.
Blogging or video campaigns
To participate in the campaign, you will have to write a blog post or create a video that relates to the company. Reading the white paper and familiarizing yourself with the project’s details are crucial to success in this endeavor.
Translation campaign
It pretty much speaks for itself. With a translation campaign, you’re rewarded for translating something such as a website or whitepaper.
Twitter and Facebook campaign
The purpose of this campaign is to complete a social media-related task. Due to the popularity of Facebook and Twitter, most tasks are associated with these platforms.
From posting and resharing content to liking related content, this can take many forms.
It’s important to keep in mind that some bounty campaigns use TwitterAudit to determine if you’ve got fake users, which may require a minimum audit score.
Bounties for bugs
This type of bounty campaign can be lucrative if you’re tech-savvy and have developing skills. It takes finding a bug on a company’s website, beta software, or service to receive a reward.
Bounty Hunting:
With cryptocurrency bounty hunting, you are encouraging people to catch bugs and perform tasks with rewards in the form of crypto tokens.
Guides in finding bounty programs:
Cryptocurrency bounty hunters are looking for the most advanced technology and the most hype. It is not difficult to find bounty programs out there, and if you manage to find them properly, you can earn a lot of money from them. There is, however, a lot of garbage in the bounty hunting world, as any experienced bounty hunter will tell you.
Here are some tips to follow when choosing bounties:
Make sure your project is credible
While this may seem like common sense, please do not accept bounties without carefully considering the project first! Scams abound; you do not want to waste your resources and time on an undeserving project. It is possible to determine the credibility of a project in a variety of ways.
‘Team’
Search the names of the team members on the website of the project you are looking at. Consider checking out their LinkedIn profile as well. It means that you are working with a team that may not be that competent.
Pyramidal Schemes
Here is an infamous example of this. Bitconnect!
White Paper Quality
To put it simply, a white paper can provide investors with all the information they need about the project. This is why an ICO without a whitepaper is simply not worth your attention.
Finding out what the token’s purpose is
A useful indicator for determining whether a project is legitimate and worth doing is to see if the budget is available.
Final thoughts
Bounty hunters need to be cautious, however, if they want to get started. A cryptocurrency’s public releases should be checked regularly. There are different requirements for bounty hunting campaigns, and it is mandatory to follow them. Sometimes people enter their wallet address incorrectly and miss out on their tokens.
Finally, bounty hunting is one of the most exciting things to come out of the crypto space and a great way to earn free tokens.
