Cryptocurrency Bounty programs are incentives offered to an array of participants for various activities associated with an initial coin offering (ICO). Or more simply, a bounty is the reward given to a person after they’ve accomplished a certain task. Usually, these tasks are simple enough for people to join. It is also a way for the company to get its market involved.
Before you can collect a cryptocurrency bounty, you have to perform some type of promotional task. For example, some bounties require you to post a series of tweets or message board posts.
How Can I Participate In Cryptocurrency Bounty Programs?
To be eligible for Cryptocurrency Bounty you will need a valid email address, social media accounts (notably Facebook, Twitter, Telegram and Reddit.), an ERC-20 compatible cryptocurrency wallet. The majority Cryptocurrency Bountys involve ERC-20 compatible ethereum tokens or bitcoin.
If you have participated in a Cryptocurrency Bounty hunting, never leave any social media channel before you’ve received the tokens of the Cryptocurrency Bounty, otherwise this can lead to disqualification. It’s important to stay in the groups until the end of the token sale. Never give away your private key.
Tips: Create a Cryptocurrency Bounty dedicated Email address.
The ICO Bounty Framework
It has become something of a tradition for cryptocurrency ICO campaigns that incorporate bounty programs to either do a Pre-ICO bounty or a post-ICO bounty. Bounties are generally not done together with ICOs.
Pre-ICO Bounty Programs
These are the bounties that are offered in the initial stages of a project and are given in the hope that people in the community will help getting the word out about the upcoming ICO.
These bounties are what can hopefully incentivize users to spread the word of the project through numerous digital marketing outlets. These include through social media, blog posts and forums.
The common Pre-ICO bounty activities include:
1. Social Media Campaign Bounties – This is the type of bounty that includes Facebook, Twitter, YouTube, and other social networking sites. Participants are gauged based on their post’s engagement levels. The bounty usually depends on the participants’ number of retweets, comments, likes, shares, and views.
2. Article Writing Bounties – This is for participants who have blogs with a large number of followers and readers. ICO bounty programs can offer rewards to bloggers to write featured articles about the ICO on their blogs. Just like the social media bounty, the rewards will be dependent on the engagement level of the articles and blog posts.
3. Bitcointalk Signature Bounties – This is a popular bounty for many ICOs. It is open to participants of the Bitcointalk forum (https://bitcointalk.org/) and usually your rank should be at least Jr. Member. The ICO releases a signature with a code embedded in it. Startups usually restrict these bounties only for people who have a Jr. Member rank or above on this forum.
Post-ICO Bounty Programs
At this point, the ICO has been completed and funds have been raised. The aim is usually to collect the feedback from the community so that improvements can be made. But, spreading the word to as many people as possible still remains the underlying goal of this effort.
The most popular bounties for the post-ICO stage go as follows:
1. Translation Campaign Bounties – This involves translating all documents pertaining to the cryptocurrency project as well as moderating different forum groups. This is a good campaign for Japanese, Chinese, French, Spanish, German etc native speakers.
2. Bug Reporting Bounties – This is the more traditional form of bounty hunting where you will be rewarded for finding any vulnerabilities in the project’s code. Bug reporting bounties are designed to motivate people to report the bugs as soon as they discover them.
How to Join a Cryptocurrency Bounty Campaign?
Since bounties happen before or after ICO, it is posted in bitcointalk and cryptocoin talk forum most of the time. There are also crypto-related Telegram and discord groups that you can join. Alternatively, blockchain and crypto projects post such bounties on their social media accounts.
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Costs and Benefits of Cryptocurrency Bounty Programs
All the information so far clearly implies that the benefits of ICO bounty programs are huge. They offer unique opportunities for startups on a limited budget to spread the word about their ICO, get more people interested in investing in it, and make improvements to the platform after the ICO goes live.
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Read this guide to further learn how to determine whether or not an airdrop / bounty program is a scam.