Have you ever watched one of those western movies where you can see a poster of a dangerous cowboy with the headline, “Wanted: Dead or Alive?” and offering a money reward to anyone catching the offender?
In the Wild West these money rewards were known as bounties, and people who went after them were professional bounty hunters.
Since the cryptocurrency world is like an online Wild West, you can also find bounties or even become a professional crypto bounty hunter. Don’t worry, it doesn’t mean you have to become a lone wolf chasing outlaws like we often see in movies.
With crypto bounties, you can earn tokens with you laptop and from the comfort of your home if you want.
So, let’s answer the main question: What are crypto bounties and how did they show up?
What are crypto bounties?
Bounties are rewards in tokens that a cryptocurrency/blockchain project gives away after a user successfully completes a certain task. The tasks can vary and we’ll talk about them later in the post, so stay tuned.
Crypto bounties showed up on the stage as a marketing tool that helps startups to promote their projects. Since most tokens are based on the Ethereum platform, you’ll need an active Ethereum wallet to receive your reward.
Bounties are often confused with airdrops, and many crypto enthusiasts have difficulties understanding the difference. Airdrops aren’t the same as bounties.
Let’s jump in and find out the difference.
What’s the difference between airdrops and crypto bounties?
The first difference between airdrops and bounties is in tasks you have to complete before getting a reward.
Although the bounty-related tasks are similar to that of airdrops, some nuances in participation, tasks, and rewards exist.
For instance, bounty-related tasks you have to do repetitively while the bounty campaign is live, whereas with airdrops the tasks are a onetime activity.
When it comes to airdrops, you usually have to complete small tasks that don’t require any specific skill. Some companies simply distribute tokens without any requirements.
That’s not the case with crypto bounties. With bounties, you’ll need certain skills to complete a task successfully, and you’ll have to put in more time and effort compared with airdrops.
The tasks related to bounties are more challenging and complex.
Also, in some cases, after completing a bounty-related task, you’ll need a proof-of-authentication. What exactly is that? It’s a prove that the BitcoinTalk username you are using actually does belong to you.
With airdrops, you don’t have to do such things.
Now that you know the basic difference between airdrops and bounties, let’s take a look at some types of crypto bounties and what tasks you have to complete to receive a reward.
What are some types of crypto bounties?
There are different types of bounties and bounty-related tasks. Here are the most common:
1. Signature campaign
This type of task means that you add a signature to your account. This way, when you post a message on a topic that the bounty campaign asks you to post in, the signature becomes visible. Usually, a signature is posted on Bitcoin Talk forum, and you have to create several promotional posts there.
Rewards are based on membership level such as Junior, Senior, Hero, and Legendary Members.
2. Blog post or video campaign
If you want to participate in this campaign, you’ll have to write a blog post or create a video that’s related to the company. To do this successfully, you’ll have to read the company’s white paper and get to know the project’s details.
For example, Helios Protocol, an open-source community-driven project, is offering a bounty in the amount of 10,000 H. To receive the reward you have to write a positive blog post about Helios Protocol.
3. Translation campaign
This is pretty much self-explanatory. In the case of a translation campaign, the company rewards you for translating its website, white paper, or some other content.
For instance, Texochat is a blockchain-based chat application. In July 2019, on BitcoinTalk, the company announced the bounty of 400 USD in TXO for translating its white paper.
4. Twitter and Facebook campaign
As the name says, with this campaign, you need to complete a social media related tasks. Since Facebook and Twitter are among the biggest social media platforms, tasks are usually related to them.
This can include anything from posting and re-sharing to liking content related to the project.
Just keep in mind that some bounty campaigns use TwitterAudit for checking your account for fake users, and they can require minimum audit score.
Curio Invest, a blockchain-based platform for purchasing security tokens directly, allocated 40% of its bounty budget for Facebook and Twitter related tasks.
5. Bug bounty
If you’re tech-savvy and have developing skills, this type of bounty campaign can be lucrative. In short, to receive a reward you have to find a bug on the company’s website, or their beta software/service.
Recently, The Libra Foundation, known for creating Facebook’s cryptocurrency, announced that it launched a bug bounty program, calling for developers to submit bugs found in its blockchain.
The program includes rewards that scale up to a $10,000 payout.
Where can I find bounties?
Now that you know all about crypto bounties, it’s time to go and search for them. So, where you can find legit bounties?
For starters, you can find them on the websites of the companies posting the bounty. For example, a crypto exchange Coinbase has an entire page dedicated to its Bug Bounty program.
Also, don’t forget to check out our website Bounties Alert, where we list new and verified bounties, along with guides on how to participate.
By subscribing to the BountiesAlert Newsletter , every week, you’ll receive top 3 bounties in your inbox.
As you can see, bounties are pretty popular among crypto/blockchain startups. The tasks may be more challenging, but the earnings are also bigger.
We hope that this guide will help you on your way of becoming a professional bounty hunter.
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