What Is a Bounty of Cryptocurrency?
If you are a cryptocurrency fan, but looking for easy ways to get rich on it, without investing in the development of startups and projects on blockchain, then you need to take part in the bounty campaign. You might already have many questions only after reading the first paragraph, but don’t be scared. The Coin Shark will explain that bounty is not only a sweet coconut chocolate bar, but also a real way to win a jackpot. Contents: (please click the topic to scroll down to it)
- What is a bounty of cryptocurrency?
- What are tokens?
- How to make money on the bounty of a cryptocurrency?
- How much can I earn on bounty campaigns?
- How to choose a promising bounty of a cryptocurrency?
1.What is a bounty of cryptocurrency?Bounty campaign is the opportunity to earn a monetary reward for the performance of certain informational and advertising tasks aimed at promoting the ICO. Bounty participants do not need to invest anywhere and give their money to anyone. The tasks are trivial: they can be likes, reposts, comments on social networks, often on Facebook or Twitter, also subscribtion to email newsletters or activity on the forum Bitcointalk. The tasks include translations of texts into foreign languages, creating ideas for lending, software development and everything that concerns a particular project. People who take part in bounty campaigns are called bountists. Participants are rewarded with cryptocurrency or tokens for completed tasks.
2. What are tokens?If someone doesn’t know yet: tokens and cryptocurrencies are different concepts, so do not confuse them and remember how they differ from each other. Cryptocurrency is only issued in a decentralized manner, but tokens can be decentralized or centralized. The value of the token depends on demand, supply and external asset. Moreover, tokens do not have their own blockchain. ICO projects often release their currency on the Ethereum blockchain. Now we can discuss what tokens are. ICO projects and startups collect investments for the development of the idea by selling their own tokens, which are also used by users to purchase goods and services. The intra-platform currency, i.e., tokens, is divided into flows: these can be deductions for platform expansion, attraction of new users, for advisors and developers, and also for bounty programs.
3. How to make money on the bounty of a cryptocurrency?The main purpose of the bounty is to maximize the spread of information about the ICO. To do this, all kinds of instruments are involved. The most common are the following:
- creation of posts in social networks;
- comments in social networks and thematic forums;
- posting articles in blogs and news resources;
- creation of video material;
- distribution of video on Youtube and social networks;
- development of applications on smartphones and PC software;
- search and elimination of bugs;
- development of corporate identity.
4. How much can I earn on bounty campaigns?It's impossible to answer exactly how much you can earn on bounty companies, because the amount of reward depends on a lot of things. The most important thing is not to make a mistake while choosing a bounty campaign, but we'll talk about it later. The size of your reward depends on what budget was initially determined fot the bounty and the number of participants in the program. There are two ways of rewarding for the completion of stages in the bounty campaign:
- a percentage one - the program doesn’t have restrictions on the number of participants, which implies the dependence of the reward size on the number of participants. Naturally, the more bountists there are, the less the payment will be;
- a fixed one - the program has a limited number of participants with a clear scope of work.
5. How to choose a promising bounty of a cryptocurrency?Imagine, you found a project that conducts bounty programs. However, before you take action, make sure that the idea will bring you the amount of money corresponding to the work done. Undoubtedly, the huge plus of the ICO bounty is that you do not need to invest your money into anything. However, there is also a risk of not getting a reward. This risk is justified by the fact that not every ICO is able to collect even the claimed minimum. Not to be left with an empty wallet and a lot of wasted time, we recommend that when choosing a bounty, you should pay attention to:
- reputation and fame of the ICO;
- working conditions with bountists;
- formulation of tasks and the terms of payment;
- amount of investment;
- availability of MVP project;
- road map;