Many people miss out on cryptocurrency profits because of a lack of money at the right time, either due to issues with banks or because employees are waiting for their salaries. Some people are also unable to save money in order to invest them on cryptocurrencies.
Luckily, there is a method by which free cryptocurrencies can be accumulated without spending any money. This method is called ‘Bounty Hunting’.
The term ‘Bounty Hunting’ was coined as an analogy to the bounty hunters of the West who used to search for dangerous criminals and receive rewards in return. Similarly, bounty hunting in cryptocurrency refers to motivating people to catch any bugs and execute tasks with the reward of crypto tokens as an incentive.
So who exactly can participate in bounties? Anyone from any place or profession can be a bounty hunter. Bounty hunters will have to help in tasks like the marketing of a cryptocurrency during its public token sale.
How to Find Bounty Programs?
One of the most common websites for finding a bounty program is BitcoinTalk. Users can look for and search various bounty projects on it. Telegram, Discord and Slack are also quite popular amongst bounty hunters. Moreover, they are also available on social media applications like Facebook and Twitter as well as discussion boards like Reddit.
Bounty hunters check for cryptocurrencies with the best technology and hype. They select a bounty campaign and perform the given task. An online spreadsheet is often provided in these campaigns where the progress of bounty tasks can be seen. Ultimately, people who complete the tasks will be rewarded with free tokens.
Types of Bounty Campaigns
One of the most popular bounty campaigns to advertise is on BitcoinTalk. Bounty hunters incorporate the advertisement of a cryptocurrency on their BitcoinTalk account’s signature and post information about it. Members with greater reputation and activity on the forum receive more tokens.
People having blogs with a high traffic often use their blogs to market a cryptocurrency. The blogs with good views are compensated well in the form of tokens.
Another way to participate in a bounty program is to promote a cryptocurrency on Youtube. Many Youtube subscribers receive free tokens by sponsoring various cryptocurrencies in their videos.
If you have a Facebook page with a huge following or a Twitter handle with a considerable number of followers, you can recommend cryptocurrencies in your videos.
For software developers, there is one more way. Developers can examine the code of a cryptocurrency and identify any flaw or weakness that can later have the system to be exposed to attacks. They can then notify the team of that cryptocurrency and receive free tokens for their assistance.
How do You Receive the Tokens?
Each cryptocurrency has a certain percentage of their tokens reserved to be given for bounty programs. These tokens are allocated for each of the above-mentioned bounty campaigns. But how to split the rewards? There are two methods.
In the first method, there is a conventional proposition. A fixed amount is set for each bounty task. When all the tasks are achieved, the bounty campaign comes to a stop.
The second method involves is more advanced and also more popular. In this method, a bounty hunter receives a “stake” depending upon the category and calibre of his task. Moreover, the rewards in this method are split proportionally in accordance with the number of stakes a bounty hunter has.
Initial Coin Offerings (ICOs)
You must have seen ICOs adopting various bounty programs. The reason behind this love affair is that it is a cheap marketing alternative for ICOs. Since many ICOs are struggling with finance in the beginning, hence it is a convenient solution.
Moreover, bounty programs help the ICOs to create their own community which provides them with moral support and organic growth. Lastly, since everyone receives a token as an incentive, therefore the bounty hunters are sincere and work hard in the promotion of the tokens.
People who are keen to start on bounty hunting need to be careful, though. Regular checks should be done on a cryptocurrency’s public releases. Many bounty hunting campaigns have different requirements and it is mandatory to follow them. Some people may even fail to type their wallet address correctly and lose out on their tokens.
Ultimately bounty hunting is a great way to earn free tokens and one of the most exciting things to come out of the crypto sphere.