Crypto Bounties - What Are They?
Today, over 1500 cryptocurrencies exist with Bitcoin being the oldest digital currency in the world. The launch of digital currencies have been exponentially rising and to ensure that new cryptocurrencies are adopted, people have to be made aware of them. One of the most effective ways of enhancing awareness, as well as, adoption is through crypto bounties. This is essentially a marketing strategy that helps the successful launch of a crypto project and its rapid expansion.
What are Cryptocurrency Bounties?
Crypto bounties are generally simple tasks that a developer of a coin creates for promotion. Once the tasks are completed, the reward is given in the form of the coin created by the developer. These tasks include promotional activities like, social media promotion. Bounties are even made use for penetration testing and rewards are given to developers, as well as, ethical hackers to find vulnerabilities and bugs in the product code.
A crypto bounty is regarded as a fantastic way to promote a brand new crypto asset. They are also perfect for those individuals who do not want to make any kind of investment except their time and still get coins. Depending on the strategy of the company, bounties can be implemented after or before a projects ICO (initial coin offerings).
You can receive bounties in the following two ways.
Pre-ICO Crypto Bounties
Pre-ICO cryptocurrency bounties are offered in the initial stages of a project. They are given in the hope that the people in the community will get the word out about the upcoming ICO. They are basically used to incentivize users so that they spread the word, via various digital marketing channels. The popular outlets are blog posts, social media and forums.
- Blog or article writing bounty: If you write on blogging platforms or own a blog, you can get paid by writing about the ICO. The coins received will depend on the number of people who read your post and also the amount of traffic that your blog has generated.
- Social media bounty: These are crypto bounties given to those people who will promote and spread awareness of the new ICO using their own social media accounts. The number of coins given out will be based on the reach of the promotions.
- Bitcoin talk signatures: This simply refers to having a signature of the upcoming ICO in your Bitcoin talk profile so that every time you post or reply to a post in a forum, you will be promoting the ICO.
Post-ICO Crypto Bounties
Post-ICO crypto bounties are offered on an ongoing basis. This helps in expanding the project after its initial rise. The two well-known post-ICO bounties are as follows:
- Bug hunting: This a conventional form of bounty hunting and you will be rewarded if you find any kind of vulnerabilities or bugs in the code of the project. In case the project has built smart contracts, you will audit them. There are defined rules regarding how these bounties can be claimed, but these are the most lucrative.
- Translation bounties: It is critical to reach a global audience with the ICO and this is why translating documents that can be understood and read by others in other communities is helpful. You can also be a part by moderating a forum of foreign language.
So, to put it simply, crypto bounties are rewards that you can get if you complete certain tasks aimed at helping the project grow and become successful.