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Bounty Program: How It Works and How It Makes Money

Bounty Program: How It Works and How It Makes Money

Articles / 2018-10-10 14:17 PM

One may often come across such a term as “Bounty” in different Token Sale reviews. The program becomes more and more famous as well as more frequently mentioned. We would like to explain to you what the Bounty Program is and how it may help to make money.

What is the Bounty Program?

Bounty Program is an opportunity to participate in the cryptocurrency Token Sale without direct investments. The cryptocurrency developers propose users to perform certain actions to get tokens. Their actions and goals can be different. For example, a bounty program may be aimed at attracting new users and promoting the cryptocurrency.

More often bounty programs are aimed at promoting through social networks. For example, you can give your feedback about the cryptocurrency on your “Facebook“ page. And depending on the scope of the post and number of your followers, your account will be credited with a certain reward.

Each cryptocurrency presupposes a bounty program before or after Token Sale. Usually, it is allocated with a large number of tokens.

Bounty programs include four directions:

  • Publishing materials in the media and blogs;
  • Writing posts and reviews about the cryptocurrency in social networks;
  • Following and sharing in social networks;
  • Technical assistance to developers such as bug hunting, design development, conduction of PR campaigns.

Some part of the bounty campaign, focused on social activity, may be conducted on various platforms. Overall, there are no limitations, but most developers have social networks as their priorities. For example, most people conducting bounty programs would like to see the feedback or comments on them in the “Facebook“, “Telegram“ and “Twitter“. But, of course, to place the posts in independent blogs and media would be perfect.

How Does the Bounty Program Work?

In order to attract people's attention to a future project and get them to discuss it, you need to publish a big volume of information about the cryptocurrency and Token Sale. You also need to conduct a big campaign on the search for the potential investors.

The most popular way to find the audience is a PR campaign in social networks. It means usual likes, reposts, mutual following. This method though it is the most effective, is much cheaper than the rest, as any user may be engaged in such activity. Depending on his or her activity, a person will obtain the certain number of tokens before the start of the Token Sale.

The owners of large blogs that publish the posts about the cryptocurrency get a really good fee. Just like in the social networks, the quantity of the earned tokens depends on the number of views and the general activity of users.

The translators of the texts play an important role as well. Any project strives to be multilingual as it will help to embrace a greater number of people. That is why the bounty program needs translators. The texts may be represented by the posts in the social networks, as well as by the columns in the blogs. Translators also get a good reward in the bounty program.

Also recently developers started inserting links to their projects in their signature in the famous cryptocurrency forum Bitcointalk. The startuppers were the first to notice the efficiency of such a signature, so such a method first has become popular among them. Reward, as always, depends on the general activity of users. In this case, on the number of clicks through.

How to Choose Bounty Program?

To earn more money on the bounty, one needs to find a project where it would be more profitable to work. One should conduct a thorough Token Sale market analysis and as a result, find an acceptable program. Here are the criteria by which a user should assess the bounty program:

  1. The number of the bounty program participants. You should be faster than the others, because the larger the number of participants, the smaller the reward they will get. It means that your reward is inversely proportional to the number of project participants. But this rule does not apply to the bounty programs, where the reward depends on the amount of work you have done.
  2. Developers' reputation. The project you are going to participate in to make money should be developed by reputable people, who are ready to bear responsibility for the cryptocurrency they establish. You can get the information about the developers on the Bitcointalk forum. It is desirable that they have open profiles in social networks and appear at conferences or webinars. You should know the identities of the developers to realize whom you are going to follow. Maybe they had experience of establishing another cryptocurrency... And maybe it was not quite successful... In general, you should learn as much about the developers of the project as you can.
  3. The ability to perform the work. You should carefully evaluate if you will be able to address the commitments that are to be accomplished under the bounty program. For example, you will cope with writing 20 posts on social networks. But it is unlikely that you will be able to write 30 columns in the blog and to add the translation to them. It is necessary to carefully read the terms and conditions of the bounty program.
  4. The money collected. Before entering the project you should find out how much money it has already managed to bring. For example, if the program did not manage to raise $100 000 of funds for the first week after the start, then we guess there is no need to strain yourself by participating in such a bounty program. As result for your work, you will get just a penny just like all the other participants of the bounty program. Doesn't sound good, does it?
  5. The project managers' attitude to you. If at some point you realized that your messages, questions or requests are being ignored, that would be better to leave the project. If managers treat the participants in such a way at the very beginning of the program, do not wait for them to keep their promises at the very end. This piece of advice is extremely popular on the forums where people share their bad experience of cooperating with such kind of managers.

Where to Find Bounty Program?

All the information on the bounty programs appears on the Bitcointalk forum. Usually, there is also a discussion of the project, its Token Sale and the bounty program itself. Go to the forum, sign in, and search for the best programs in the special section. Also, there are specialized blogs about bounty programs on Medium. There you can find the desired project and read the reviews as well.