Bounty Hunters — Is it worth it?
There is a new trend out there among ICO enthusiasts. Paid promotion for ICOs, also known as Bounty Hunting! It is the process of completing ‘Mini-tasks’ in exchange for tokens or coins. It used to be only bug bounties for developers to get paid for finding exploits and bugs to make the project more secure. However, nowadays you have a lot of marketing related bounties that aim to bring more attention to the project instead.
So how profitable Bounty hunting really is?
It all depends on how lucky you are. In almost all cases, you’re paid in the ICO tokens. This is all great, whenever you get the tokens you sell them to a listed exchange. Unfortunately, this does not always work out quite as well as one would hope. If for example, you end up getting involved in a scam that doesn’t even make it to an exchange, then you’re left with some worthless tokens that you couldn’t sell even if you wanted to.
There are a few who do bounty hunting for a living, some of the more dedicated bounty hunters can make as much as $2000 in a month. Although for the most part, you should not expect to make more than $100 in a month, especially when you first start out. Bounty hunting is a great way to make some spare spending money and if you stay invested in these ICOs, some might even end up being worth a fortune. Did you know that ETH was originally an ICO?
Where can I find bounties?
It is of course possible to simply google around for new ICOs and look up the possible bounties they offer, however, this is generally a very inefficient method. It is highly recommended to use a bounty hunting platform. A central location where all bounties will be listed, where all of your social accounts are connected, speeding up the process tremendously.
Using a Bounty platform like CryptoTraffic allows you to easily open the page, view the available bounties and accept the ones you believe are worth your time. This will be shown in a nice list, saving you an enormous amount of time. Everyone who is bounty hunting professionally uses a platform. There is little doubt about the benefits of using a platform as opposed to going in blind.
What sort of bounties are there?
There are countless types of bounties. A bounty would simply refer to a goal that the ICO team has specified to receive a token reward. As such, they could for example setup a bounty where you’d need to post a message on Telegram for a reward. Here are some of the more common bounties you’ll see:
- Social media bounties
This is the biggest and most popular type of bounty as the goals are generally simple things like liking posts, sharing posts, or commenting. The reward for these types of bounties are largely dependant on your following, or the engagement generated from your posts.
- Signature bounties
This refers to adding a signature to your forum accounts, generally the only one considered is Bitcointalk. Most require you to have Jr. Member or higher rank before being allowed to apply for this bounty.
- Translation bounties
Getting paid for translating the ICOs into other languages. This could include the whitepaper, the ICO webpage, the Bitcointalk thread and various other posts or documents.
- Content creation
This bounty is aimed at blog owners with a large following. Generally, it involves making a post or blog entry that promotes that specific ICO. The reward for this bounty is normally paid in relation to the engagement on your post.
- Bug bounties
The original bounty, finding bugs or exploits in a project and being paid to report it. These types of bounties are exclusive to developers, and are paid depending on the severity of the exploit or bug.
Are there any requirements?
There are no “rules” in terms of what you need to get started. Nobody will ask you for a “bounty hunting degree” for example. But each individual ICO has their own requirements determining what you can earn in their bounty. Many have for example, requirements on a minimum number of friends on Facebook, or minimum number of followers on Twitter.
To get started with bounty hunting, all you need are social media accounts with a decent following and you’re set. You will then just need to find bounties to complete. Of course, you will need to make sure that the ICOs you are completing bounties for are not scams. This is made easy if you use a platform, as most platforms you can use will vet each ICO before they allow them on their platform.
Why should you use a platform?
CryptoTraffic has a specialist research team that checks each and every ICO they allow on their website, almost nullifying any chance of scam tokens making their way on the platform. In the off chance that a scam ICO makes it on the platform, every ICO on the platform is required to provide a Guarantee payment. In short, this means that every ICO needs to provide a pre-payment so that no matter what happens, the bounty hunters can be paid for their work.
There are APIs in place allowing you to mostly automate the process of sharing posts, retweeting and many other actions that otherwise would take up valuable time. The most successful bounty hunters are even rewarded with bonuses for a job well done. Everything will be nicely organized so you have a clear overview of completed bounties, along with what you’ll be earning.
Bounty hunting is fully possible, and absolutely worth the effort. Using a CryptoTraffic platform opens up so many additional opportunities and gives extra security against the scam you might run into and waste so much of your time.
