If you’ve spent some time in the cryptocurrency sphere, you’ve probably heard the phrase “Buy the F-ing Dip” (BTFD). While the BTFD strategy is a viable one for dollar-cost averaging and gaining solid entries, there may come a time when one is unwilling or incapable of adding to existing positions. However, this does not render an individual unable to grow his or her holdings. It simply means their efforts must be spent elsewhere: on bounty hunting!
The term “bounty hunter” traditionally refers to one who tracks down and detains fugitives and criminals that have failed to respond to court orders and other legal obligations in return for the posted bail or other financial rewards. While bounty hunting in the crypto space is not quite as adrenaline-fueled, it’s a similarly fruitful and expansive affair, where top bounty hunters are earning upwards of tens of thousands of dollars worth of cryptocurrency each month for their participation in the variety of bounties posted every day.
How to find bounties
Almost every single ICO and the majority of cryptocurrencies offer some type of bounty program. Perhaps the best first step is to find a cryptocurrency you believe in and would like to build a bag for, as almost all bounty programs will pay you in the native currency of the project they represent. Generally, these projects post bounty sections or portals on their main websites. Additionally, they are likely listed in Bitcointalk’s Bounties section. Bount0x, a blockchain platform specifically for bounties, also contains plenty of opportunities. Bounty responsibilities range from actions that are as simple as joining Telegram and Discord channels, all the way to video productions and coding projects. To begin bounty hunting, it is important to have accounts on the popular platforms in the cryptocurrency space: Bitcointalk, Reddit, Telegram, Discord, and Twitter. From there, here are a few tips to follow to ensure your success:
1. Evaluate the Programs
The Bitcointalk Bounties section is populated with flashy threads guaranteeing millions of dollars of bounty rewards. Before jumping into the one with the highest dollar amount, take a look at the fundamentals of the project. Because bounty campaigns will almost certainly pay out in the native currency, it’s important to make sure the currency itself holds some value. Valuations for assignments are likely assigned to the ICO price of the currency – will the ICO see activity? Will the coin have liquidity? Beyond this, check out how the bounties are split up. Bounty campaigns typically assign shares to certain actions, like retweets, forum posts, articles, etc. Make sure that what you are earning shares for doing is being adequately rewarded compared to other activities.
2. Play to your strengths
While there is very simple money to be made from signing up for airdrops and chat rooms, these activities will only earn you a few bucks at most. More skilled tasks, like technical writing, art creation, video production, and programming is where the big bounty payouts can be made. If you possess a skill relevant to what projects need, seek out the bounty programs that are in need of those skills. Additionally, if you have a solid background in working with cryptocurrencies, there are oftentimes large bounties assigned to testers and bug finders.
3. Keep at it
The more you participate in bounty campaigns and the cryptocurrency community as a whole, the more you can earn. The highest level forum accounts on Bitcointalk are eligible to enter signature campaigns that sometimes rake in hundreds or thousands of dollars a week simply for participating on the forums. Similarly, consistent and quality work utilizing the skills listed above are often recognized, and oftentimes these projects will recruit their most valuable campaign participants for more permanent positions on their teams.
4. Stay safe
In any large community, there are bad actors. Unfortunately, bounty campaigns are no different. There have been a number of instances in which hackers and exploiters have employed malicious airdrop and bounty programs that simply act as a tool to phish information from users. In the worst cases, wallet information and cryptocurrency balances have been stolen. Make sure to use unique passwords and emails for different campaigns (if necessary), and under no circumstances whatsoever should you share your private key with anyone. Good luck!