New Additions: Account Farming, Bitcointalk Proof Of Authentication, KYC/AML and The Importance of KYCToday Marked My 120 days as a bounty hunter and during this period I have gained more experience and knowledge in cryptocurrency as participating in bounty programs gave me additional exposure to the latest happenings around the crypto space. So I decided to drop few things i have learnt and also provide answers to some of the most frequent questions asked.
The Few Things I Have Learnt In The Last 120 Days
During the past 120 days, I have learnt the following from participating in different bounty programs :>
1.
Patience: Participating in bounty program have taught me how to exercise patience. I have come to know that whenever they announce that they are going to distribute on a specified date just dont expect it that day so you wont be disappointed. Wait for them to carefully distribute your reward directly to your wallets.
2.
Effective Time Management: This is one of the most important factor in bounty programs and I have seen many work got rejected because of late submission. Rule is rule and it must be obey irrespective of individual participating.
3.
In-Dept Trading: Before joining I will say I have been able to trade in few cryptocurrency trading platform. Bounty have opened my eyes to numerous trading platform that I havent used before now.
4.
Perseverance And Consistency: This keeps me going to strive for the best all the time. It is true that hunters are at the mercy of Bounty Manger Mangers and the Project team when it comes to distribution of rewards.
What Bounty Is?Bounties are extraordinary program set aside to create awareness for the development of cryptocurrency projects and such programs usually end up rewarding participants that participated during the program. Another thing you should know is that there is always a specific time set aside for any bounty program, it can be 1 week, 2 weeks, 3 weeks and more many depending on the Project and the number of participants that sign up for it. With this I have been able to classify Bounty into two, which are the specified and unspecified Bounty.
For Specified Bounty, there is always a specific time for such programs to end except otherwise stated. While the Unspecified Bounty end as soon as ICO ends. So it is important for bounty hunters to note the difference especially when choosing a bounty program to participate in.
Who Are Bounty Hunters?
These are some set of individuals that participates in bounty program. In addition, hunters are those set of persons who have little or no knowledge but have already made up their mind to agree to the terms and conditions of any bounty program they chose to participate in. Hence they are the Marketers that deploy their tools to create awareness for cryptocurrency projects.
Who Is A Bounty Manager?
Bounty Manager oversee the well-being of Bounty Program. They launches the program, set rules and effectively manage the bounty program. He or She as the case maybe are the ones hunters report to and are also responsible for awarding stakes. A Bounty manager can also be called; a Campaign Manager. Let me not forget to say that Bounty Manager are experience and it is difficult for hunters to trick them because they have seen it all and knows what it takes to embark in bounty. For Good Bounty Manager, check here:
https://bitcointalk.org/index.php?topic=3085997.0 Also there are some platforms that launched good bounty programs and in this platforms you dont need to submit your reports as it will be tracked automatically, such platforms are: BountyHive, Bounty0X, Bountyplatform to mention a few.
What Are Campaigns?
Campaigns are Subset of Bounty. In Bounty Programs, there are different types of campaigns these are Facebook, Twitter, Instagram and Telegram which can be classified as Social media campaign and lately some Bounty Manager have started Classifying Reddit and LinkedIn Social as Social Media campaigns. We also have Translation, Signature, Content Creation (Articles/Blog and Videos) and Reddit Campaign.
What Stakes Is?
These are deploy tools used by bounty managers in rewarding bounty hunters before carrying out extensive calculations based on token. The beauty about stakes is that it is directly proportional to the number of tokens you will receive. So the higher your stakes, the higher your tokens.
Understanding The Bitcointalk Proof Of AuthenticationThese are measures set aside by Bounty Managers to help reduce hunters deploying multiple accounts in participating in the Bounty Programs. BTT proof of authentication may require of hunters to submit their details in the Bounty Thread as proof that are own the account they are using. Some Bounty Managers like Btcltcdigger, Maxx and other Good Managers of recent deployed this techniques.
Account FarmingI think this have become the other of the day in most Bounty Programs. The Blockchain technology have been designed in such a way that we can easily track transactions that go in and out of our public wallet and with such, Some Bounty Managers have taken it upon themselves to track Bounty Hunters Wallet Address such as the Ethereum Wallet Address and if there is anyone found transacting within themselves, such will be disqualify and won't receive tokens. The Beauty about this is that even if a particular hunter transfer ETH or any other ERC-20 Token to a fellow hunter and they both participated in same Bounty or previous, Both will be tagged account farming and they will lose their stakes. Amazix have banned so many hunters from participating in their bounty campaigns with this.
What KYC/AML Is?This has become an important aspect and process that Bounty Hunters Need to go through first in order to be eligible to receive tokens.
KYC =>>KNOW YOUR Customer, While; AML =>> Anti-Money Laundering. For More Information about KYC/AML, please Kindly refer to this thread:
https://bitcointalk.org/index.php?topic=454795.0The Importance Of KYC In Bounty ProgramsWell, from what i have seen so far, i think KYC was introduce to reduce the number of participants using multiple accounts to participate i various Bounty Campaigns. Earlier Bounty Managers deployed the
Bitcointalk proof of authentication. I think this is no longer as effective as it was before, so the KYC was introduce to help work with the former.
Few Things You Need To Check Before Jumping In Any Campaign
1. Carry out extensive research on the background of the projects, check for the authenticity of the team members and advisors.
2. If it is an ICO project, check if they have reached Softcap at least you might get your reward. So I believe you might have decided after checking out those all but important things.
3. Now on the Bounty itself, make sure you read and understand the General rules and regulations of the Bounty. Check the total allocation for the whole campaign to know how feasible it is.
4. Then decide the exact program you can embark on, Translation, Signature, Facebook, and Twitter, Articles/Blog/Video and others.
5. Follow the rules, report your activities according to the campaigns you participate in. You might be required to submit your activities via google form or through the Bitcointalk Bounty thread depending on the project. There are some Bounty that dont allow participants to edit their already submitted activities while there are some that do not put that into consideration. These are part of the reason you need to read the rules as it will guide in getting your rewards at the end of the campaigns. I have heard and seen reports from different hunters on Telegram Bounty group complaining of not receiving rewards forgetting they refuse to follow the rules.
Do I Need To Pay Before Participating In Any Bounty Program?
No, you dont pay but rather you are rewarded for participating. Note that rewards are only meant for those who follow the rules guiding the bounty program and also carry out the require task.
Which Campaign Is More Rewarding?
This is a difficult questions because of the number of hunters who get involved in Bounty Program this days. So what I do is after checking the total allocation, briefly I observe the spreadsheet to see where there are few participants. Trust me, Telegram, Twitter and Facebook always have highest number of participants and to earn big over there you will need to be that one participants with the highest number of Facebook friends and Twitter Followers. Also try as much as possible to start your activities from the beginning of the campaign that will give you an extra edge over others.
I think I will have to go with Translation
----->>>Signature
----->>>Articles/Blogs/Videos
----->>>Reddit
----->>>Facebook, Twitter
----->>>Telegram campaigns. This order shows the highest to the least rewarding campaigns.
Why Have There Been Delays In Paying For Bounty Program Of Recent?
From what I have observed so far, I think most project are trying to protect their token from depreciating in value in this bearish market as almost all altcoins have experience this of recent. Also I will like all bounty participants to understand that as far as you participate in a genuine and sincere project, I think your reward will come but it is just a matter of time they will surely distribute this reward to those participants who carry out the right task and meet the rules of the bounty program.
In conclusion, I have learnt, enjoy and benefited from my last 120 days as a bounty hunter and I anticipates for more progress as my Journey continues.
Everyone makes their own conclusions and personally my sound like this: the profitability of this sphere has decreased at times, it also needs to cool down as the crypto-currency market, in order to gain even greater momentum in the future, and there is still money.