What is Airdrops and Bounty in Crypto?
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| Airdrops & Bounty |
If you are new to the crypto world, you will find that there are many terms that you might not have known before. It may take some time before understanding all the technical requirements related to cryptocurrency. The two terms are "airdrops" and "bounties". Although both terms are used in connection with cryptocurrency and have some similarities, they still mean two different things that cannot be mixed with one another. In this article, we will look briefly at what the two mean, one by one. We will also see how you can become both recipients.
What Is Airdrops In Crypto?
Someone once said: "When I think of airdrop, I think of military aircraft that drop weapons supplies to troops". As strange as it sounds, it only describes the whole idea of airdrop.
What is airdrops? Basically, airdrop as used in the crypto space is when the blockchain project or coin development team distributes free coins (tokens) to the project community.
An Airdrop can occur when a person wants to promote his new cryptocurrency, thus planning the release of coins in a controlled and periodic manner to people who meet a certain set of requirements such as ranking and user activity. This is contrary to the ICO where you really have to buy the coin as part of your support for the cryptocurrency package. But with airdrops, you are not assigned to do the main task. You only have to meet certain requirements.
Of course, in every business venture, the idea is to always make a profit. So what did the developer get in return for distributing their newly developed coins for free? The main purpose of such programs is to promote new crypto currencies to members of other crypto currency communities. This creates awareness for the coin in question, it's ICO or token. This can lead to appreciation of token prices because people value the tokens they have higher than the tokens they do not own.
Airdrop can be likened to a signature campaign where community members carry signatures over a period of time, where many other communities can learn about new coins and may be attracted to them. So as a reward for the announcement without their efforts, they get free coins in return. Airdrops generally seem to be welcomed with more support and are less skeptical than ICO.
So, if you are a member of a particular crypto community, how can you become an airdrop receiver? All you have to do is become an active member of the community and you will get a prize.
Some airdrop only requires you to provide proof that you are the owner of Bitcoin or Ethereums at a certain time (snapshot) from the blockchain. Other small airdrops will only require social media posts, or participation in crypto forums such as Bitcointalk or Reddit and Altcoinstalk.
Another possible way to get rewards under this scheme is the faucet. This means you get a small amount of free coins for a longer period of time. Some wallets, crypto casinos or crypto promotion sites run this type of airdrop.
Some critics argue that the coins given as airdrops are actually worthless. But consider this: Byteball distributes airdrop to Bitcoin holders every month. The price of Byteball surged to more than $ 900 per Byteball in mid-July 2017. OmiseGo distributed free OMG tokens to Ethereum Holders, the price of OMG tokens jumped to $ 12 in September 2017.
So if you are an airdrop receiver, you can hold a coin in the hope that the price will rise in the near future, or you can sell it to collect more Bitcoin and Ethereum.
What Is a Bounty in Crypto?
According to the local dictionary, bounty is "a gift of money offered to someone or an agent to find criminals or people sought"; it can also mean "prize money for killing someone or predator." From that simple definition, we see that the whole idea is that someone gets a "gift" for doing some tasks.
What is a Bounty? Bounties are just jobs, tasks, or projects that are usually made by coin developers. If you complete a job, you will receive a prize in the form of coins.
But you might think that what tasks will really be assigned, tasks that if completed will mean that you get some cryptocurrency in return? Will you be asked to make a computer programming language? If you need computer programming skills, can most people benefit from the prizes offered?
The good news is that the tasks are never too complicated. They don't need programming skills, in fact it is a task that this cryptocurrency developer cannot do. These tasks basically revolve around issuing news about cryptocurrency out, creating more awareness for it, and thus encouraging other members to join.
Some tasks that can be assigned may include promoting coins in crypto forums or on social media. Examples of crypto forums are Reddit and Bitcointalk. Some also tried to spread the news on Quora.
Facebook and Twitter have emerged as the two most popular social media platforms in recent years. So, if you ever want to get a crypto bounty prize, you now know where to promote coins. You might also want to try Instagram, because only displaying a coin logo and adding a brief description will help.
Other bounty assignments may also involve the design of the actual coin logo. However, this task does not require extraordinary computer programming skills. This is something that can be done by most people who know the basics of computer software.
As usual, developers are willing to give gifts as long as it means the simple tasks they make are executed.
Airdrops and Bounties are really closely related in terms of both involving getting a coin prize. But to get the coin through airdrop, you don't get any assignments. You only need to fulfill a few easy requirements. But with a bounty, you must carry out the tasks given before getting a crypto prize.
