The term has its origin from hunting criminals for rewards. But, when it comes to crypto, a bounty hunter participates in different activities in crypto crowdfunding.
In this article, we will look at challenges and solutions when it comes to empowering bounty hunters.
The Good: Getting Out Of Poverty And Becoming Rich
Bounty hunting has changed the lives of many people out there. With the rise of crypto crowdfunding, it is evident that people from low-income groups will benefit the most.
Crypto Shaolin, a bounty hunter, tells his story to the Coindesk on how he escaped poverty. He also shares how he sees crypto in the future. He only needed a laptop, internet connection, and the basic skills to participate in the program.
Anyone can get started with these bounty programs. There are hundreds of tutorials already available online which anyone can follow. With no barrier, bounty hunters are only going to become rich.
In fact, the social influencers with an already established follower base have more chances to make it big. But many restrictions are going to come into play in the future.
The crypto bounty hunting is however not free from problems. There are many challenges that bounty hunters have to work with. On top of that, there is a lack of platforms that provide solutions to crypto bounty hunters. To get a grasp of what they need to go through, let’s go through the respective challenges and their solutions(if any).
Finding Good Projects
The number one challenge that bounty hunters need to go through is to find crypto projects that have a decent bounty program. In the last two years, we have seen many projects doing their ICO, STO or IEO. Some were genuine, whereas others were trying to cash in the crypto craze. For a bounty hunter, it is essential to learn which project is worth investing their time in.
Lastly, some projects are completely fraud. These projects are run for a few days, only to give up on their investors.
In short, you have to do your research before jumping into any project bounty. Try to cover basic things like learning more about the team, going through the whitepaper thoroughly, see their token sale performance, their project feasibility, and so on. You can also take the help of the platforms that lists ICOs and rank them.
Liquidating Assets or Tokens
Exclusively all crowdfund projects offer rewards in their own tokens. If you are a bounty hunter, you have no other option, but to accept them. However, this leads to a big problem - liquidity.
Start-ups go through a lot of phases. In most phases, the tokens are not unlocked for trading, and that can mean the assets can be stuck there. In case of an emergency or need, it becomes hard to liquidate them. You can sell them on a peer-to-peer channel, but that requires some work to be done.
Participation in bounties of even high-rated projects usually allows earning a miserable profit to a hunter because of huge price dump and too long reward waiting time. But some guys looking for ways to resolve that problem.
Crypto exchange Tokpie provides a marketplace for bounty hunters where they can deposit, sell and buy bounty stakes for Ethereum like any other altcoins. So, instead of long-time waiting for an uncertain reward nominated in bounty tokens, hunters can get ETH immediately. Moreover, hunters can take Ethereum upfront, by selling bounty stakes which had not been earned yet.
It adverts the high risks that bounty hunters have to go through, including the chance of getting zero rewards. Also, it removes the need to wait for months before they can liquidate their tokens.
Creating an Online Presence
Bounty hunters also find it hard to create an online presence. To have a better chance, bounty should start by making their Bitcointalk profile stronger. They should also invest their time in building their social media profiles. In addition to it, you should also invest in writing blogs and creating videos.
Bounty Programs: A New Way of Marketing
Bounty programs will stay. After all, it is a new way of marketing projects. Facebook is also very keen on running its bug bounty program for Libra cryptocurrency.
As a bounty hunter, you should be wary of the risks associated with the bounty programs. Exercise caution, and you will do great. Just like any other skill, you need to be patient with yourself and grow beyond the current challenges.
So, what do you think about the crypto bounty hunters? Comment below and let us know.