“Bounty hunter” has traditionally referred to a person who captures fugitives for a reward. The term is likely to conjure images of the American Old West rather than the Wild West that cryptocurrency is today, but there are significant amounts of people earning digital assets by performing small to medium-sized tasks for budding tech companies.
Some people are even able to make a living by doing these tasks full time.
Whether this is your introduction to crypto bounty hunting, or you’ve already claimed a few bounties yourself, this article aims to shed some light on this emerging skilled marketplace, outline some of the risks, and steer potential hunters in a direction that’s profitable for both them and the company they’re working for.
What Is Cryptocurrency Bounty Hunting?
Bounty hunters operate solo for the most part, but can also use platforms like Bounty0x to help simplify the process.
While the rewards can be more than worth the effort, the space doesn’t come without risk, and usually requires participants to have at least some hard skills to contribute to any given project, whether is finding debugging software or creating infographics.
That being said, sometimes there are tasks available that merely require an internet connection and a social media account. Just like almost anything else, your rewards are proportional to the value you provide.
Crypto bounty hunters are usually asked to write articles, find bugs in a platform’s code, create infographics and videos, or promote a project on social media. At the same time, it’s in their best interest to keep a close eye on who they’re working for.
Completing a cryptocurrency bounty is completely different from doing regular freelance work. A big part of the job is making sure that you are working for somebody that isn’t trying to scam you.
There’s more than one way to waste time hunting for crypto bounties. You may end up doing hours of work and receive nothing at all. Even worse, you could be asked to submit a KYC to a phony company, and in return receive worthless tokens and a growing suspicion that your identity has been stolen.
However, regulators have begun cracking down on bad actors in the cryptosphere, and the risks mentioned above are also being curtailed by platforms like Bounty0x, which provide bounty hunters a place to participate in a variety of bounty types, for a variety of companies.
Bounty0x does their own due diligence on companies hosting bounties on their platform, in order to provide bounty hunters using the platform with trustworthy hosts. (It goes without saying, of course, that if you’re an aspiring bounty hunter, you should always do your own research on top of this.)
Some users are able to make hundreds of dollars per bounty from anywhere in the world. This can be a life-changing amount of money for citizens of developing countries like Bangladesh, India, Vietnam, or Nepal, where the median salary is less than a couple hundred dollars per year.
Bounty0x is Creating Crypto Bounty Hunting Careers
Bounty0x is a blockchain-agnostic cryptocurrency bounty hunting platform that facilitates marketing, software development, and creative work in exchange for a crypto reward.
The platform connects companies willing to delegate a portion of their token supply to an army of bounty hunters willing to accept their token as payment.
Since their launch in December 2017, Bounty0x has facilitated over $3 million worth of paid bounties and received 400,000 bounty submissions, at the time of writing.
Their user base has more than doubled in the last 5 months, and they are now servicing over 50,000 users. Crypto bounty hunting is a brand-new industry within a brand-new industry, and the Bounty0x team is leading the space toward a more transparent and trusted place.
Taking a moment to step back reveals that bounty hunting has something to offer that freelancing doesn’t.
Freelancing is much more individualistic and targeted when compared to bounty hunting. Freelancers are hired to fill a specific position, whereas bounty hunters are incentivized en masse to complete an overarching goal.
While Bounty0x has done well in capturing the attention of crypto enthusiasts and opportunists, the bounty hunting structure is underused, and could catch on outside of the digital asset industry. That said, people are making life-changing amounts of money.
Vinay V., another Bounty0x Hunter, says:
Bounty0x has changed my life, it’s now a secondary income for my family.
In an interview with WIRED, a Bounty0x Hunter called Crypto Shaolin claimed that he “spends an average of 15 to 20 hours a week completing bounties through Bounty0x, earning more than $50,000 so far this year.”
By giving companies a marketplace to post their bounty programs, and bounty hunters a place to hunt, Bounty0x is establishing a micro-task industry that could alter the way we view part-time work.
Why BNTY Is Crucial to the Growing Crypto Bounty Ecosystem
If the cryptocurrency space continues to legitimize itself over the next few years, completing tasks in exchange for crypto bounties could expand.
As the amount of people participating increases over time, this niche industry could merge into other industries. When this happens, a governance system should be in place in ensure fair exchange.
Bounty0x has brought a sort of infrastructure to this market by establishing 3 types of users for their ecosystem: Hosts, Hunters, and Sheriffs. Each actor is incentivized to participate with the others, leading to a balanced system based on a trustless, distributed ledger.
The binding force between them all is Bounty0x’s native ERC-20 token, BNTY.
Hosts are able to create a customized bounty campaign by choosing from a variety of bounty tasks, as well as the size of the reward and the cryptocurrency being awarded. Once the work is verified, reward distribution is completed with one click.
Hunters pick bounties to participate in, submit their work, then receive their crypto bounty.
Sheriffs are responsible for reviewing the bounties assigned to them. Sheriffs are rewarded BNTY for correct reviews, and a portion of their staked BNTY is burned for incorrect reviews.
BNTY is currently being used on the Bounty0x Beta platform by Bounty Sheriffs, who actually earn their title by staking BNTY.
According to their website, BNTY Hunter staking will be available in Q4 2018 to Hunters as well. Much like Binance’s BNB token, staking BNTY will offer Hunters discounted fees for using the platform.
Hosts will also be able to stake BNTY sometime in Q4 2018 to purchase featured listings on the platform.
According to Bounty0x, these listings typically “receive up to 1,000% more impressions” than regularly listed bounties.
Expanding BNTY Use Cases
Creating a cryptocurrency has become easier than ever before, but incentivizing its use is as difficult as it’s ever been. Bounty0x has created an ecosystem that, when BNTY is used as intended, improves its users’ experience while increasing their bottom line.
The team is currently working on what they describe as the “BNTY protocol,” which aims to create a standard for online rewards and incentivization. More details on the BNTY protocol will be announced in December 2018.
If the idea of bounty hunting expands into the broader online economy, BNTY could become an integral part of thousands of salaries in multiple industries.
How to Earn Crypto as a Bounty Hunter
There are tens, if not hundreds of thousands of bounty hunters earning part to full-time incomes at the time of writing.
If your interest has been sparked, here are a few tips to get you started on the right foot.
It’s a bottomless pit, but the more you know, the better. You should understand the basics of blockchain technology, how to store your earned rewards, and how to navigate exchanges — just in case you decide to trade your crypto bounty for Bitcoin or fiat.
Focus on Your Strengths
If a host posts a bounty campaign with tasks in multiple categories, you’re usually able to participate in however many you wish. That said, your rewards are graded for the quality of your work, so if you’re a good writer, consider sticking to creating quality articles.
Watch Out for Bad Actors
After hunting down the bounties you’d like to participate in, take your time researching how you’ll be paid, and who will be paying you. The last thing you want is to spend hours working for a company that isn’t able to legitimately compensate you.
Use a Bounty Hunting Platform like Bounty0x
There are hundreds of companies offering bounty rewards. As it currently stands, Bounty0x is the first of its kind in the industry, and using their platform will save you the headache of hunting for solid prospects, ensure fast payments, and help protect you from elaborate crypto-scams.