If you have ever wondered how to get in on the cryptocurrency ‘bubble’ – well that’s what it’s been described as, due to the immense profits it provides within a short period of time -this is for the most part because of the price volatility and astronomical rise in the price index.
Tokenization of digital assets done through ICOs are very encouraging and make the situation a little less disappointing, especially when one looks at the cryptocurrency market chart and see how expensive it may be to invest in bitcoin and the other altcoins that are hundreds of dollars to a thousand dollar or more per coin.
ICO’s main objective is to raise funds to carry out a blockchain project and in return, they reward their backers with a portion of their maximum token supply. These backers are usually of two categories, those who support the project with finance, and those who do so by propagating and promoting the values and objectives of the project.
During crowdsales, the tokens are usually sold for or less than a dollar depending on economic plan decided by the development team. Usually, this sale, comes with bonuses (we can regard these bonuses as free ICO tokens too), however, to get them for free without having to spend a dime will require that the ICO itself has a special program to that effect. The catch is to perform some CPA or activity that will generally promote the concept of the organization.
The norm for most startups is to have a section of their publicity program allotted to a bounty – a reward based program that encourages blockchain enthusiast who may not have the necessary funds to acquire their currencies or want to add to their investments. This is mostly done through cryptocurrency forums like Bitcointalk. Others will simply do an Airdrop to share their tokens to supporters for a limited period of time.
For the first option, there are different types of bounties:
This is one of the most paid ways of getting free ICO tokens. A user of bitcointalk.org forum will simply update their profile to attach signature text and banner to it. This information will be noticed around the forum anywhere the user performs a post activity or creates a new thread. This way, everyone gets to see the links and brief information about the ICO. On a later date when the startup has concluded its crowd sale, the users are rewarded with tokens for their publicity according to their activities.
Some go to lengths of qualifying the activities, otherwise trolling will render the intent ineffective. On bitcointalk forum, different levels are assigned to users on the platform and this comes with limitations of how much information about the ICO can be disseminated and how colorful the signature text appears in most cases. Ultimately, the different cadres of bitcointalk users earn different amount of allotted rewards based on allocation, rank, and activity.
Social media bounty
This part of the bounty is mostly concerned with social influencers who are able to spread information about an ICO by liking and sharing the official social pages (like Facebook and Twitter) along with their periodic contents. This way, on a constant base, the social media becomes an effective instrument that is used to promote the project by simply liking and sharing. This category of bounty usually has more patronage as most people prefer to just share information around rather than generate content posts around bitcointalk forum.
This third type of bounty is essentially important to the ICOs and require a level of creative skills. It comprises of articles, creative YouTube video contents, and posts on blogs that have quite the traffic. Often times, there are not many people in this area, because the procedure for vetting quality content can be quite strenuous and the contents must be original with no plagiarism. However, it pays the most next to signature campaign.
The token sphere is a global one, and since there are many languages, it would be nice to see a native developer spreading influence across multiple nations. Translation bounty requires individuals to translate project documents such as whitepaper, website, announcement threads, PR (press releases), social media and forum thread information from the developer’s language to other languages, thereby creating local versions of the projects.
In the hierarchy of rewards:
Signature bounty > content creation > translation > social media bounty
The other group has to do with Airdrop of tokens. And right now it’s the only alternative to getting free ICO coins from blockchain developers without having to participate in a bounty. This happens when blockchain developers try to advertise their project by sending free tokens to cryprocurrency community members. Usually, it might require some registration at other times it is sent randomly to the wallet addresses of those using the blockchain.
For example, if someone has an ethereum wallet and an airdrop of an ethereum based token is to take place, the project will simply send the tokens to the compatible wallets to create awareness and attract more investors as the coin gains more prominence.
Oftentimes a snapshot of the receiving wallet address is taken – which is like taking a digital record of the currency balance and block height at a particular time. Then on a later date, the project will credit the wallet holder with the equivalent amount of their custom currency relative to the snapshot taken earlier, it could be 1 for 1 or less depending on how the developers decide to share it.
Another type of airdrop occurs when a cryptocurrency decides to undergo a fork – which is like a split due to program upgrades and incompatibilities. The same procedure for the blockchain snapshot is taken and once the fork occurs, users of the previous cryptocurrencies are usually rewarded with a free equivalent of the new version. Two major objectives of airdrop are for wider distribution of tokens and for mainstream adoption.
Another rarely but also effective method of acquiring free token will involve a referral program, where an individual will sign up with a blockchain project and simply refer people to the project, especially to participate in their crowdsale event. Most ICOs will reward the referrer with from a percentage of their referral’s investment. So if I refer a friend who invests $100 USD into an ICO, and the reward program for the referral is 10% of the investment, it, therefore, means that I get $10 USD bonus worth for every $100 worth of investment. This way I could keep inviting people and earn more.
While it can be fun to earn freebies from the cryptosphere, it is usually tasking and demanding to go through the exercise, especially if you want to earn quality and quantity. Most people find it pleasurable to get involved in multiple bounties and earn much more from many projects to build up their asset portfolios. This way it guarantees zero dollar investment.