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Bounties & Airdrops: Extra Income or A Waste of Time?

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Avatar for Pantera
Written by   911
3 months ago

Some Internet users are dedicating their time trying to apply to cryptocurrency airdrops, bounties, giveaways, and contests. As with all other internet activities, this one is useful for those regions of the world, where living costs and wages are low.

But it comes with lots of disappointments and most of the time is a waste.

New cryptocurrency projects need marketing exposure and often find bounties or airdrops that will increase their visibility to the public. Usually, the reason behind a bounty is for a project to attract investors during ICO (or any other term used instead of pre-sales today).

Back in 2017, I accidentally stumbled upon a bounty article while browsing the BTC forum bitcointalk. As a beginner in crypto and the process of ICOs, I didn’t pay attention. Although that one and even more bounties I checked have actually paid thousands of dollars in tokens to each bounty hunter. This was in 2017, though with a raging bull market for what was called then “altcoins”.

I’ve searched more and tested bounties and airdrops in 2018, but during the lengthy bear market, the results were poor. Most of the projects in bounties and airdrops either were scams or failed to attract investors and didn’t distribute any tokens.

I always had in mind the discussions and research I did earlier and was sure that during a bull run, this activity could be fruitful.

And it was better, since I tried bounties and airdrops again in 2020-2021, although not even close to the 2017 results. The cryptocurrency industry had changed and social media bounties or airdrops didn’t offer the same profitable opportunities as the ICO days.

Since 2020, the market has exploded because of DeFi and NFTs. These projects didn’t need bitcointalk (and this was a step forward). They never opened an ANN thread and bypassed this website that was used by BTC maximalists to harm cryptocurrencies other than BTC.

Airdrops

Source

Airdrops are a waste of time at a rate of 99%, unless, those behind the project are known community members and have a clear plan to support the tokens. I'm not recommending hunting airdrops, 99% will not pay and will waste your time. Those projects that will distribute a token, will not be worth it either.

There have been exceptions though, and there have been tokens that their airdrop distribution reached thousands of dollars. Although this is rare and possibly the distribution was handled with care on who will receive it. I've seen some DeFi airdrops handed out to top Twitter influencers only, and no other was accepted.

The airdrops by community tokens in the SmartBCH network today are probably those that are more worthy of our time, and this is the reason thousands of hunters applied and rushed in telegram channels and Twitter.

ARG, $CATS, Knuth, and a few more, had a clear structure for their airdrops, were honest, and probably SmartBCH projects are the only ones delivering their promises lately.

While I don't recommend hunting for airdrops, there can be some projects that offer tokens worth $20 or even more. Most of them will have claims of bit rewards but will fail to deliver.

Some DEXs like Uniswap have distributed lucrative airdrops to their users. These were often not announced but reached the value of thousands of dollars. The requirements for each of these airdrops differ, and while Uniswap rewarded everyone that had at least one transaction before the time of the airdrop, other websites demanded high volumes in trades.

Bounties

Source

In 2017, there were not many cryptocurrency-related services that could offer the ground for marketing exposure in terms of social media campaigns. Bitcointalk had a section it is calling altcoins that allows new project discussions and also have this marketplace which usually is infested with scammers.

With whales using bitcointalk, upcoming cryptocurrency projects counted on their support, and signature campaigns are trending. If you wonder why too many gambling sites are trending in the signature campaigns of bitcointalk, this is because whales often thrown their BTC at them and get exploited. Some people don't deserve to win the lottery, and eventually, they waste their fortune in nonsense.

Crypto bounties can also have the form of asking for selected professionals in the field. It could be about the creation of a whitepaper, a website, artwork, etc. It can also take the form of writing an article on blogging websites or can require a more technical aspect, such as bug bounties that ask for programmers to test platforms, find bugs, and get rewarded for this.

At the beginning of 2021, I took part in one signature campaign in that forum, and it indeed paid quite well. I am not using bitcointalk since then though. I don't find the content there to be helpful, it is mostly BTC maximalists manipulating other members. However, the tokens I received were worth $1250-1500. And the work I had to put in was just 20 comments per week, for two months. An easy task, taking just five or ten minutes daily from my time.

But, I haven't found another similar bounty, the rest were weak and maybe will pay $40 in tokens after a few months. Moreover, when it comes to signatures, bitcointalk has a very closed system for ranks, making ranking up impossible to anyone without having friends to help. You will need your posts and comments to receive 100 merits to reach full member status, which is usually the accepted rank for this type of campaign.

I've taken part previously in social media campaign bounties (LinkedIn, Twitter, I don't have Facebook) and I received tokens from half of these projects, but the outcome was not meeting the ICO days. It was between $10-$50 but there had been projects that had potential and their price went 10-20 times higher later. There is a risk when holding though, that price can also dive by 90%.

Social Media Bounties

What you will certainly need is profiles on social media with thousands of followers. The more followers, the better your rewards will be. And this is not what social media platforms want, they will probably ban accounts that try to bypass the rules to gain followers artificially.

But here is the part where bounties fail and eventually lead to the downfall of the project as well.

Most bounties do not care for the quality of social media posts and do not examine the accounts. There are plenty of services offering boosts in Twitter followers for a couple of dollars. There are also shill services that cost higher and users interact with the post, always with a positive approach towards the account owner.

Influencers with higher numbers of real followers will never take part in bitcointalk bounties, they will receive requests in dm and some even have another person handling this part.

In Conclusion

Made with Canva

There is a big problem with these bounties for all projects though. Most of them have a very high chance of failing. By most, this number probably reaches 99%. For this reason, I don't expect bitcointalk to keep supporting its website by just the tens of thousands of bounty hunters which have become the only reason for most of its audience to stay there.

It still has a strong user-base of BTC maximalists, but this is mostly devs and people trying to get connected with others for personal gains.

The main problem with the structure of bounties is that bounty managers will get paid according to their rules in USDT, ETH, BTC, or another cryptocurrency they can easily liquidate, rather than the token of the project they promote. Yet, the bounty hunters have no guarantees they will receive payment.

It is boring and depressive work. In the ICO days, I verified it was paying a lot, but in DeFi/NFT days the projects have moved away from this kind of bounties and eventually, they will stop being used.

Bitcointalk and Altcoinstalk are two forums where one can find bounties. What is important is the bounty manager, since each one has differences and it is always better to prefer joining bounties by experienced managers.

Although, I don't recommend becoming a bounty or airdrop hunter anymore, (due to fierce competition, and low profitability), to those interested, here is the telegram link that notifies about all the latest bounties listed at three cryptocurrency forums.

One final piece of advice: when participating in these activities is to do everything correctly according to the rules set by the project. Not following the rules is another reason for the reward not to be distributed.

Images:

Lead Image from: Unsplash, by ben o'bro (modified)


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Written by   911
3 months ago
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Comments

It's always a waste of time for me unless it's from a reputable source like top exchanges or websites. If it is new and unknown usually when I join it fails. Lol.

$ 0.05
3 months ago

Agreed. If there is no reputation backing the project it is a waste of time for airdrops. For bounties it depends on the history of those managing the bounty, and if they were so greedy to proceed with managing the marketing of scams.

$ 0.00
3 months ago

I never gained anything from airdrops but I know I did the rules and instructions. Maybe I failed to include of the number of people in their quota?

$ 0.00
3 months ago

Me too. It's the same thing. Haha. That's why I never join anymore. Unless it is a popularity contest where you need a lot of referrals and such I just don't join anymore. XD

$ 0.00
3 months ago

Most of them will not pay anything. If others were paid and you were not then maybe contacting a telegram mod will help. Mistakes happen. But at most times nobody will receive tokens. The exceptions lately are the Smartbch airdrops that are legit.

$ 0.00
3 months ago

Then I will wait for the smart bch airdrops instead

$ 0.00
3 months ago

Last year I joined an airdrop and even applied as a marketing officer for the project. I wrote a ton of articles promoting the project and got a huge numbers of people onboarded. The project metrics was so appealing and attractive. Six months of vigorous marketing and promotion got the project a huge fan base on telegram, I was even a moderator for the TG group. But when the time comes for the airdrop reward, we were asked to send $10 worth of ETH as gas fee for the transaction. I doubted and didn't send. Hundreds of thousands of people sent the gas fee amount, some were credited while most didn't get anything even after sending the gas fee. The worst of it all was that the project ended up being a rug pull.

$ 0.00
3 months ago

Ouch. That's a terrible thing to do to you. That's why I don't join such anymore. Lol.

$ 0.00
3 months ago

I Don't know it was my bad luck or something else, but every time I participated in any airdrop, I lossed something or it proved as a scam.But currently I am not participating in any of them and keeping myself away from it.

$ 0.00
3 months ago

Hahaha so it's not only me! Whew good to know.

$ 0.00
3 months ago

You're full of tank of crypto knowledge. How many years you've involved in those crypto related platform?

$ 0.00
3 months ago

I wonder what else that could be used in creating such awareness apart from airdrops . here in my country, a lot of persons have complained of being scammed from some useless projects that only uses the airdrop as a way to raise buyers or investors and then end up dumping it by withdrawing their liquidity while the used people for such a fake project are totally left in the dark to leak their wounds. Hmmmn! That's pitiable and I really like airdrops but the absolute reality is that I've not been able to participate in any cos I'm afraid of wasting my time doing what I might end up not getting in my trust wallet

$ 0.00
3 months ago

My story goes like this regarding airdrops. I came across with Pool Together where you just simply deposit DAI and if you are lucky you win the pool if not your DAI will be paid back to you. This lottery goes on every week. To get DAI I had to swap some ETH on UniSwap. Later on the year I was aware of the UNI token airdrop. So I checked my ETH address and I was able to claim 400 UNI just because I swapped on the dex and on top of that Pool Together had airdrop as well.

I look out for new dexes to participate early so I can gain on their token and if there is an airdrop then that is extra.

$ 0.05
3 months ago

Almost same thing happened to me it is very heart breaking it took me time to recover from my Lost

$ 0.00
3 months ago

What did you lose? I did not talk about loss.

$ 0.00
3 months ago

I lost alot of cryptocurrency because of an airdrop

$ 0.00
3 months ago

Thank you sir most a times airdrops are just wast of time and because of that many individuals have used that opportunity to engage in scam I really support your fact👍

$ 0.00
3 months ago

It's definitely a waste of time. Especially me, I'm not lucky. If the airdrop/bounty isn't a scam, the probability of receiving the airdrop is too small due to the massive number of hunters.

$ 0.05
3 months ago

Just use new dexes. Swap tokens, interact with it. Airdrop is not guaranteed, but if there is one you get $1000's of dollar worth of tokens.

$ 0.00
3 months ago

What are dexes? And where to find new ones?

$ 0.00
3 months ago

Hey @Peter-Molnar! Thank you sir! I am trying to buy tokens and stake on new dex like mistswap. Airdrops aren't really guaranteed and lucky if i ever get something 💚.

$ 0.00
3 months ago

You are doing the right thing.

$ 0.00
3 months ago

I 5ry before more airdrops but I never get any earnings from them I make a telegram send for a friend and wait the date they will payout but nothing, for me it's a waste of time, but some people get it and earn from airdrops

$ 0.02
3 months ago

Yeah me too. Some people get it but I never do. Pffft.

$ 0.00
3 months ago

Yes, it is mostly nonsense and scams that waste the time of those hunting a small reward.

$ 0.01
3 months ago

Yes it's true only scam and also your wallet will put in risk

$ 0.00
3 months ago

I recently joined airdrops on the days I was not busy, but I figured out it was not worth losing hours of sleep. There are lucky ones though, who benefited from verified, and high-value airdrops.

$ 0.10
3 months ago

Elle participate on new dexes. Swap tokens and provide liquidity. Airdrop is not guaranteed, but you might get lucky.

$ 0.00
3 months ago

Where do you find new dexes? Do you use an app for it, or through different websites?

$ 0.00
3 months ago

I look around on different blockchains. Like Cardano, Polkadot and Avalanche. The ones you can look into it now are AstroSwap, Ergo Dex and SundaeSwap. They are not launched yet, but the earlier you get in the better.

https://sundaeswap.finance/

https://www.astroswap.app/

https://ergodex.io/

$ 0.02
3 months ago

Aha here it is. Found it. Thanks! So one must look at certain blockchains to find them... interesting.

$ 0.00
3 months ago

Thanks a bunch, Peter. I would not go anywhere outside your recommendations for now. I appreciate this, thanks a lot! :)

$ 0.00
3 months ago

Welcome. Just do your own research on them. Gain and airdrop is not guaranteed, but it happend with other dexes.

$ 0.00
3 months ago

Sadly most of them are a waste of time. Also don't ever follow those that ask for KYC. They don't have to ask for anything like that, and most times they are just mining IDs that will later sell them to black markets.

$ 0.01
3 months ago

Noted. Thanks for the heads up.

$ 0.00
3 months ago