The cryptocurrency world has been filled with various trends and events which are part of the features that add to the uniqueness of the Blockchain technology innovation. The announcement of airdrop ICOs, as well as bounty ICOs is one of the elements that excite cryptocurrency investors and users.
Undoubtedly, some of the reason there has been a growing number of users in the cryptocurrency space is the short and long-term financial rewards that are surrounded in the use of the networks. Although this reason might be secondary to the initial purpose for which Bitcoin was created; to ease cross border transaction payment. So, if you are among the several that would like to know about the free money lurking in the cryptocurrency space, then this article is for you as we would be looking what airdrops and bounties are.
What Are Airdrops And How Does It Work?
Airdrops in cryptocurrency refer to the intentional giveaway of token asset to the public who are ready to participate in a Blockchain project. Airdrops were not so popular in the first few years of cryptocurrency development. The primary aim of which is to distribute the tokens to many people as possible in a bid to raise awareness of an ICO project.
In order to gain access to the benefit from airdrops, there are certain set of rules and conditions that must have been met some of which may include sharing your details such as email address, following and liking the said project social media handles or must have some previous ownership of particular cryptocurrency asset and only the people who have provided the information and met the required conditions would then get the free tokens.
Bounties In Cryptocurrency, What Does It Mean?
Most of the time, people tend to use bounties and airdrops interchangeably however bounties are not airdrops. while airdrops can largely be referred to as free money, bounties are more specific, characterized by defined terms and conditions which must be followed and requires participants to complete tasks usually ranges from marketing services like social media campaigns, blog and article publications that promote the project before getting rewards. Participating in bounties can actually be referred to as a kind of investment, although you are not putting in money to the project compared to when buying token at an ICO but some real input is required which is substitute for your money.
Similarity between Airdrop ICOs and Bounty ICOs
Basically, the similarity between airdrops and bounties is the fact that both offer participants some free tokens with expectations that the monetary value will rise over time. That been said, before subscribing to participate in any airdrops or bounties tasks, it is important to make your own research about the projects.
To sum it up, airdrops and bounties are very much valid for making money in the cryptocurrency space. Although there can be inadequacies and flaws surrounding these events, there have been success stories about bounty programs and airdrop. Apart from leveraging the volatility tendency of the crypto market, airdrops and bounties are some of the good shot at making free money in the crypto space.