When it comes to crypto and blockchain firms, potential users will often come across two very significant terms, namely, “Airdrop” and “Bounty”. Airdrops and bounties are growth tactics used by firms (specifically by crypto and blockchain firms, pre and post-ICOs) to tap into community-generated traction.
Traditionally, the word “Airdrop” corresponds to actual airdrops that were deployed in wars, on the battlefield (particularly in WWII). Troops on the ground, who were running low on supplies and resources for sustenance would request for airdrops, following which padded bundles of supplies would be pushed or dropped via air support.
In the context of crypto and blockchain firms, airdrops can be looked at from the perspective of free giveaways. For example, a beverage company would give away free samples of its new drink to gain potential buyers before launching it into the market, thereby acquiring customers even before the beverage hits store shelves.
Airdrops in crypto and blockchain firms are aimed towards growth in terms of acquiring top-funnel users. If a company has services related to Bitcoin, they can offer their native tokens to users of the Bitcoin community, which is a significantly vast community in the crypto-sphere – and a potentially large user-base for said company. Airdrop campaigns need not have a specific time period in terms of running them pre or post-product launches, or pre or post-ICOs. They are a community-centered way of acquiring traction and conversions.
Bounties, on the other hand, can be explained in context to “The Old West” in the United States of America. In a scenario where lawlessness largely governed the state of things, with outlaws running wild and causing havoc, bounties were set on them by the representatives of law and order where bounty hunters would get a reward for nabbing or eliminating the said target.
Bounties need not only be confined to outlaws with a ransom on their heads, taking the context of medieval pirates – who not only pillaged and plundered merchant ships out at sea but also set out on “bounty hunts” for lost treasures hidden by their predecessors. Basically, a bounty is a reward for completing a specific task – be it a manhunt, a treasure hunt or sharing a referral link to family and friends.
In the context of crypto and blockchain firms, a bounty program is a specific set of tasks that users have to complete in order to acquire company rewards, usually in the form of native tokens (which can be used on the company’s platform, or even be listed on the cryptocurrency market depending on its value and use-case).
Once a company has a clear roadmap of its airdrop and bounty program, it can be listed on any of the airdrop portals and significantly up its user traffic and conversion rate.
Airdrop portals like airdroprating.io and airdrops.io are platforms or websites where users can access airdrop and bounty campaigns from a list of potential companies. Once users find a company that interests them, they can get a complete view of what they need to do in order to avail those free giveaways (tokens).
Airdrops are usually the first step in getting a user onto a company platform, while bounties are follow up tasks that the user needs to complete in order to acquire more free rewards. These campaigns are important tools for any crypto or blockchain firm to build traction, acquire users, gain conversions and grow the company at scale.
At the Bank of Hodlers, users will get 100 free BOH tokens upon signing up using a referral link (that they might have gotten from their fellow user on the platform), as part of the airdrop. Upon signing up and creating a wallet, they can complete tasks like depositing their crypto (200 BOH tokens) or sharing their referrals for which they’ll get 200 BOH tokens for a direct referral and 50 BOH tokens for an indirect referral – as part of the bounty. Users will be able to use these tokens on the platform (very soon) and each BOH token is worth 0.02 USD.
About Bank Of Hodlers
Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.
We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.
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