Fantastic Bounties & Where To Find Them - A Steem-Bounty Tutorial

Hey Steemians

When it comes to #contest and #giveaways on steemit there is pretty much a never-ending supply. There is literally always something to be won in this generous online community and there have been some very interesting competition mechanisms out there already from winning upvotes, to winning STEEM, SBD or Steem Monster Cards.

Running giveaways on Steemit

If you've run a competition on Steemit before you'll know exactly how much admin it is, keeping track of all the entries and making sure they all get their prizes. Ain't nobody got time for that.

That's where Steem bounties come in. A simple and easy to use incentive mechanism you can employ to encourage users to interact with your content and reward them fairly for doing so :)

Maybe I got a little time for that! So how exactly does it work? I've broken up this post to answer the most popular questions so you can quickly get the info you need to get started with bounties!

How to create a Steem-Bounties?

There are two ways of creating a Steem Bounty:

Via Steemit

• To create a bounty via steemit the first step is to naturally create the post you want to set the bounty on
• Protip! Include Steem Bounty in the title & one of the tags to get more attention

Now to set the bounty:

• Head to your wallet

• Select either SBD or STEEM as the reward you want to use as the bounty reward. This can be any amount from 0.001 SBD/STEEM up to whatever you feel like

• Select Transfer
  

• Then add the account to address as steem-bounty without the @sign

• Add the amount of SBD or STEEM you want to put up as the prize

• Add a link to the post you want the bounty to be attached to

• Click next and confirm the transfer

• If done successfully it may take a few seconds or up to a few minutes to validate.
• You will then received a confirmation comment by the steem-bounty account on your post to say the bounty is now active

Via the Steem Bounty Website

Alternatively, you can use the Steem Bounty site itself to create one:

• Head over to https://steem-bounty.com
• Click the pencil icon in the top right corner

• Connect your account via Steem Connect
• You will then be sent to a post creation page and simply complete all the fields and click post

How do Steem-Bounties work?

Once a bounty is set the author of the post as placed an additional reward on their post for users who engage with it. Let's say for example I created a post and added 1 STEEM as the bounty

• If you were to comment and I the author voted on your post 100% you would receive the entire bounty
• If two users comment and I the author voted on both your post 100% you would receive the 50% bounty

Now it begins to get a bit more complicated as the author could change their vote % as well as influence from others voting on your comment which I will explain later.

All you need to know here is if the author upvotes your comment you are entitled to the piece of the bounty prize.

How to earn Steem-Bounties?

If you're interested in earning Steem Bounties all you need to do is either visit the:

• Steem Bounties website - https://steem-bounty.com
• Steem Bounties tag on steemit - https://steemit.com/trending/steem-bounty

Here you will find all the bounties that are active. All you will need to do is read the instructions and enter.

How are Steem-Bounties paid out?

Steem Bounties work on an 80/20 rule:

• Once a bounty is set on a post 80% of the value is decided on by the author. When the author votes on a comment he/she can allocate 80% of the value to various comments.

• The other 20% is determined by votes of everyone else that voted on the comments.

Note: As of last month the 80/20 rule has been updated toa 95/5 rule so community votes now only have command of 5% of the bounty for allocation. You can read more about the rule change here

When are Steem-Bounties paid?

7 days after the creation of the post (not of the bounty) steem-bounty will tally all the votes and their vote value and pay out each comment that was voted on.

The Steem Bounty account will then comment on the post the bounty was set on tagging each user who received a payout.

The comment will also provide a break down of how much of the bounty was allocated from author votes and how many from community votes. So you have complete transparency and no need to argue over discrepancies.

Here is an example of a bounty paid out comment:

What are the cases for Steem-Bounties?

There really is no right or wrong way to use Steem Bounties and it is really only limited by your imagination so feel free to get creative. Some of the more popular use cases for Steem Bounties have been:

Rewarding research or questions

Users would post a question or ask for research or feedback regarding a certain topic and reward users for the most insightful comment, facts or sources provided

Competitions

The good old competition, create a meme, take a picture, your opinion on a certain topic and reward users for their contributions with a simple upvote.

Increasing engagement on posts

Are your posts not getting much interaction? Maybe encouraging users with the lure of additional rewards would be a good way to get your audience more involved in commenting.

Increasing exposure on your posts

When you successfully add your post to Steem bounty it is automatically listed on the https://steem-bounty.com website and any bounty hunter can find it there! Opening up your post to a little extra exposure.

Show me some love

If you've never got involved in a bounty before now is your chance.

This was my entry for the Let's talk about @steem-bounty or Club Vote - Participate and earn up to 100 STEEM competition. If you thought my post was helpful head over to the competition post here and upvote my comment

Once you're done come back and comment "Upvoted" and I'll upvote your comment so you get a share of the bounty placed on this post.

Simple isn't it? :) So get going bounty-hunters!

Let's connect

If you liked this post sprinkle it with an upvote or resteem and if you don't already, consider following me @chekohler

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