Bitcoin Forum

Hello friends,

I have one doubt, In altcoin service section bounty campaigns will pay tokens instead of bitcoins. I don't know what is this meaning and how we can convert that tokens into fiat? And they will ask ETH address to send tokens why?

Advance thanks for your help.   

They need the ETH adress to send you the token. It is probably an ERC20 token and is bound to the ETH blockchain. If you don't feel comfy accepting alts or token as payment you can always sign up for a BTC driven camapaign.

Check out A beginner’s guide to Ethereum tokens (https://blog.coinbase.com/a-beginners-guide-to-ethereum-tokens-fbd5611fe30b).

Bounty campaigns are usually to promote a new token sale. That's why you get paid in tokens. After the ICO the token could be listed in an exchange, but there is no guarantee of what its value will be.

If you get paid in other tokens, that are currently being sold the ICO you are participating it, then that's actually a good thing. After the token will be listed on the exchanges then you can sell all of them and earn a profit (many times even better than a bounty in BTC)...

Token could mean coins, or it also mean something percisious and have some benefits for someone and it have some value so it can be more valuable in future too

You can swap tokens in Exchangers that have been prepared by dev, If you are in doubt following a bounty campaign paid Token, You can join a bounty campaign that pays directly with Bitcoin.

Thanks for your replies guys. What I understood means I will receive tokens from bounty campaign and once that tokens listed in exchanging site then I will convert tokens into another altcoin. Is it right? And the value of token will be diced once that token listed in exchange.

Once it goes on an exchange you can sell it for bitcoin. The campaign normally pays in ERC20 tokens which are tokens that go on your ethereum wallet. Be careful though because most exchanges have separate wallet addresses for ETH as they have for each of their tokens so do not give an exchange address to a bounty or ICO.

I created my ETH address here https://www.myetherwallet.com is this ok?

yes, it's ok, now you can join bounty campaigns :)

Exactly, you chose a great site and recommended wallet. Then don't forget to keep your private key safe, if someone known that private key your wallet might be in danger. He/She can access and steal your balance easily.

It depends on the bounty campaign that you are participate if you are joining the altcoin bounty campaign in ICO usualy they using tokens to pay you sometimes waves tokens or etherium tokens but if you are joining the bitcoin campaign they will pay you in bitcoins also usualy every week for me i prefer joining in altcoins because sometimes there is a good earning from it.

Altcoin bounty campaigns uses tokens to pay or they eth or ethereum. Here in bitcoin they will pay you in bitcoin. It is a currency you gain in joining such campaigns. You can exchange it to your countrys currency or you can use it to buy online to those who accept cryptocurrency.

They are ETH address because the tokens are on ETH contracts therefore you can exchange it directly to ETH. Then in order to make it to fiat, you have to trade your ETH (came from trading tokens) to BTC then convert it to fiat and withdraw.

Tokens is the term used for rewards or vouchers that will be distributed. Of course it has name that's why I think you made a confusion.

Token is being used in other campaigns, mostly found under altcoin campaigns, as a payment/reward being distributed after the campaign. But there is no need to worry since you can convert these tokens to bitcoin depending on the token that they gave you. On the other hand, they ask for an eth address because it will be thru that address that they will send the tokens.

Token is bigger form of coins, meaning it could contain x amounts of coins in it associated with that ICO campaign.

For example, Monkeycapital is having 1 token of 10K coins. So if you buy a token you will have to pay for 10k coins altogether. (just an example BTW)

Token also represents the entity associated with it, so by knowing the token names you can tell which coin it is or services are provided with it. It is the medium of assuring investors that they are "official shareholders of the ICO in which they are investing"
Hope that helps you.

you may treat token as altcoin, i think eth is token of ethereum too, you can convert token to btc on exchange then to fiat

Yes that's right, and usually the developer will inform you where the tokens can be redeemed, after entering the wallet then send the token to the exchanger to trade the token with altcoin, you want ordinary tokens exchanged to etherum coins or to bitcoins. 

First you have to have a wallet to receive tokens like my ether wallet or waves dex then add custom token and send your tokens to a exchange if available for your tokens when you receive your bounty after that you can exchange it.

Actually the token is the altcoin in still the projects of team developers, the investors can gives contribution with send the coins (ETH) usually the token be sold on ethereum's blockchain with smart contract fetures include the distribution  the token on ethereum's smart contract too, that is why they need your ETH address for send the token. You can sell the token on exchangers that accept it to be traded on there.

token = altcoin

to convert it so much market for Exchange altcoin and a some of the token exist that use the platform of ETH and WAVES, so if they ask address eth, it means they used the platform of eth.

I secured my private keys keep and not share with any one. Thank you.

I can exchange that tokens only when that tokens listed in exchange site or else it is not possible right?

 Thanks it helps me lot.

Token is a one kind of term who used for rewards that will be distributed. It is bigger form of coins, meaning it could contain x amounts of coins in it associated with that ICO campaign.

I understood what tokens are? Now I have one more doubt what is stakes means some bounty campaigns will pay ten stakes and 20 stakes what it means?

Basically if you joined in a signature campaign such as bounties.etc. you will get  tokens as a reward but also it depends on the rules. They will ask for eth address to know where are they going to give your reward tokens and you can convert into eth or exhange it.

Well for me stakes are like reward that you get for completing their required post or for obeying their rules. At the end of every week the campaign manager check if you completed the tasks or posts then reward you a stake. Giving stakes depends on what rank are you. So the higher your rank the higher the stakes you get.

And just don't click right away when you see links of myetherwallet as these links can be a phishing site that once you click it and you put your private keys their computer automatically copied your private keys and they can hack your account. Better yet to bookmarked your mew for safety.

Tokens are coins which you get for participating in Bounty Campaign. They have determined value and you will be able to sell them on exchanges or keep it for some time until its value grows...