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How does the bounty system work?

I was having a question on stackoverflow which didn't get much attention for a week, I added a bounty of +50 to it. Now I got the solution to that question from my friend. I would like to remove bounty from that question. How can I do that?

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You can't. The rep from your bounty offer is removed as soon as you place the bounty.

You can choose not to award it, but the highest voted answer created after you award the bounty with at least two upvotes will still receive 50% of the bounty once it expires.

Since you added the bounty to your own question, if you accept an answer, it will automatically receive the full bounty once it expires if you do not manually award it.

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    Might want to note that another solution is to have the friend sign up for SO and award the bounty to him, although they'd have to be careful about interaction between the accounts...
    – Kevin Vermeer
    Commented Oct 21, 2011 at 13:17
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    You can also write the answer up yourself so that others running in the the problem may benefit from your solution. However, you can't award a bounty to yourself.
    – N.N.
    Commented Oct 21, 2011 at 13:54

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