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How does the bounty system work?

I'm trying to place a bounty on a question in SO, but I don't see the option to do this. I thought a question had to be at least 24 hours old, but the post is from 11/12, so it's at least a day old (possibly 2).

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    Not 24 hours, 48 hours. – NullUserException อ_อ Nov 14 '12 at 18:25
  • @NullUserExceptionอ_อ: The FAQ I linked does, and so does the the main FAQ. -- "A bounty can be started on a question two days after the question was asked." – animuson Nov 14 '12 at 18:27
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    @animuson Ah, I was betrayed by the search functionality (I looked for hours). It's rather strange that some of it is in hours and some of it is in days. – NullUserException อ_อ Nov 14 '12 at 18:30
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You can't place a bounty until the question is two days old. That one is almost 2 days old.

Timestamp: 2012-11-12 23:24:07Z

Current UTC time: 2012-11-14 18:23

So you still have approximately 5 hours to go before it's bounty-eligible.

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At the bottom of the post, there will be the text

start a bounty

but it will only be on questions that are a certain number of days old. I think the threshold is 2 days.

I believe if it's your own question, It will tell you when it becomes bounty eligible

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