Do you like free money..? what the heck everybody wants free money, and there are several ways to earn money in a crypto field also one way to earn free crypto is Airdrops.
First what is Airdrop..? simply airdrop is like a Buy one and Get one for a free offer.
If any new cryptocurrency or token is coming to the market they offer some free crypto or tokens initially but to the existing crypto holders of a particular blockchain currency, like Bitcoin or Ethereum.
For example, Steller is a new currency and they decided to give their currency for free to Bitcoin holders automatically Bitcoin holders eligible to take free Stellers.
Ok, now you understood what is airdrop, but why someone or company gives money for free..?
Why Free Airdrops Occurs..?
Airdrops main funda is creating hype and buzz to actually distributing the whole supply of coins/tokens. Also, there are several motivation for carrying out cryptocurrency airdrops.
Let’s look out some of the reasons for carrying out crypto airdrops are:
Awareness about new crypto.
Many times, just for spreading awareness, the airdrops are carried out for the HODLers of popular cryptocurrencies such as Ethereum, Walton etc.
Rewarding Early Investors.
Many cryptocurrencies are just wanted to give a reward for their early faithful supporters and investors who first bought their ICOs or tokens.
This also motivates early investors to hold their parent tokens for longer durations and overall I feel it is a good way of rewarding.
Early Distribution of Total Token Supply.
One proper reason for airdrops is to evenly distribute the total token/coin supply so that there is less centralization in terms of bagHODLer holding a large sum with themselves.
Marketing and Hype.
This is the most common trend nowadays. Airdropping coins/tokens for the purpose of marketing and collecting leads for further business opportunity expansion.
These are all some of the reasons why most Airdrop occurs.
Nowadays Airdrops are one of the ways to scam people if you want to participate in airdrops you should look at some attributes of genuine airdrops.
How to Find Genuine Airdrop…?
Check For Website.
Many genuine airdrops have a website also many airdrops use Google Forms. But I’d say most quality projects hold their airdrop/bounties on their own website.
Check Links From Official channels.
If you properly checked a website and you find ok I will invest in this new crypto project hold on, nowadays website making is an easy process it doesn’t mean having professional looking website means airdrop is a legit one.
In the website, you should check for their team, the proper team means proper project and check for social links of team members and contact them ask them about their project and future goals, also check out other social media they link to. An airdrop should be mentioned somewhere.
Ask Experts and Check Coinmarketcap.
Ask some crypto experts if you know any and take suggestions from them, if you do not know any experts it’s ok there is a website called Coinmarketcap it has all cryptocurrencies listed in the website and also it tracks all crypto prices and check for that Token/Coin whom you want to invest.
Grammatical and Spelling Errors.
Sure, some projects are based out of parts of the world where their English isn’t very strong. But for a top 100 coin, there should be few, if any mistakes.
Withdraw Option Without Making any Purchase.
Sometimes you sign up for a site and get lots for “free” tokens. Then for sure airdrop is scammy because genuine airdrop wants have existing crypto of a particular blockchain currency in your wallet.
They Ask for Donations.
Airdrop means its free currency you should not have to pay anything because, at that point, it’s more of an ICO, but if airdrop wants early donation then it should turn out a scammy one to invest.
Promise Decent Amounts of Money.
If any airdrop claims that we give you X amount of return in a specific period then you should be aware because these kinds of offers are to attract more people and then disappear from the market.
They use well known IP’s.
If they’re claiming to be associated with a well-known Intellectual Property or company, they’re either scammers or it’s a low-quality project.
They Ask for Private Key.
In every airdrop, you should fill a form like your name, e-mail, and parent currency wallet address and more… Scammers ask you to provide a private key of wallet, I advise not share your private key to anyone.
It Doesn’t Feel Right.
If you get a gut feeling that the project isn’t legit, don’t join the website or fill out the form. Sure, you could miss out on a few bucks, but you could also dodge the bullet of getting phished or scammed.
These are some ways to scam you in the name of airdrop. I hope this helps some of you avoid fake scam airdrops. If you have any other tips, please share them in the comments.
Hey, Check out here are some Crypto Airdrop alert Twitter handles.