Mohsin Jameel tells you all about “Crypto Airdrops”
You would have heard your dad saying, “There’s no such thing as a free lunch,” or your mom advising you, “Money doesn’t grow on trees.” But, when it comes to cryptos, “You can get free coins.”
Yes, you read that right. Here, in this post, Mohsin Jameel tells you all about “Crypto Airdrops,” and we take a look at whether “you can really get free coins.” Let’s get started.
Ok, WTH is an Airdrop?
To put it simply, an airdrop is where you get crypto coins for free. The simple reason why crypto companies do airdrops is — to create awareness about the coin to the relevant audience, crypto enthusiasts, and potential investors.
It’s a marketing strategy, and crypto coin teams do airdrops from time-to-time.
Quick Snapshot of the History of Airdrops
Coin teams have been doing airdrops for quite some time now. Airdrops have been in existence, since the first Ethereum ICO. If you take a look at your crypto wallet using Etherscan, you can find that there’s a row on top named as “Token Tracker.”
If you see extra tokens in the token tracker, then it’s your lucky day. You’ve received an airdrop. No, some user didn’t randomly send you tokens; instead, a new crypto team delivered its tokens to your wallet to spread the word about the new coin.
Why do Coin Teams Do Airdrops?
Imagine this scenario — You see, you’ve received new tokens in your wallet. What would you do? Usually, you Google the token to find more about it or you ask your community, peers or post in an online forum about the token.
Either way, the airdrop has served its purpose. You’ve spread the word about the token, and it has piqued your curiosity. This is what the coin team aims to do with the airdrop, and it was successful.
Eventually, the purpose of airdrops goes beyond marketing. It’s also used to pump up or increase the value of the token. Sometimes coin teams announce airdrops where current coin holders receive free coins, proportional to the number of tokens they own.
This way, others who would like to get free coins, rush to purchase tokens thereby increasing the value of the cryptocurrency.
To phrase it in a nutshell, airdrops are primarily used to spread the word about new coins and to create interest in the coin, thereby making it go viral.
Coming to the important part of today’s article,
How Do You Spot Airdrops Like a Pro?
Here are the basic requisites for Catching Airdrops:
1. An Ethereum Wallet — You need a dedicated Ethereum wallet. Having an account in a crypto-exchange won’t suffice. It has to be ERC20 compatible since most free coins that are distributed via airdrops are ERC20 tokens. MyEtherWallet, MetaMask and the Ledger Nano S are some recommendations.
2. Your Wallet MUST be Active — This is because the team behind airdrops wants to ensure that they are providing free coins to legitimate users and not people who have created wallets just for receiving free tokens.
3. A valid email address — Sometimes you’re required to verify your email address to be eligible for airdrops. If you aren’t comfortable sharing your regular email, then you can create a separate one for this purpose. However, make sure that you remember the password.
4. Twitter Account — Remember that the purpose of an airdrop is to spread the word about the coin. So, the coin team may ask you to follow them on Twitter and retweet their tweets about the airdrop, to be eligible for free coins.
5. Telegram Account — The same as above. You may have to follow the telegram account of the coin team to be eligible.
Generally, it takes around 1–2 months for the free tokens to reach your Ethereum wallet. This is because the team starts distributing the coins, only after the airdrop has garnered sufficient publicity.
Don’t Fall Prey to Scams
Very often, with the offer of free coins, unsuspecting users fall into the trap of scammers. Here are a few tips to avoid scams:
· Don’t share your private keys with anyone. Remember that no legible airdrop teams will require you to share your private keys with them. Even if they need to check the balance in your wallet, they can do it with other tools like Etherscan. There’s no need for private keys.
· Don’t transfer money to anyone — Keep this in mind — airdrops are free. You don’t have to pay for it.
· Check the Internet — Look around online communities, telegram and twitter to find more about the airdrop. If it’s legitimate, then you’re sure to come across talking about it.
· Make sure to check the official Twitter or Telegram account of the coin team. Go through the comments and see whether they are from genuine users or spammy accounts.
Always keep an eye out for scams. If something seems too good to be true, then it probably isn’t true. Make sure to sniff out the rotting fish.
Final Words by Mohsin Jameel- Where to Find News about Airdrops?
There are several online communities, crypto blogs, and newsletters that help you stay aware of the popular airdrops. Mohsin Jameel suggests that you make sure to sign for these newsletters, so that you are among the first to receive news about airdrops.
Hope this clarifies all your queries about airdrops and the world of free cryptos. Have you ever participated in an airdrop and received free tokens? Share your experiences with us in the comments below.
article Source
https://cryptodigestnews.com/mohsin-jameel-explain-all-about-crypto-airdrops-645d96962bf5
https://cryptodigestnews.com/mohsin-jameel-explain-all-about-crypto-airdrops-645d96962bf5
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