These days, you’d be lucky to find a coin lying in the ground. It’s almost impossible to stumble upon free money. But in the world of cryptocurrency, it’s a regular occurrence.
Several cryptocurrency projects use airdrops as a marketing tool. Basically, an airdrop involves giving out free coins to investors. You barely even must do anything. In many ways, it’s the closest thing to free money. Interestingly, though, the purpose behind airdrops has changed over the years.
Airdrops aren’t new in the realm of cryptocurrency. They’ve been around since the launch of the first Ethereum ICO. If you’re using Etherscan, you can check the Token Tracker to see whether you have tokens in your account. These coins came from an airdrop. If you don’t find anything, then you haven’t received tokens yet.
It’s also possible that you’re using an ETH wallet for a while now and then suddenly, you see extra tokens in your account. Was somebody just too kind and randomly gave you tokens? No, the additional tokens came the coin’s team as a means of spreading the word and with the hope of you telling your other cryptocurrency friends to join.
Clearly, the goal of an airdrop is to promote the coin doing it. After all, who wouldn’t want free digital coins? But as the years passed, more coins started using airdrops to increase their value. This airdrop isn’t the typical kind in which you’d receive tokens without doing anything. To fuel a price increase, the airdrop gives out free coins in proportion to the number of coins you hold.
This method continues to work wonders today. Following a coin’s announcement of an airdrop, investors would be quick to use Ethereum Code to expand their holding and benefit from more free tokens. It’s isn’t difficult to imagine how profitable this can be, particularly if the airdrop succeeds in pumping the price of the coin.
If you haven’t participated in an airdrop before, then here are the things you’d need. First is an Ethereum Wallet. Not that you cannot use an exchange. You need a personal address that’s ERC20 compatible since most coins use ERC20 tokens during airdrops. Also, the wallet should be active, which means you should use it regularly. Coin projects have ways to determine whether you’re trying to cheat by creating multiple addresses to get more tokens.
You should also start being more active in social media to keep up with ICOs and airdrops. A Telegram account is a must-have. In most cases, you’ll be asked to sign up for the coin’s Telegram account to participate in the airdrop. Remember not to leave their account before getting your tokens. Staying active on Twitter also helps as this is the main platform used for airdrop announcements.
Lastly, remember that the free coins wouldn’t come overnight. You may have to wait up to two months for the coins to reach your address. Don’t be quick to label these airdrops as a scam, though. Usually, airdrops happen during token sales, and tokens cannot be distributed during a sale.