Hello crypto fam, it’s your friendly local Crypto Gawd once again. Today, we will talk about the wild, wonderful world of crypto airdrops. More specifically, reasons you should be taking advantage of this goodness. Because, if you aren’t, you’re missing out friend!
Since the advent of cryptocurrency, folks have been wondering how to get their hands on this new magic, digital currency without investing into a relatively unknown medium. Basically, so they can try it out risk-free. Obviously, mining costs money and so does buying the coin directly from exchanges. So, what could be the way to get your hands on some crypto for free? Well, the answer is crypto airdrops…
Why should I participate in airdrops?
Because it’s free money dummy!
Sorry for the name calling, but I get really impassioned about my crypto. Especially more fired up when I see people leaving money on the table. See, what a lot of new tokens are doing to promote their coins are offering them for free. That’s right these crypto companies will give you free coin as long as you follow their instructions on obtaining them. It’s mostly a marketing effort on their part to get the word out about their coin, increase brand loyalty and get the buzz going. But, hey if they givin’, i’m takin’! Hahaha. I’m sure you are too right?! I thought so my fellow cryptopians.
What do I have to do to get them?
Well, it varies. But, for the most part, it’s usually simple social tasks such as retweeting the company’s last tweet or posting on Facebook about them. Some will have you go further and drop videos on Youtube to promote them. Most of ’em will have you join their Telegram groups and the sort. But, that is a good thing because you will be constantly updated with the status of the projects. It varies with every company. But, one thing is for sure, the crypto is free and everybody likes free money right? YUP!
Types of airdrops?
Of course, not all airdrops are built equal. Besides airdrops for new coins that will be coming out, there are also “holder” airdrops. This basically comes when a coin hardforks and creates a new coin. The most popular example of this type of holder airdrop is when Bitcoin (BTC) hardforked and Bitcoin Cash (BCH) was born. At that time, if you were holding BTC, you would also receive a portion of the newly minted BCH just for holding your BTC! So, this airdrop phenomenon is a multilayered operation. There are so many ways to benefit so make sure you can participate.
They can’t all be winners, but SOME are and that’s what makes this so exciting
Granted, not all the airdrops turn out to be winners. Some projects fall by the wayside and some never make it to the release date. But, there are ones that do. For instance, the Oncology coin airdrop in 2018 was one of the biggest airdrops in history. I believe they gave out $1000 worth of free coins. Not bad for a jumping a few social obstacles.
Matter of fact, there are some folks who do this for a living and take crypto bounty hunting to the extreme. Sites like Bountyox.io and crowdholding.com are ones where you can also do bounties (Bountyox) and give input on projects (Crowdholding) in exchange for free crypto. It can be quite lucrative if you stack up your chips right and do a nice mix of bounty hunting and collecting airdrops. That’s what is so wonderful about crypto, it’s changing how money is distributed and that’s partly the reason government has turned its attention to crypto. They are losing their firm grip on our money because it is no longer centralized. But, that’s a different story for a different day. Anyways, back to the airdrop goodness.
Keep in mind, if you are in the US, there are KYC (Know Your Customer) requirements for airdrops. This ensures a bit of security against money laundering with the AML (Anti money laundering) laws and the sort. This basically means you will have to provide your ID to the company that is offering the airdrop. But, for the most part, that’s not a big tradeoff when you are getting free crypto.
Do remember to your due diligence with any coins. But, there is only so much research you can do on a new crypto project. Regardless, it’s always good to look into the coin as much as you can. Read their white paper and see what their road map looks like. Ultimately, you have to take a chance and see if they pan out. The best method is to apply for all the airdrops you can and check your wallet when the drop date is complete.
Most of the coins are ERC20 (built on Ethereum) tokens. So, make sure you have yourself a good ERC20 compatible wallet like the Trust wallet which you can get the app for in your respective app stores. Some are Waves or EOS coins. Just have the right wallet handy to take advantage of the coins that will be airdropped. Ultimately, though, you do wanna get yourself a cold storage, hard wallet like the Ledger Nano X or such. Because, you want to keep those new coins safe and secure from hackers.
Ahh the crypto fun!
The exciting part of this whole airdrop thing is looking at your wallet a few months later and seeing all the different coins you collected and the different values of them. It’s like a mystery box of free money. And who doesn’t love free money right? Yeah, that’s what I thought.
Well, I hope I have gotten you excited enough to go out there and get all the crypto airdrops you can. Because you know I will be fam! HAHAAA!!
Crypto Gawd, OUT!