This article will focus on what crypto-airdrops are ( for those who don't know) - how to take part in the process, and where to find information about airdrops. Plus, what you should do to avoid being exploited in the course of participating in crypto-airdrops. So yes, we've got airdrop scams.
What are crypto-airdrops?
Simply put, an airdrop is a process for acquiring free-conditional token/coins. Meaning you don't pay to get them but you have to fulfill certain conditions before receiving the freebies. Crypto- airdropping usually occurs in a couple of instances: during an ICO, after an ICO and in the event of a hard fork. Sometimes an airdrop just comes at random. That is, a company decides to give away free tokens to its holders.
So are crypto airdrops really free?
Yes and no. Yes in the sense that you're not required to spend money to participate in an airdrop. And when you get used to the process, the steps involved are almost always the same - meaning you don't have to think much or waste time to complete the assigned tasks. No, in the sense that some airdrops require that you accomplish a ton of tasks just to end up with $2 to $4$ worth of tokens. (a big waste of time)
Why airdrops?
A major reason for blockchain projects to organize airdrops is to raise awareness. It's a new way of encouraging people to spread the word about a newly created or existing token/coin as opposed to the traditional ways of advertising. When you receive a free token, you want to learn more about it, sometimes by asking a friend on social media, performing a google search etc. And that is how information about the token keeps spreading.
Another reason for airdropping is to increase the token's value. Normally, as information circulates about a token, those who understand and believe in the project would want to invest in it. And what does that mean? Token founders can boast of an X number of wallets being downloaded. The best part? It leads to an increase in price resulting from an increase in demand.
How to participate in airdrops?
-You need a wallet.
Not just any type of wallet but one that's compatible with the token in question. So far, most of these tokens have been ERC20 tokens (based on ethereum). So you'll often likely have to provide a wallet like myetherwallet or metamask
-Follow them on social media channels and sometimes share/retweet or do the required.
Commonly used social channels include Facebook, Twitter, Telegram, Reddit, bitcointalk and LinkedIn. So if you're not already a part of these platforms and are serious about participating in airdrops, I'll advise you start signing up to get your accounts ready. This will save you time when partaking in these airdrops.
That's basically what will often be required of you. But it's still possible there're other tasks a company might want it's airdrop participants to fulfill based on its objectives. And like I said at the beginning, some projects will want you to publicize their project with the whole world only for you to end up with $3 to $4 worth of tokens. Everything's up to you!
How to avoid airdrop scams.
-Put on your thinking cap.
I've seen messages like " We've disposed 2000 ether on a giveaway. Send 0.5 -2 ether and receive 2 - 5 ether (plus their tokens)". Now, tell me if this makes sense! Why not just deduct the amount you want people to send to you and offer your give away to the lucky few? Yet, people still fall for it. (consequences of FOMO)
-Never send Your private keys to anyone.
By the way are your private keys still private if they're already in the hands of someone else? Your private keys remain your private keys for life.
Where to find airdrops.
Since scammers know that people will always be on the lookout for airdrops, you'll find airdrop messages littered all over the web. Even if they don't ask for money or your private keys along the line, they still want to trick you into clicking a link in order to gain access to your personal data. So mind where you look for airdrops. Below are a few popular and trusted places to check out.
Earn.com
When you sign up and get verified on earn.com, you automatically become eligible to receive paid messages from blockchain entrepreneurs who want to grow their communities. So the platform serves as a double-edged sword: you get paid messages plus an opportunity to participate in airdrops. Amazing!
Airdropalerts.com
Go to this site if you want to see a list of past, ongoing and upcoming airdrops. But remember this doesn't mean you'll find every airdrop that's going to take place in the future. Some companies enjoy offering surprise airdrops while others prefer to alert the public before they launch.
These are some of the top sites where you can be confident to find airdrops. But there're still other places like coins calendar, crypto slate, coinmarketcal etc. Just that you'll have to click around before you locate an airdrop because these sites host a variety of cryptocurrency events.
And that's it. If you've not been participating in airdrops, now is the time. After all, it's free. Besides, you may even discover an exciting project that may open up a new world of opportunities for you.