Getting Started With Cryptocurrency Airdrops: A Beginners Introduct...

Crypto, Airdrops, Free, Cryptocurrency

Getting Started With Cryptocurrency Airdrops

This guide will give you everything you need to getting started collecting free cryptocurrency airdrops safely and effectively

Basic Overview

Cryptocurrency airdrops are a type of promotion offered by new or existing cryptocurrencies whereas the airdrop participants receive free tokens for completing simple social tasks or fulfilling requirements such as holding a coin in a designated wallet. Airdrops can also occur when a cryptocurrency forks to create an additional currency. When this occurs, holders of the original currency will then be distributed coins of the forked coin based on stated ratio of distribution.

♦ An example of this is Bitcoin Cash which was forked originally from Bitcoin and was available to claim by Bitcoin holders at a 1:1 ratio. Another example is Litecoin Cash which was forked originally from Litecoin and awarded to Litecoin holders at a 10:1 ratio.

If the token is a new cryptocurrency, then chances are you will have to complete some simple social tasks such a joining an official telegram channel or following a certain twitter account to become eligible to receive tokens.

♦ An example of this is the [Removed]. To be eligible for tokens, users must first follow [Removed] on Twitter, retweet their posted message, and join the official telegram group.

For others, airdrops may only be allocated to pre-existing holders of certain coins.

♦ eosDAC was airdropped by supporting exchanges such as Bibox to EOS holders at a 1:1 ratio. Another example is exchanges such as Binance airdropping Blockmason Credit Protocol Tokens to Binance Coin holders.

What Is Needed To Efficiently Claim Cryptocurrency Airdrops?

Each Airdrop will have different requirements in order to claim your tokens. Some can simply require an Ethereum wallet address, while others may require a combination of tasks. In general you will need profiles/accounts across these platforms:

♦ E-mail Address: Any Provider

♦ Social Media: Twitter, Facebook, Reddit

♦ Forums: BitcoinTalk

♦ MessangerApps: Telegram, Discord

♦ Wallet: MyEtherWallet (With MetaMask Extension)

Stay Safe While Claiming Cryptocurrency Airdrops

Cryptocurrency Scammers, Cryptocurrency Airdrops, Beware

Scammers have been hard at work using cryptocurrency airdrops trying to compromise accounts by attempting to phish login details and passwords. That is why it is important to always stay safe when searching for free airdrop promotions.

Some Helpful Tips

♦ Never input any of your wallets private keys into any website in order to claim a cryptocurrency airdrop. Your private key will be phished and your coins/tokens will be stolen. Use MetaMask when logging into MyEtherWallet for additional security.

♦ Use a newly created e-mail account with its own unique password and do not use this password anywhere else. Enable 2-FA onto your e-mail account that will be used to claim rewarded tokens.

♦ Be weary of any personal information required to be provided in order to claim a cryptocurrency airdrop.

To Sell, or To Hodl. That Is The Question

Many cryptocurrency tokens that have been airdropped in the past have now made their way into the top 100 market capitalization. Neo and OmiseGO are just two examples of coins that were airdropped and have since produced substantial rewards for people that were given tokens and then were able to hold onto them through thick and thin.

However, the same is not true for all tokens and holding does involve a degree of risk. Some have reduced in value substantially and it would have been most beneficial to immediately sell them after the official distribution. The lesson learned is to use your own discretion with the tokens you receive. If you do decide to sell, heres a short list of exchanges you may be able to use:

The Potential Risks and Dangers of Chasing Free Cryptocurrency

The speculative nature of the pricing of new cryptocurrencies can lead to price run-ups and crashes in the event of a airdrop or fork. For example the Bitcoin Private fork was an airdrop that was to be allocated to holders of both ZClassic and Bitcoin at a 1:1 ratio. Lets check the chart below to see how that went:

Zclassic, Cryptocurrency Fork, Price Crash, Cryptocurrency Airdrop Risks, Cryptocurrency Airdrops As we can see there was a massive price run-up in anticipation of the fork, then a price crash immediately after. A lesson to be careful when chasing free cryptocurrency.