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What are crypto air drops? 3 SAFEST strategies to get the legit ones

2 min read
What are crypto airdrops are a popular marketings strategy used by blockchain start ups to drive social media hype for their projects. I mean, who says no to free money? 

What are crypto air drops and how they work

What are crypto airdrops are a popular marketings strategy used by blockchain start ups to drive social media hype for their projects.

I mean, who says no to free money? 

But are they REALLY worth it for you though?

Here are a couple of things we will be covering:

  • What exactly is a crypto airdrop
  • Types of airdrops (how they work)
  • How to get airdrops
  • Are crypto airdrops worth it
  • Are crypto airdrops safe?

 

What are crypto air drops?

Crypto Airdrops, are “free” cryptocurrencies or blockchain which are added to an investors wallet address if you own  a specific crypto .

You usually need to own a specific cryptocurrency/blockchain token to be eligible to get fork airdrops.

However, for reward airdrops, blockchain project usually require resharing social media post.

 

How do airdrops work

There are two types of airdrops

 

Mined cryptocurrencies

During a  hard fork, people who own the “originally” get a second wallet where the tokens are added automatically.

 

For a more in depth guide: What are cryptocurrency forks?

 

Minted cryptos (blockchain tokens)

For tokens,  the crypto you are required to a task in exchange for the tokens as rewards.

Popular tasks include:

  • Resharing a social media post( or tagging the project)
  • Hodling the token for a longer period of time.

 

How to get airdrops

1. Cryptocurrency Exchanges

Crypto exchanges like Binance and Bybit often have launchpads with airdrops.

How to sign up: They have free email newsletters where they announce airdrops.

 

PROS

They have a better a chance of mooning since the exchange will be backing them

 

CONS

  • The crypto investors are usually required to buy the forked crypto on the exchange before the fork.

While this sounds easy and straight forward at first glance, the caveat is the required crypto has usually pumped with the hype.

Therefore , if you do not already own the crypto that is getting forked, you will most likely be getting the crypto at a higher market value

  • Exchanges will delist underperforming cryptos,

If the project does not get enough daily trading volume, they will get delisted within a few months.

 

2. CoinMarketCap

CoinMarketCap also has launchpads to help blockchain projects launch.

The announcements are usually in their telegram group.

 

3. Twitter

Legit blockchain project usually have twitter campaigns to promote their projects through ads and influencer promotions.

 

Are  airdrops worth it?

It depends on the person because you would need to put in some time going through the newsletters, telegram groups and twitter on top of doing the due diligence.

My biggest reservation about airdrops aside is that you need to babysit them (hold/store them) for months or even years with only a small window of a few minutes or hours during the altseason to cash out.

 

Are airdrops safe?

Not all airdrops are safe because hackers use them an opportunity to cryptojack browsers .

For this reason, I recommend that beginner investors opt for airdrops backed by the bigger names in the crypto space.

 

Conclusion: Who are airdrops for ?

Airdrops are a great option for investors who don’t mind constant monitoring.

But as they are high risk, they are not recommended for investors who do not have the time to constantly monitor the project.

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1 thought on “What are crypto air drops? 3 SAFEST strategies to get the legit ones

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