In life, we’ve been told that there is no such thing as a free lunch and you’ll always have to sing for your supper and for the most part its true. Even in the world of cryptocurrency, where coins receive crazy valuations overnight with swings of 30–50% can make you crazy money in the space of a week, there is still no way to score big without taking on some risk or putting in some hard graft.
So now that we’ve established that you won’t get a free lunch, you are however entitled to getting a little snack for just about no effort through the magic of cryptocurrency Airdrops.
What are Airdrops?
A crypto airdrop is when a blockchain project decides to distribute free tokens or coins to the crypto community in order to gain interest as well as encourage usage and trading. It’s a great way to get initial marketing going and use word of mouth and the community to generate interest on your behalf.
Airdrops are a way of creating micro-ambassadors for cryptocurrency projects and also drive investor interest. Since the user already owns the coin, monitors its progress and growth, they are more likely to invest money in it in future.
What popular coins that have had Airdrops?
A word of warning, not every cryptocurrency project that Airdrops will even get off the ground and you may be sitting on a few useless coins. There have been many failed projects in the past, but singing up costs you nothing.
On a positive note, every Airdrop could be a potential gold mine and you may have just bagged some free coins that are going to the moon.
Popular coins that have used Airdrops to get community interest are:
Now wouldn’t you have loved to have gotten a couple of those coins for free? I know I would.
How do I participate in an Airdrop?
Every airdrop has a different set of rules but for the most part, a simple sign up with an email address and a wallet ID should be all you need to claim your coins.
If you’re serious about Airdrops I would suggest you make a Bitcointalk forum account to be able to apply for the airdrops that require contacting a team member (usually PM). Ethereum Dark airdrop is a good example of this format. Every person that wanted to apply for this ETHd airdrop had to PM the developer with his ETHd address to get the tokens.
“Newbies” on the forum are often rejected for new airdrops, so we suggest you post once in a while to get a higher rank.
In certain cases, the only way to access a crypto Airdrop is to own a certain amount of coins of a certain blockchain in order to qualify. An example of this is the ONT airdrop that will be happening this month, only owners of NEO tokens can qualify but they have to also add these tokens to the native NEO wallet and cannot be held on an exchange.
Social media shoutouts
Other crypto airdrops require social media posts or you need to contact a member of the team on the Bitcointalk forum. These projects use an airdrop as a marketing campaign.
Some new airdrops require retweets on Twitter, posts on Facebook or LinkedIn. Make sure you have active social media accounts to be eligible for these free crypto tokens.
Certain Airdrops are looking to scale and often offer those who have signed up a chance to earn more coins by referring friends to sign up for the Airdrop. Having you do their marketing for them in exchange for a little extra crypto.
How do Airdrops work?
The format of these crypto giveaways is usually like this: At a pre-announced time the project behind the event will take a ”snapshot” of the blockchain, and anyone holding Ether or Bitcoin at that point will receive a certain number of free tokens. This can also be done on other blockchains, but Ethereum and Bitcoin are the most used for this airdrop format.
The majority of Airdrop tokens are built on or use the ER20 token on the Ethereum blockchain a placeholder value. In order to hodl these placeholder or pre-ICO tokens, you will need to set up a wallet that can handle these requests.
The two options I’ve found to work best are MyEtherWallet & Metamask. Simply install these on your chrome or firefox browser as an extension or visit their website to create an ER20 token compatible wallet and use this ID to receive your free Airdrop coins.
Once the Airdrop is over and the coin moves into ICO phase, check your wallet to make sure you’ve received your coins. Also, follow the community on Telegram or other social media platforms to stay informed about the Airdrop and progression of the project
Where can I find Airdrops?
If you want to get started with Airdrops a good place to start is signing up with Earn.com as well as Aidropalert.com. These sites will email you as soon as an Airdrop begins and provide you with all the details you need to claim your free cryptocurrency.
So there you have it, how to earn some free crypto with Airdrops. So up up and away you go and hope you hodl to the moon!
Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.
Originally published at www.nichemarket.co.za on February 13, 2018.