What is WTF, Airdrop? How to get free cryptocurreny?
Money doesn’t fall from the sky… But cryptocurrency does.
What is Airdrop?
Simple answer: it’s literally free coins waiting for you. The method behind the madness of releasing free coins is a decision related to marketing strategy. As a way to spread awareness to a relevant audience of potential investors and supporters of the coin, issuers sometimes conduct airdrops.
Brief history of Airdrop
Coins have been doing this for a while – quite a while since the first Ethereum ICO. If you check your wallet on Etherscan (which I strongly recommend – never open your wallet with your private key just to check your account balance, this is more risky than necessary) , you will know the Token Tracker line. If you see it, there is a token in your account; If you don’t see it, you don’t have any tokens or airdrops yet.
Some ETH wallet owners with wallets with balances in their accounts may have seen this – at times you will see random tokens being added to your Token Tracker. No, it’s not someone who accidentally sent tokens to your wallet address but the coin development team decided to release a small amount of tokens to some Ethereum wallets for promotion.
After receiving the token, the first thing you can do is Google it. Or you can dig deeper by asking someone if they know what the token is. Otherwise you might just ignore it.
Of course, if the user doesn’t care then the airdrop fails. But scenario 1 (Google it) means that you now understand about coins and scenario 2 (ask someone else) is even better because you just told your friends about coins. In both scenarios, the airdrop did its job at a low price (potentially higher if large-scale).
In the end, Airdrops have become more than just marketing. As a method to pump the value of coins, issuers will announce airdrops to issue more coins proportional to the total number of coins held by the holders. Investors who want to receive the airdrop have to buy the coins first if they don’t already have them, or buy more if they want to receive a larger percentage of the coins being airdropped. Having said that, I want to emphasize that I will not go into the airdrop strategy in this article, as I focus on the method of getting free coins, not getting more coins by buying them.
Recently, with Facebook’s new advertising policy outlining bans on ICOs, many ICOs have turned to airdrops as an alternative to pay-per-click advertising. With many ICOs being consumer-focused products, they focus on one standard: rapid growth through network effects. In layman’s terms, ICO projects want to spread the word to you and hope you spread the word to everyone around you as well. They do this using a robust referral system method.
Join the Airdrop for free
The tools you need
Here’s what you need to secure airdrops:
1. Ethereum wallet.
not an exchange wallet. It must be an ERC20 compatible private address as most of the tokens being airdropped are ERC20 tokens, Ethereum-based native ICOs. I suggest using MetaMask or MyEtherWallet to get started right away, but in the long run I recommend creating a hardware wallet like the Ledger Nano S.
2. Ethereum Wallet MUST WORK.
Active I mean you have to represent at least a human being using the wallet. A lot of airdrops do checks in place to make sure you don’t create a bunch of addresses and sign them all up to unfairly get more coins. This means that if your wallet does not show activity, you may not receive the airdrop. Sometimes, coins will have clear criteria for which wallets receive the airdrop, including some type of balance in the account.
3. Telegram account
I’m sure there are many reasons why Telegram is chosen by many ICOs as the ideal chat tool. Issuers want to increase the number of audiences. Usually, when airdrop they will also ask you to register their Telegram account. Until you get the funds in your Ethereum wallet, don’t quit your Telegram account or you risk getting kicked out of the airdrop.
4. Twitter account.
Similar to Telegram account reasons, many companies conducting airdrops will also ask you to follow them on Twitter. Some companies even ask you to ‘retweet’ some tweets.
5. E-mail address.
Sometimes the airdrop also requires your email. If you don’t feel comfortable providing your real email address, create a spam email. Remember your password, as they will probably ask you to confirm your email.
6. Receive and withdraw tokens
Normally, it takes about 1-2 months after the end of the airdrop for you to receive the tokens. This is mainly because many airdrops usually happen before or during the token sale, combining airdrops to promote. And tokens will not be distributed until the end of the token sale.
To check your wallet information and see if the token has appeared in your wallet, visit Etherscan
(https://www.etherscan.io). Enter your ETH address in the search box.
The red circle is the area you need to see. If the token has entered your wallet, it will show up in the token watchlist. If the token tracking item does not appear in the results, you do not have tokens in your wallet and this also means that you did not receive the token airdrop.
Once you have received your tokens, you can directly withdraw them through a service like My Ether Wallet (MEW). You simply go to your wallet (via MetaMask, Ledger Nano, or otherwise – don’t paste the private key directly) and select the tokens you want to withdraw.
Don’t get scammed (scam)
The many opportunities to get free coins are easy to confuse and make you click crazy. Here are some tips to avoid being scammed:
1. Never send private keys. No one needs your private key to check your wallet account. They can be checked easily with tools like Etherscan.
2. Do not send money to any address. Remember this – the airdrop is free. Whether it requires you to hold a certain amount of coins or if it just shows up in the wallet, the airdrop will never ask you to send any funds to some type of address. If you see such a request, exit immediately.
3. Check the official source. If a coin is doing an airdrop, it is possible that the issuer will announce it on their official social media accounts such as Twitter. Check to make sure the airdrop is official; otherwise you may be scammed by scammers trying to get your data.
If you are now looking for an airdrop to join, check out Cosmic Trading on Discord, they always post about verified airdrops on this channel.
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