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Airdrops refer to the practice of distributing crypto tokens to many wallet addresses. The owners of these wallet addresses may receive those tokens for free or in return for performing very simple tasks.
Airdrops are traditionally associated with new blockchain projects who use it to promote their platform, but established projects do airdrops too - especially to reward loyal community members.
Airdrops are popular in crypto-space because they are of mutual benefit to the blockchain projects and the recipients.
New projects aid their take-off by using airdrops to create awareness and quickly raise a community of token holders - who may be required to do some form of simple social media advertisement for the project.
While the new projects benefit from extremely cheap advertising, these holders also become the initial pool of traders when the project lists its tokens on a crypto exchange.
On the other hand, the popularity of airdrops also stems from them being a source of passive income for members of the crypto community. Many airdrop tokens already have a market value at the time of distribution.
Generally, a huge percentage of the community who receive them quickly sell them off. For this economic reason, thousands of people seek out airdrop opportunities daily.
The basic things anyone interested in airdrops should have include:
Virtually every airdrop is web-based. You would need an Internet-enabled smartphone to find an airdrop and take part.
Most airdrop campaigns will request your wallet address. You would need a crypto wallet to receive and store your airdrop tokens. The wallet could be software-based or a hardware wallet. A word of caution: whichever type of wallet you use, ensure they are reputable. If downloading a software wallet from Google Playstore for example, avoid downloading clones.
Crypto projects often require airdrop participants to use social media platforms to promote the project. To take part in airdrops you would typically need a Twitter, Facebook, Telegram etc. account.
Some projects may require you to supply your email address which they may use to notify you if you win. They may also send you project updates via email.
To get the juice out of airdrop opportunities needs time, time and time. The duration of a particular airdrop is usually a short period - some airdrops expire within hours, so you will need to make out time to do the required tasks within the validity period.
Different airdrops specify different tasks. Some of the common tasks include:
Be rewarded with token 'E' for simply holding/staking token 'D'.
This type of reward usually comes in retrospect. For instance, after 6 months of being launched a new decentralised exchange may decide to airdrop tokens to people who used the platform within the first 2 months of its launch. In some cases, some projects have announced airdrop campaigns ahead of time for those who would use their platforms.
Participants are expected to retweet a certain tweet, follow a project's Facebook, Twitter, Instagram, Medium accounts etc.
This is a fairly common task. Airdrop participants are required to subscribe to the project's newsletter to receive the project's news and updates.
Learn-to-earn airdrops are a relatively new style of airdrops. Participants watch or read short video clips/text about a project after which they answer a quiz. Some airdrops will require getting all the quiz answers correct, others may require a minimum number of correct answers.
So, we have talked about tasks that are common to many airdrop programs. However, some scams disguise as airdrops looking to defraud unsuspecting people. These fake airdrops come in different forms and will ask for tasks that will compromise the safety of your wallet. If an airdrop has any of these features, AVOID IT.
No genuine airdrop will require you to pay a fee to redeem your airdrop. So if you get a message saying that you won an airdrop, but that you need to send some crypto (no matter how small the requested amount is) to an address, it is almost certainly a scam. The author of this article fell victim to this kind of scam in his early airdrop years. Do not repeat his mistake.
Some airdrop scams will promise to give you multiples of the crypto you send to them. This type of scam is plentiful on social media. Do not fall for it.
The private key and recovery phrase of your crypto wallet should be known to you alone. Do not share it with anyone. No genuine project will request them from you. So if you visit an airdrop website and it asks you for that information, you are dealing with a scam.
In general, reputable projects use secure "https" websites. When you visit an airdrop webpage and you see that the web address starts with "http" and not "https", it means that the website is insecure. A hacker may be able to capture your details over the internet through such a website.
When you win an airdrop, you can:
Selling off one's airdrop tokens is the default option for many airdrop hunters. The price of an airdropped token usually falls because people rush to sell-off.
If you perceive that the project has good prospects, you can keep your tokens and wait for the value to increase. Bear in mind that crypto can be very unpredictable. There is no guarantee that the value of the airdrop token you received will follow your expectation. Much patience may be needed if you decide to hold.
If you decide to hold your airdrop rewards, check if the project has a staking program for the token. If there is, you could stake your tokens and earn more rewards rather than just keeping the tokens in your wallet.
If you don't know where to look, finding credible airdrops may be a challenge. Some airdrops are scams; some others may end up using your time to their benefit without rewarding you. Having said that, BSCNews recommends Coinmarketcap's airdrop portal. There you can find legit airdrops. You may also take a look at some time-tested airdrop aggregator websites like AirdropAlert and AirDrop.io
Sometimes the words airdrop and bounty are used interchangeably. They refer to similar concepts but are not the same. So, to enlighten our readers, we will differentiate one from the other.
The key difference between an airdrop and a bounty is the level of difficulty of the task involved. For example, an airdrop may require you to follow the project's Medium account while a bounty will require you to write an article about the project.
Another project's airdrop may ask you to share a post on your Facebook page, while a bounty will ask you to create a video tutorial on how to use a project's app. Do you see the trend? Oftentimes bounties require the use of a special skill whereas airdrop tasks can be done by anyone because they don't need much effort. However, since bounties are more difficult their rewards are higher than those of airdrops too.
A product that nobody uses will ultimately have no value. There are hundreds and thousands of crypto projects all striving to get the attention of the worldwide community. One way these projects attempt to carve out users for themselves from this one worldwide community is through airdrops.
Through this article, we hope you now have a very good understanding of what airdrops are and how they work. We also hope that you have learnt how to notice scam airdrops when you see one.
Having said that, airdrops serve the interest of both blockchain projects who host them as well as the recipients of airdrop tokens. And you know what? From time to time you could come across a very valuable airdrop.
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MetaMask has improved accesibility for Ledger users in its latest update. The update will roll out from next week, simplifying the proces by which Ledger users connect their hardware wallet to MetaMask.
At present Ledger users are required to open Ledger Live first, then connect their Ledger, then connect MetaMask to it. The sheer number of steps required to make the connection is prohibitive. Community feedback has now prompted MetaMask to streamline the process.
“Ledger users, we hear you,” said MetaMask in a tweet on October 26th. “We have a new improved Ledger support that should be starting to roll out next week. The new support will be entirely in-browser, and won't require Ledger Live installed to use.”
MetaMask went on to tease “extra good news” for hardware wallet users coming very soon.
MetaMask recently launched version 10.3.0 of its extension with a subtly altered login screen. The company is also working on an improved token detection algorithm that is resistant to airdrop scams.
ConsenSys is a leading Ethereum software company. It enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. The ConsenSys product suite is composed of Infura, Quorum, Codefi, MetaMask, Truffle and Diligence.
The Korean Teachers’ Credit Union (KTCU) issued a statement denying a report that it has shifted its investment strategy to allocate part of its capital into Bitcoin Exchange Traded Funds (ETFs). The article published by The Korea Economic Daily titled, ‘KTCU to be Korea’s first pension fund to invest in cryptocurrency ETF’ got the entire crypto community abuzz with excitement.
The move is seen as a leap of faith because pension funds are often regarded as conventional investors that favor low-risk traditional products. If the rumor is true, it also signals a departure from the institution’s usual investment strategy.
In a statement released by KTCU and quoted in The Korea Herald, it says - The KTCU has never reviewed an investment in a bitcoin-related ETF, and will never have a plan to do so’
KTCU is a pension fund with $47 billion of Asset Under Management (AUM) raised eyebrows when the local daily published the report. KTCU is dedicated to promoting teachers’ welfare and financial benefits and investment by pension funds is the clearest sign that Bitcoin is now regarded by institutional investors as a mainstream asset.
Korea continues to rein in on the crypto ecosystem and the latest decision to proceed to tax crypto earnings of more than 2.5 million Korean won (approximately $2,105) affirms the government’s tough stance against the crypto industry. The Korean authority has recently shut down more than half of the crypto exchanges operating within its jurisdiction for failing to get the relevant approvals from the Financial Services Commission (FSC).
Given the general policy and regulatory sentiment in Korea, institutional investment decisions are unlikely to favor the crypto industry. Whilst in the US, institutions are taking bold steps ahead.
In a recent announcement, the Houston Firefighters' Relief and Retirement Fund has bought into Bitcoin and Ethereum. This is probably a result of the recent Bitcoin ETF’s approval by the SEC which is seen by observers as the regulator’s stamp of approval for the new asset class.
It would be ideal for traditional institutions such as pension funds to dip their toes into crypto-related investments. This is because pension funds are geared towards capital preservation rather than growth. If Bitcoin can provide this assurance, its narrative as a store of value is bolstered.
Mass institutional adoption for crypto assets may not take place at the pace that many enthusiasts would have wished. Cryptos as an asset class still suffers from volatility and once this massive price fluctuation decreases, it becomes a more viable alternative to other traditional assets.
Airdrops can be a rewarding source of passive income. Don't ignore them when you see them.
Airdrops refer to the practice of distributing crypto tokens to many wallet addresses. The owners of these wallet addresses may receive those tokens for free or in return for performing very simple tasks.
Airdrops are traditionally associated with new blockchain projects who use it to promote their platform, but established projects do airdrops too - especially to reward loyal community members.
Airdrops are popular in crypto-space because they are of mutual benefit to the blockchain projects and the recipients.
New projects aid their take-off by using airdrops to create awareness and quickly raise a community of token holders - who may be required to do some form of simple social media advertisement for the project.
While the new projects benefit from extremely cheap advertising, these holders also become the initial pool of traders when the project lists its tokens on a crypto exchange.
On the other hand, the popularity of airdrops also stems from them being a source of passive income for members of the crypto community. Many airdrop tokens already have a market value at the time of distribution.
Generally, a huge percentage of the community who receive them quickly sell them off. For this economic reason, thousands of people seek out airdrop opportunities daily.
The basic things anyone interested in airdrops should have include:
Virtually every airdrop is web-based. You would need an Internet-enabled smartphone to find an airdrop and take part.
Most airdrop campaigns will request your wallet address. You would need a crypto wallet to receive and store your airdrop tokens. The wallet could be software-based or a hardware wallet. A word of caution: whichever type of wallet you use, ensure they are reputable. If downloading a software wallet from Google Playstore for example, avoid downloading clones.
Crypto projects often require airdrop participants to use social media platforms to promote the project. To take part in airdrops you would typically need a Twitter, Facebook, Telegram etc. account.
Some projects may require you to supply your email address which they may use to notify you if you win. They may also send you project updates via email.
To get the juice out of airdrop opportunities needs time, time and time. The duration of a particular airdrop is usually a short period - some airdrops expire within hours, so you will need to make out time to do the required tasks within the validity period.
Different airdrops specify different tasks. Some of the common tasks include:
Be rewarded with token 'E' for simply holding/staking token 'D'.
This type of reward usually comes in retrospect. For instance, after 6 months of being launched a new decentralised exchange may decide to airdrop tokens to people who used the platform within the first 2 months of its launch. In some cases, some projects have announced airdrop campaigns ahead of time for those who would use their platforms.
Participants are expected to retweet a certain tweet, follow a project's Facebook, Twitter, Instagram, Medium accounts etc.
This is a fairly common task. Airdrop participants are required to subscribe to the project's newsletter to receive the project's news and updates.
Learn-to-earn airdrops are a relatively new style of airdrops. Participants watch or read short video clips/text about a project after which they answer a quiz. Some airdrops will require getting all the quiz answers correct, others may require a minimum number of correct answers.
So, we have talked about tasks that are common to many airdrop programs. However, some scams disguise as airdrops looking to defraud unsuspecting people. These fake airdrops come in different forms and will ask for tasks that will compromise the safety of your wallet. If an airdrop has any of these features, AVOID IT.
No genuine airdrop will require you to pay a fee to redeem your airdrop. So if you get a message saying that you won an airdrop, but that you need to send some crypto (no matter how small the requested amount is) to an address, it is almost certainly a scam. The author of this article fell victim to this kind of scam in his early airdrop years. Do not repeat his mistake.
Some airdrop scams will promise to give you multiples of the crypto you send to them. This type of scam is plentiful on social media. Do not fall for it.
The private key and recovery phrase of your crypto wallet should be known to you alone. Do not share it with anyone. No genuine project will request them from you. So if you visit an airdrop website and it asks you for that information, you are dealing with a scam.
In general, reputable projects use secure "https" websites. When you visit an airdrop webpage and you see that the web address starts with "http" and not "https", it means that the website is insecure. A hacker may be able to capture your details over the internet through such a website.
When you win an airdrop, you can:
Selling off one's airdrop tokens is the default option for many airdrop hunters. The price of an airdropped token usually falls because people rush to sell-off.
If you perceive that the project has good prospects, you can keep your tokens and wait for the value to increase. Bear in mind that crypto can be very unpredictable. There is no guarantee that the value of the airdrop token you received will follow your expectation. Much patience may be needed if you decide to hold.
If you decide to hold your airdrop rewards, check if the project has a staking program for the token. If there is, you could stake your tokens and earn more rewards rather than just keeping the tokens in your wallet.
If you don't know where to look, finding credible airdrops may be a challenge. Some airdrops are scams; some others may end up using your time to their benefit without rewarding you. Having said that, BSCNews recommends Coinmarketcap's airdrop portal. There you can find legit airdrops. You may also take a look at some time-tested airdrop aggregator websites like AirdropAlert and AirDrop.io
Sometimes the words airdrop and bounty are used interchangeably. They refer to similar concepts but are not the same. So, to enlighten our readers, we will differentiate one from the other.
The key difference between an airdrop and a bounty is the level of difficulty of the task involved. For example, an airdrop may require you to follow the project's Medium account while a bounty will require you to write an article about the project.
Another project's airdrop may ask you to share a post on your Facebook page, while a bounty will ask you to create a video tutorial on how to use a project's app. Do you see the trend? Oftentimes bounties require the use of a special skill whereas airdrop tasks can be done by anyone because they don't need much effort. However, since bounties are more difficult their rewards are higher than those of airdrops too.
A product that nobody uses will ultimately have no value. There are hundreds and thousands of crypto projects all striving to get the attention of the worldwide community. One way these projects attempt to carve out users for themselves from this one worldwide community is through airdrops.
Through this article, we hope you now have a very good understanding of what airdrops are and how they work. We also hope that you have learnt how to notice scam airdrops when you see one.
Having said that, airdrops serve the interest of both blockchain projects who host them as well as the recipients of airdrop tokens. And you know what? From time to time you could come across a very valuable airdrop.
