Cryptocurrency Airdrops: Everything a Beginner Needs to Know cryptoforbs

There are several ways to make money from cryptocurrencies but not all of them are safe and legitimate. However, one of the real ways to profit through cryptocurrencies is AIRDROPS.

At CoinSutra, we always strive to find such safe ways for our audience, which we have done several times. We have also helped the community demand such airdrops on more than one occasion.

Some of you who are reading the concept of “Airdrops” for the first time may wonder what Airdrop is.

And that’s exactly our agenda today – to discuss all things airdrop. Therefore, in this analysis, we will generally address the following points:

What is a Cryptocurrency Airdrop?
Why Free Cryptocurrency Drops?
How to stay informed about these cryptocurrency drops?
How to Get Free Cryptocurrencies Through Airdropped?
Bottom line: Stay informed and be safe during airdrops

What is Airdrop in cryptocurrency?

A cryptocurrency airdrop is a procedure to distribute new tokens/coins by giving them in a certain percentage to holders of a particular blockchain currency, such as Bitcoin, Ethereum, etc.

In simple terms, if you own one type of coin, you are automatically eligible to claim other coins/tokens just because you were holding the original airdrop coins/tokens.

That’s why this method of distributing coins/tokens is called airdrop, which denotes “free coins”.

Sometimes, there are different reasons and motives for these airdrops like forks, marketing, decentralization, distribution, etc. There are other reasons as well that we will talk about later in the article.

Why do free cryptocurrency drops happen?

There are many motivations for carrying out cryptocurrency airdrops, from generating hype and fanfare to actually distributing the entire inventory of coins/tokens.

Some of the reasons for performing cryptocurrency airdrops are:

An even distribution of the total supply of a token

One suitable reason for airdrops is to distribute the total supply of token/coin evenly so that there is less centralization with respect to the bag of a HODLer who keeps a large amount with himself.

Omise gave away five percent of its OmiseGO cryptocurrency to Ethereum holders in September 2017.

In this case, OmiseGO took advantage of the already distributed Ethereum economy to distribute its tokens as well. Uniswap provided the UNI token to anyone who interacted with the Uniswap DEX.

Rewarding loyal early investors

Many cryptocurrencies want to reward early backers and investors who purchased ICO offerings or tokens for the first time. What better way to reward them than by offering them more new tokens – for free.

This also incentivizes early investors to hold their tokens for longer periods and overall I feel it is a good way to be rewarded.

Just like this:

He had some $NIO From airdrops to being a $MBRS What is with you. #Airdrops #beautiful surprise

-Jmac (@gMAKcrypto) November 8, 2017

Awareness about new encryption

Often, just to spread awareness, airdrops are carried out by popular crypto traders like Ethereum, Walton, etc.

Marketing and hype

This is the most common trend nowadays. Dropping coins/tokens for marketing purpose and collecting leads for further expansion of business opportunities.

You’ll also find projects that manage charts like:

(TEU) is dropping $125,000 in TEU tokens to the first 15,000 participants in the airdrop!
Get up to 60 REPU tokens for free just by joining Telegram!
#Apollodai Airdrop referral for Telegram users!
50 free SYN tokens when you sign up!

So this is a kind of free bonus for doing simple tasks like subscribing, referrals, joining Telegram, following on Twitter, etc.

Hard Forex

Another popular method is to fork popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Monero and create a new currency to distribute to existing holders of these native currencies. CoinSutra has supported some airdrops in the past through these forks, some of which were:

Bitcoin Cash
Bitcoin Gold

Now the million dollar question – how do you know about such airdrops? Good question, considering it’s one of the easiest ways to make money.

Read: Find the updated list of all Bitcoin Airdrops

How do you stay updated with such cryptocurrency airdrops?

There are several ways to update, one of the most effective is to join an active cryptocurrency community working in this field. CoinSutra is one such crypto community. We’ve already explained, in the links above, how we help our community members take full advantage of these opportunities.

There are more services and websites where you can get regular updates about airdrops. However, understand the fact that not all airdrops are worth participating in and they can sometimes be fraudulent as well. However, here are some of these services:

Earni.fi:

This is the latest participant, which allows you to check the available or missing air distribution associated with any wallet address. You can find details about ENS airdrops, UNI airdrops, and much more.

Etherscan Airdrop:

Here you will find all the popular Airdrops that are currently live.

AirdropAlert.com

You can also find Airdrop ads on our Twitter page and Bitcoin forum page For a specific project you may be following.

How to Get Free Cryptocurrencies Through Airdropped?

The claim for free coins/tokens dropped can vary from project to project.

For example…

For airdrop forked coins, you must either be in control of your private keys or you must know how to sign your public address with your private keys.

This means that we suggest that you always store your cryptocurrencies in the following types of wallets where you can control your private keys:

Ledger Nano X (hardware wallet)
Checkout (desktop wallet)
MyEtherWallet (web wallet) etc.

To sign your address: How to sign a message with your address

Sometimes, you just need to do the following things to get/claim airdropped tokens/coins:

subscription
retweet
Recommended by a friend
Join Telegram
Or complete other social media tasks

In 2022, there are new ways to Airdrop, one of them is using Initial Exchange Offer and Wallet Holder Offer. Another popular way is through exchanges, where you hold certain tokens to get a free drop of new tokens.

Bottom line: Stay informed and stay safe

As the popularity index of cryptocurrencies rises every day, the scams surrounding them are also increasing. That’s why, if you find scams about cryptocurrency drops, don’t be surprised or fall for them.

The only solution to get rid of them is to educate yourself on the subject of airdrops, or indeed, on cryptocurrencies.

But I will tell you how scams happen around airdrops.

A phishing project with airdrop plans will ask you to enter your private keys in some places, and sometimes even trick you into entering your seed words into a malware.

You’ll typically see these types of tactics in hacked Slack channels, Telegram channels, or modified Twitter accounts that will try to trick the original account in some way.

For your safety, I suggest you do your due diligence by going the extra mile while checking such airdrops.