Many people always come to me asking if they can get some cryptocurrencies without spending any cash. The answer to their question is always a YES.
By participating in Airdrops.
Airdrops are generally free cryptocurrencies that gain value in future and which can be redeemed for real cash.
In this post, we’re going to answer a few basic questions about Airdrops:
- What is an Airdrop?
- What happens during Airdrops?
- How can you earn Airdrops without spending a dime or a shilling?
What is an Airdrop?
Many startup decentralized autonomous organizations (DAO’s) have been issuing out free tokens popularly known as Airdrops so as to create and attract a community before moving into the Initial Coin Offering (ICO) face. The community is generally composed of developers, investors and anyone else involved with making the organization viable.
The well known cryptocurrency called Ripple (XRP) issued out approximately 30,000 XRP tokens to anyone who created an account with Gatehub.net a while back. 5 years down the line, the price of XRP has only been going up due to its adoption.
Whenever a DAO is serious with its mission and purpose, it gains more trust from the community that derive its value. From crypto economics, the community derives the value of the token after it has been listed on various exchanges. The choice of the exchange can either be a vote from the community or from the developers.
An exchange is a platform where buyers and sellers meet to exchange coins without necessarily having to communicate or meet. Popular exchanges can be found at https://coinmarketcap.com/exchanges/
How do you Participate?
In many airdrops, you will be asked to fill out a spreadsheet form, register an account with them, and follow the DAO on social media. Additionally, you may be required to share or create content about the organization issuing. Some DAOs may even require that you hold a certain coin in its wallet.
I like to categorize these as hard fork airdrops. I recommend you get yourself an ERC20 wallet address for this. Check out Myetherwallet.com or Metamask.io for some great wallets.
There are quite a number of sites where you can get some free airdrops listed. Some of the more reliable sites include:
Remember, there are many scams online and most will request that you send some Ether or Bitcoins to earn airdrops. Airdrops are generally free and the above sites will help you identify the good ones to invest in.
Airdrops are one of the good products coming out of the crypto space and I would definitely recommend them. Enjoy some free cryptos while at it!