Dipping your feet into the world wide pool of cryptocurrencies can be completely overwhelming. So often you read about how Bitcoin is dead, markets are down, new regulations and many more negative things.
I and many others believe that crypto is not only here to stay, but the way of the future, despite all the “news”. However, starting off small or even with zero capital with regards to investing in cryptocurrency can be great for those who are on the fence.
Welcome to the world of airdrops! What’s an airdrop? When a new blockchain project gets launched usually in the form of an Initial Coin Offering (read more about them here), they might opt to give out free coins/tokens as part of their marketing strategy.
Often, users need to perform some kind of task to collect the tokens like joining a Telegram group, following the ICO on Twitter and need a cryptocurrency wallet to collect the coins. Doing so helps the crypto project gain followers, website visitors, exposure and hopefully people who invest in their project.
In this post, I’ll give you a brief overview on the ins and outs of cryptocurrency airdrops and show you just how you can get started.
A quick reality check
There is some work involved in collecting airdrop tokens – keep in mind that in reality it’s like getting free money (if the project gets listed on exchanges and tokens are traded).
Unfortunately, not all crypto airdrops will turn out the way you want it to. The project might go bust before even launching, they can decide to change the rules – many more reasons. It is speculative in the end of the day, highly risky and new technology so there is bound to be hiccups.
That being said, if you follow my process, you can collect a nice pool of airdrop tokens for very little effort and at zero cost to you.
If a project is successful, you could see your token value increase as it gets traded on exchanges, increase in adoption, demand and ultimately value.
It’s also a great way to get your feet wet, learn more about specific crypto projects and understand the technology.
Setting up a wallet & accounts
You’ll need a secure wallet to collect your tokens. At the moment, most airdrop tokens will require an Ethereum based wallet. Many different options are available, but I recommend setting up MetaMask.
Find out how to setup the MetaMask wallet here: https://metamask.io
Sometimes a cryptocurrency project might have their own wallet which you’ll need to download and set up. If you’ve done one, you’ll be able to setup more.
Some of the most popular tasks asked by airdrop campaigns for users to complete, is social media related. For this you’ll need to register with the following social media websites if you don’t have an account already:
- Telegram (Mobile app, but it’s accessible on desktop as well)
- Wallet address (this you’ll get by registering a wallet as indicated above)
Safety tips for completing airdrops
When it comes to airdrops or anything in the world of crypto, you need to be safe. It’s safe to say that you should never give out your wallet’s private keys.
There are also some scams drifting around the world of airdrop campaigns as scammers try to steal your private keys or trick you into sending crypto to addresses in exchange for tokens. Always keep a watchful eye.
A rule of thumb I follow, is that if the blockchain project’s website, or at least any of there social accounts (Telegram, Twitter, Facebook etc.), does not mention anything about an airdrop then it’s probably a scam.
Remember, even though you’re getting free tokens, it doesn’t mean you should waste your time.
Where to find airdrops
There are tons of websites out there that will list airdrops for you. Why do they do it? Often an airdrop campaign lets users refer other users and get additional tokens for those they refer. That’s just how the system works, nothing wrong with it in my opinion, but now you at least know.
You can start by checking out this airdrop guide and complete some of the tested airdrops from the Crypto Coin Authority Blog. Other than that, a simple Google search for something like “cryptocurrency airdrops” will do wonders.
I would also recommend searching on YouTube, joining cryptocurrency related Facebook groups and checking out airdrop subreddits on Reddit.
Sooner or later you’ll find your best go-to location for new airdrops, but in the beginning you’ll need to do a bit of searching.
Delivery of tokens and keeping track
Keep in mind that once you’ve completed airdrop tasks, you’re probably not going to get the tokens delivered to your account ASAP. It’s not always the case, but projects generally wait until their ICO period has ended before delivering tokens.
Keeping meticulous track of the airdrops, accounts, emails and passwords you’ve used to sign up to each airdrop will also go a long way in helping you stay organized. I recommend setting up a simple Excel sheet to keep track.
Putting it all together
Generally on the low end you’ll find most airdrops provide a value of around $5 of tokens. Higher value airdrops generally are valued at around $10-$20. Then you also get the odd $30 to even $100 airdrops.
If you’re like me, you’ll soon discover that world of crypto is much more than just airdrops, but that they are great to get started.