It feels like getting some free money, isn’t it? Airdrops may only have a small value, but they can truly give your crypto assets a tiny boost when you accumulate them in the long run.
In this article, we’ll talk more about airdrops – what it is, its many types, and how to get them. Airdrops can make your journey through the crypto world interesting, so let’s dig into the facts now.
Airdrops are small amounts of free coins or tokens sent to various wallet addresses. It’s like the organizations holding tokens or coins “drop” them from the “air” to the wallet addresses of many individuals, hence the moniker. Most airdrop campaigns commence at the beginning of each month.
Airdrops are often a part of a crypto exchange’s marketing stunt. Giving away airdrops is typically the first marketing activity exchanges and organizations use before announcing a massive token sale or upcoming Initial Coin Offering (ICO).
Organizations behind new blockchain projects also give out airdrops to raise awareness about a new cryptocurrency they’re developing. Some organizations give airdrops as an incentive for spreading the word about their projects in social media. You tweet or share a story about the new blockchain project; you receive an airdrop. That’s both an easy way for you to get airdrops and for them to gain more publicity and support from the public – a win-win situation at that.
Types of Airdrops
There are different types of airdrops you can acquire:
Standard airdrops are given out by random or by signing up for an account at a blockchain project. Some blockchains require that new account holders complete a KYC verification; others simply require your wallet address and email.
Bounty airdrops refer to tokens distributed to users who spread the word about a blockchain project on social media. The tokens are given after users repost a tweet on Twitter, join the project’s Telegram group or channel, follow their account on Twitter and other social media sites, and any similar activities. Referring other people to the network can also help you earn bounty airdrops.
A holder airdrop is granted to individuals who already hold coins or tokens from another cryptocurrency type. For instance, HEX tokens are airdropped to people who hold Bitcoin (BTC) in their private wallets. This holder airdrop campaign commenced in December 2019.
An exclusive airdrop refers to programs run by airdrop websites and aggregators. They host exclusive airdrops for fresh and upcoming blockchain projects. Consistent followers of airdrop aggregator sites can get first dibs on exclusive airdrops released by promising blockchain projects.
What About Hard Fork Airdrop?
Hard forks are often mistaken for an airdrop. But actually, these two terms refer to different things. Hard fork creates a separate cryptocurrency type by making changes to the blockchain. Meanwhile, airdrops are tokens distributed to various wallet addresses.
So, why are these two terms often mistaken for each other? It’s because they have one similarity – individuals with existing coins can both receive tokens from a hard fork and an airdrop.
Another connection between hard forks and airdrops looks like this: Any new cryptocurrencies obtained from a hard fork can initially be circulated to the public through airdrop campaigns. In short, airdrops can help spread awareness about new crypto coins that stemmed from a hard fork.
Where Do You Get Airdrops?
Before, you need to frequent crypto sites to hear news about an airdrop. But now, it’s becoming easier to find where and when an airdrop campaign goes live. There are now dedicated sites that track different airdrop campaigns from both huge and smaller crypto projects. Social media channels such as Telegram and Twitter are also abuzz with communities that keep an eye on airdrops and update their followers daily.
In a Nutshell
Airdrops are great ways to obtain free coins. You can monitor airdrop campaigns from aggregator sites and direct blockchain project sites. There are different types of airdrops, depending on the circumstances they are given. In any case, getting airdrops is a fun way to explore the cryptocurrency world and support exciting developments in various blockchain projects.
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