Steemit Crypto Academy Season 3 Week 3 | Homework Post for @wahyunahrul Airdrop - Giveaway In Cryptocurrency

in SteemitCryptoAcademy • 3 years ago
I will like to appreciate Prof @wahyunahrul for the awesome lecture delivered. Below is my entry,I hope you find it interesting.

"What do you think about airdrop.

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Airdrop to me is a promotional or marketing technique used to introduced a new coin into the market. This is donr by sending free tokens or coins into wallet addresses in other to make it known and probably accepted by all if its proven to be very legit and free from fraud. Sometimes these token are sent to members in that small community for carrying out services such are retweeting and posting the exixtence of the blockchain on their social platforms.you can call it a give away,you wont be wrong.

"How can we know about an airdrop event so we can participate.

One can know about airdrop through the following means
  • Following crypto news.
    This is one of the easiest way to know when there is a new airdrop, as even like this are exposed here.
  • Through social media.
    From post retweets and the likes that are don on social media platforms.
  • From the host website itself, promotional activities such as airdrop are initiated mostly from the crypto host website with rules and regulations of how to be part.
However to have a broader view, you can visit the airdropking.io, airdrop.io and coinmarketcap to check out the list of ongoing Airdrops.

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"Where are airdrop evens often held

Most Airdrop are held on the website coupled with some social media platforms like; - Twitter - Facebook - Telegram. The use of social media platform is employed when there is a need to carry out promotional activities such as retweet or posting to awareness. Another reason why social media is used is to create a community bond and keep investors within close range.

"Are all airdrop event free from scam.

It will be wrong for us to say that all airdrop are free from scam even when the motive behind it is just for awareness and promotional activities. Fraudulent folks have highjacked the purpose of airdrop and have used it a as a mean of robbing people of their hard earned assets.

The fraudulent acts common with airdrop events includes;

  • Stealing password such as active key (as in the case of steemit) which can be used to steal peoples coins or token
  • Collecting sensitive information that can be used to carry out fraudulent activities
  • Carrying out referral scam such as sending people links that are harmful promising whoever comes through it a bounty.
  • Not keeping to promise given to investors after attecrting them to the community.
All these above are various froms of scam in an event of airdrop. The good news about this is that it can be avoided.

How to avoid been scammed through airdrop

  • Taking your time to understand what the project is all about, you don’t subscribe to airdrop blindly unless you’ll fall into a deep ditch that might cost you your hard earned coins or token.
  • Ensuring you check the developers behind the airdrops and see if they are people of integrity and with good track record in the blockchain system, if no, you should run away from such airdrop.
  • Go through terms and condition to know what the airdrops entails, from there you might be able to find out if it a genuine airdrop or not.

"Have you ever participated in a cryptocurrency Airdrop event if so then explain. Meanwhile, if you have never participated but have heard of Airdrop event,then explain it.

Personally I’ve not participated in an airdrop even and that is why am grateful for this lesson that has opened me up to what airdrop means and how I can benefit from it. However I will extensively explain airdrop works. There are several way on how this work, these includes;

How it works

  • Asking you to register on a particular airdrop site which gives you an entitlement to airdrops. Lets not forget that the aim is to promote the community or blockhian, therefore anyone who joins gets free tokens as reward. These can be called standard airdrop
  • Airdrops that comes as a result of holding a certain amount of coins or token uin your wallet. Once you’re able to meet up with the requirement, you will be entitled to the airdrop or give away. This can be reffered to as Holders Airdrop
  • Airdrops that one gets as a result of doing promos for the community on social media such as facebook,twitter and telegram so that more people can be aware of the community or blockchain and its token. This tytpe of airdrop is technically called Bounty Airdrop

"Give and explain an example of an airdrop event that has passed and was successful. Then give one more example that has been proven to be a fraud

There are several examples of airdrop events that was successful. In fact some of there airdrops are still on going because of the successes it has recorded so far. A very good example is the BTT token which will be my example.

BTT token.

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BitTorrent token which is fondly called BTT tokens is an airdrop that tron holders are entitled to. Btt token have been giving out to tron holders for sometime now and this airdrop has been slated to last till feb 2025 with a monthly airdrop to the wallets of tron holders that meet their requirement.
However some token has been proven to be fraudulent in the past and a good example is Rarible Token.

Rarible NFT

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This platform was discovered to be fraudulent in that they claimed to give holder of "Rari" who deposit a particular amount into a particular address and exponential return which violate what airdrop stands for,it totally an opposite,they are to give freely (give-away) and not to collect from them.

"Look for example of ongoing airdrop events, make an analysis that prove that the airdrop of your choice is good.

From my personal research from coinmarketcap, I was able to get a comprehensive list of ongoing airdrops and upcoming ones too.

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I opted in for KCCpad airdrop. It's still ongoing with quite a remarkable number of participants. It's slated to end on the 18th of July. Through my analysis,I know it's profitable to venture into based on the information I got from coinmarketcap. The number of token supply look encouraging and the distribution has been flawless since the beginning of the airdrop event.

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"Explain the steps to participate in the airdrop of your choice.
One can participate by following the steps below.
How to participate in the KCCPad airdrop

If you successfully follow the guidelines as mentions,you will earn yourself some free KCCpad token.

Conclusion

Airdrop has been proven to be one of the viable means of promoting blockchain activities especially the one that has to do with newly token or coins that need investors. However due care must be taken not to fall victim of scam all in the name of seeking giveaway in form of coins or token.

CC: @wahyunahrul

#wahyunahrul-s3week3 #cryptoacademy #nigeria #steemexclusive #kccpad #eth #kcc
3 years ago in SteemitCryptoAcademy by
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