Steemit Crypto Academy Season 3 Week 3| Airdrop- Giveaway in Cryptocurrency.
Hello fellow steemians, it's another great and wonderful week and I'm here once again to submit my homework post for the lecture by Professor @wahyunahrul. Thank you so much for the great lecture Prof. I really appreciate your support as I have been able to learn a new way of earning rewards without investing my capital.
My homework post is below.
Cryptocurrency airdrops are typically a marketing strategy that uses the free distribution of new cryptocurrency tokens to increase visibility and quickly build a community.
Airdrop help to give value to tokens early when recipients can begin exchanging their tokens. Therefore, there have been intances of most startups hoping to start crypto projects often use airdrops.
News of the upcoming airdrop is usually posted on the project's encrypted website or media page. Sometimes, this news are shared by a third-party airdrop tracker, and shared on social media platforms that many crypto enthusiasts can view. The airdrop usually involves a small amount of newly created cryptocurrency and it is aimed at members of selected blockchain platforms. For instance, crypto startups can send coins to wallet holders from Ethereum or the Bitcoin network.
In some cases, the company can design their system in such a way that the recipient may need to own a specific token or better still maintain a minimum balance to be eligible for the airdrop.
In other cases, users may need to perform small tasks such as posting about a project on social media in order to obtain rewards. Most cryptocurrency enthusiasts, especially those who have few cryptocurrencies mostly tend to like airdrops simply because they treat them as free funds. In other intances, these free funds can appreciate or grow over time, providing huge returns with zero capital.
Initially, airdrops generally bring more benefits to the company that owns it but but users who receive this free tokens will occasionally receive hospitality as time goes on. This is a scenario of a win-win situation to both the issuing company and the user.
Mostly investors who are willing to participate in airdrop events are mostly admonished to look out for informations about them.
In this our modern world, information grows and travels very fast. So one way we can look out for upcoming airdrop events and also airdrop events that are currently ongoing. We can find them in news. Because this companies are business minded, they always disseminate this news using popular social media networks or better still most visit sites. An example of news about airdrop events is shown below;
One can also get to know about existing and upcoming airdrops through the marketcap application. An example of airdrops from market cap are shown below:
Most issuing companies who are the owners of most airdrops usually make good use of our social media platforms and other reputable and most recognized websites that people usually visit.
This companies usually use social media platforms such as Instagram, Facebook, Twitter and Telegram. Other Airdrop events can also be held in most recognized websites. Most Airdrops companies also spread the news into communities with large number of followers.
The issuing companies always try to share the information to its community. They do this through their social media platforms or network, also on their websites.
Another thing is that, airdrop events are also held on exchanges. One of the exchange that you can find Airdrop events to participate in is the Binance exchange. The coinmarketcap is also a place we can find airdrop events and participate in.
The answer to the first question is NO. Not all airdrops events are free from scam.
Scammers are so wise to the extent that they manuver their way to find different ways in order to get hold of users coins. Scammers always trick users and present themselves as investors and buyers of cryptocurrency.
Most of this users normally do not realize that they are scammed until when the damage is already caused. It is then that they will get to know that the airdrop activity is suspicious and false.
There are different kinds and types of Airdrop scam. A few of them is briefly elaborated below;
- Private Key Scam: When it comes to cryptocurrency wallet, the user private key is the most important key. The user should make sure not to disclose it to a third-party.
Under no circumstance will any legitimate or concrete airdrop activity will ask you to provide your private key, the only thing they will require from you is that, they will only ask you to provide your public key. Disclosing your private key to a third-party is like giving out your wallet account to the hackers.
Whenever someone ask for your private key the first thing that should come into your mind is that, they have intentions of deceiving you.
- Information Gathering Scam: Among the various ways of Airdrop scamming, this is by far one of the most common airdrop scams.
Scammers often trick and deceive users into providing their information. The information they usually take are their social media information, wallet address, and email address.
Some of the ways in which users can avoid scam are;
Never share your private key with any third-party no matter how they try to convince you.
Do not donate, send or pay for any airdrop event. Airdrops events are totally free and it is not monetize.
Every user should try to create a special email purposely for your airdrop account.
Try as much as possible to use different passwords as well as very strong passwords to avoid hacking.
We should always use authentic and reliable sources when making our research on airdrop events.
This is not my first time of hearing about crypto airdrop. I have heard about it through a friend but I have never participated in it.
First of all, I have a fair knowledge of where we can find airdrops which are currently ongoing. My friend convince me to join but I was so busy that I couldn't join and participate in this Airdrop event.
The airdrop event he told me about was the ELONDOGE airdrop event.
The main aims of this project is to compensate people who are following Elon Musk and as well as the Dogecoin project.
Just like other airdrops, the EDOGE is a utility token used to fund the startup of NFT machines. The latter will have to create NFTs for Elon Musk and Doge as a cultural proof.
After participating in this project, the participants, Elon Musk and the Doge company will all benefit.
Ethpad airdrop is proven to be a successful Airdrop. This project started on 5th July, 2021 and ended on 15th July, 2021.
The ethpad had a total airdrop amount of 4,200,000 ETHPAD. A total number of 273,268 people participated in this airdrop event. After the event, there was a total of 2,000 winners.
Automata airdrop is proven to be one airdrop which is not successful but a scam. Below is a screenshot of people comments on one of Automata's websites.
Airdrop events can be found in the coinmarketcap.
The steps to follow in order to locate the airdrop events in the coinmarketcap is shown below:
Visit the official site of the coinmarketcap using any search engine.
If you are using your mobile phone just like am doing, you will see something like this. Click on the highlighted menu.
- Click on calenders
- Click on free airdrops as shown below
- You will see the current ongoing airdrops with their respective number of participants.
- I will choose the KCCPAD airdrop event.
The KCCPAD airdrop is one of the ongoing airdrop events on the coinmarket cap. It has the highest participants among the ongoing airdrop events.
KCCPAD airdrop has a total amount of 4,200,000 KCCPAD. They are currently having a contract with Binance Smart. The value of this airdrop is much convincing to participate in.
1KCCPAD currently buys at $0.04355. Since its launched, the lowest value reached by this airdrop was $0.0433 and the highest price reached was $0.06119.
At the time I was taking the screenshot below, KCCPAD was dropping in value by 21.81% within the last 24hrs. KCCPAD has a market cap of $1,097,611 and a fully Diluted market cap of $43,820,591. Also, the volume of this Airdrop within the last 24hrs is $607,299.
Since this airdrop is supported by coinmarketcap, it shows its eligibility. The number of participants also give me a hint as to which airdrop to participate in.
Also, the current price of the Airdrop should also be a deciding factor as whether to join it or not. We all are joining the airdrop event to make profit, so it's advisable to join an Airdrop with a high value.
Although the airdrop is free, you need something to participate. The following are the conditions you need to meet in order to start using airdrops:
- Cryptocurrency Wallet: You need to create a privately owned digital wallet to store your coins safely. An important reason for doing this is that, you can never fully trust a third party to ensure the safety of your coins.
You must create your own cryptocurrency wallet that you own and manage. One of the most trusted and safest wallet is the hardware wallet, the hardware wallet is a physical device for storing coins.
- Valid Email Address: In the authentication or validating of the account, most airdrops will always require you to register or open an account with them with an email address or sometimes request a whitelist.
Also, an email address is an important requirement (compulsory) when registering for the exchange.
For me, I will advise that if you want to focus on earning airdrop tokens, it is convenient to have an email address dedicated purposely for airdrops.
Social Media Accounts: Among the various airdrops, some airdrops require you to share the items on your social media accounts before you are considered eligible for airdrop coins. The scope of operations may include tweeting and sharing project-related posts on Facebook. In return, you will receive free airdrop tokens.
Comply to the deadline: The registration of the airdrop whitelist usually has a deadline. Make sure that you have completed the registration and met all requirements by the stipulated deadline. Usually it is not uncommon or sometimes very rare for a project to initiate multiple airdrops.
In the previous question, I chose KCCPAD airdrop as the airdrop I would love to participate in. In the coinmarketcap, there is a place you can join the event. Below is a screenshot of the requirements they asked before I can join the event.
coinmarketcap
They asked for my email and password first.
After joining, they asked me to fill in the following;
Binance Smart Chain Wallet Address
Twitter handle
Telegram handle
They also demanded me to follow their social media platforms.
After following and providing the requirements, you can now join and participate in the event.
Airdrop is very important in Crypto Currency in such a way that, it gives new users the opportunity to participate and earn some reward after participating.
It also enlighten the user about the crypto world and how Crypto Currency works.
Thank you
Hi @lukman1, thanks for your effort sharing your lesson with us. All the best.
My best regards!
Thanks boss. I'm always grateful for your support 🙏