Crypto Academy Season 3 Beginners’ Level - Homework Post for WEEK 3: [AIRDROP - GIVEAWAY IN CRYPTOCURRENCY] by @reddileep for Professor wahyunahrul

reddileep (67)in SteemitCryptoAcademy • 3 years ago

HOMEWORK WEEK 3

Entire Question

What do you think about Airdrop in cryptocurrency?
How can we know about an Airdrop event so that we can participate?
Where are Airdrop events often held?
Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?
Have you ever participated in a cryptocurrency Airdrop event? If so, then explain. Meanwhile, if you have never participated but have heard of the Airdrop event, then explain it. (Show proof with screenshot)
Give and explain an example of an Airdrop event that has passed and the airdrop was successful. Then give one more example that has been proven to be a fraud. (It is not allowed to take the example that has been taken in question number 5).
Look for examples of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good. (Screenshot required).
Explain the steps to participate in the Airdrop of your choice. (Screenshot required).

What do you think about Airdrop in cryptocurrency.png

Airdrop is an opportunity to entice investors by distributing a portion of the tokens for any type of business. Most of the time, token distributors share their tokens without cost. But we have to support their campaign to get the tokens to our wallets. Basically, we do it by joining their Telegram or following their Twitter, Instagram, etc... And also, we can get more free tokens by introducing more users to their campaign. Further, these Tokens can be valuable when they release their tokens as cryptocurrency coins. So, I think it's a better idea to join with some of the Airdrop events. Also, if we want, we can invest too after checking the status of these Airdrop providers.

How can we know about an Airdrop event so that we can participate.png

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Actually, event organizers try to catch more investors and token holders to grow up their Tokens. So, most of the time, we can hear about Airdrop events on Social Media platforms. First of all, they share all the information about the Airdrop event on their official website and then they share it with many social media like Twitter, LinkedIn, Telegram and so on. And also we can hear about them through referral programs and Exchanges. Some of the popular events organized through popular exchanges like Binance. But we may have to invest a certain percentage of money to buy these tokens.

Where are Airdrop events often held.png

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Actually, Airdrop events are like announcements. Because they often try to advertise their tokens among a huge fanbase. So, most of the time those events are held on social media platforms. And also, they are trying to attract token holders by referral system. So, we can hear about an Airdrop event from our friends easily. Further, some of the events often held in popular Exchanges. That is the best and strong way to attract big investors to the Airdrop.

Are all Airdrop events free from scams Otherwise, how can we avoid the scam.png

ARE ALL AIRDROP EVENTS FREE FROM SCAMS ?

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Not all Airdrop events are free of scams. Because, in this digital world, most scammers are growing very fastly. So, they are trying to earn without effort. Therefore, we have to be careful when we choose an Airdrop. Most of the time, They are trying to steal our wallet Active keys. So if we give it to them by mistake we may have to lose all our money in our digital wallet. However, if we want to find out, we can identify scammers easily.

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HOW CAN WE AVOID THE SCAM ?

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In fact, if we look at something with a keen eye, we can recognize it accurately. therefore, we can check the Airdrop official website carefully. Then we can find out developers details, quality of the advertisements and other important information. Specially, we can see spammers often ask for our activation key to issue a token. So, that is totally wrong. We should never give our active keys to an outside party. Because we may have to lose our wallets and all the money.

Have you ever participated in a cryptocurrency Airdrop event.png

Of course, I have participated in a few cryptocurrency Airdrop events. Among them, today I am going to explain my first experience with the cryptocurrency Airdrop events. That Airdrop name was CNG - Casino

Below I have included a screenshot of that Token.

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WHAT IS THIS CRYPTOCURRENCY AIRDROP EVENT?

Actually, the purpose of this token was to create a cryptocurrency for their Casino games activities (Transactions). I still remember that previous year it was a big project. So, I was able to collect 30,000 CNG tokens after a successful KYC verification in the coinsbit.io exchange. Then I had the ability to sell it for between five and ten dollars in those days. But I didn't sell it in the hope that its value would increase in the future. But unfortunately, nowadays, it has lost its value due to the shortage of buyers. Actually, currently, there are no buyers compared to sellers.

Below I have included a screenshot of my coinsbit.io exchange's wallet.

Below we can see the order book of this CNG coin and there are no buyers in this order book

an example of an Airdrop event that has passed and the airdrop was successful.png

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We can see a lot of Airdrops are growing day by day. Among them, 1inch Airdrop is a very successful Airdrop. It is Decentralized and they released that token as an Airdrop In December 2020. Actually, they have distributed 90 million tokens among 55,000 addresses. So, at present, it is trading between 2.4$ to 8$. I think the value of this coin will increase more and more after the BTC Bull run. Therefore, I can identify this Airdrop as a successful token.

Below I have included a screenshot of this 1INCH coin to USDT pair through Tradingview site.

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AN EXAMPLE THAT HAS BEEN PROVEN TO BE A FRAUD

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CORBIT Airdrop is an example of a fraud Airdrop and this Airdrop creators have earned a lot of money through their Telegram and Twitter channel promotions. However, suddenly they have disappeared by removing their details from the website. Even their website is no longer active. So, all investors lost their money and other participants wasted their time. Therefore, we should be careful when we select an Airdrop event.

EXAMPLES OF ONGOING AIRDROP EVENTS

Currently, we can see a lot of Airdrop events is ongoing and below I have included some examples.

ETHPad Airdrop
Baby Shark Airdrop
Bifrost (BNC) Airdrop
KCCPAD Airdrop

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ANALYSIS OF THE AIRDROP I SELECTED

Baby Shark Token Airdrop

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Here I have selected Baby Shark Token as an analysis. Currently, they have allocated 4.7T amount of SHARK tokens. At the moment we can see 261,056 participants have participated in this Airdrop event and below I have explained it in detail.

CLARITY OF THE DEVELOPMENT TEAM

I went through their official website and I found very clear details of their development team. Actually, they have included all the details of their development team including photos, Twitter account, Instagram and email. So, we can get an idea of the Airdrop event at a certain level.

Below I have included a screenshot of the development team

CLARITY OF THE WHITEPAPER

Whitepaper is an important factor when we select an Airdrop. So, here I could find proper and detailed whitepaper through their official website. Here, they have included all the information about their project properly. It is very attractive and easy to understand as it is clear.

Below I have included a screenshot of their Whitepaper

Additionally, I tried to participate in their event and I didn't found any scam activities during the joining progress. Actually, they didn't request my Active key instead of my Public wallet key. I have seen too many times most scammers are trying to steal our active keys. Finally, I can decide this Airdrop is good as a start.

Explain the steps to participate in the Airdrop of your choice.png

I have participated in many Airdrop events. So, here I have chosen another Airdrop event to explain the steps of the participation.

There are few methods to participate in an Airdrop event. Participation methods can be different each other. Because, some of the events, we should introduce someone for the event. Also, for some of the events, we have to follow their Twitter pages or Instagram pages. So, below I have explained my participation through telegram. Actually, it was easy for me.

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I have already joined a reliable telegram group. In this group, admins share some important Airdrop information. So, I can select any Airdrop through this telegram group.

STEP 1

Here I have selected Walux Exchange Airdrop

They have given two methods to participate for this ever. One is Google Docs and another one is Telegram bot. Here I have used the Telegram bot method.

From this Telegram Bot link, I can participate in the event. So, I click on start after clicking this telegram bot link.

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STEP 2

After that, we can see all tasks for participating in this event. We have to follow them and click check.

STEP 3

After following all the requirements, we have to select Join Airdrop (See below-attached Screenshot)

STEP 4

Then they request our Twitter ID or Instagram ID for the verification. So, after typing our username, we can click on send.

STEP 5

Now we can type our wallet address. Here we have to be careful. Because we should remember to enter our public address.

STEP 6

Finally, we can see their congratulatory message. If we did something wrong, we can start again. So, here I have successfully, participated in the Airdrop event.

As I explained above an Airdrop is an opportunity to collect some valuable tokens without investing a lot of money. But the most important thing is we have to be careful when we select an airdrop as they can steal our personal information like wallet active keys. So, if we analyze the event before joining, we can participate in a successful Airdrop event.

This is all about my homework and I really appreciate Professor @wahyunahrul for your valuable lesson and your dedication to creating a very essential lesson for us. This lesson was really familiar for me as I have participated in many Airdrop events.

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