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What exactly are crypto airdrops?

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Crypto airdrops are a very interesting concept in the cryptocurrency world and not something new. They are essentially a promotional event where a cryptocurrency project distributes its currency for free in order to inform people about their currency.

Whenever a cryptocurrency project is going to do an airdrop, it announces it on social media platforms or through emails so that the news can reach as many people as possible. For example, if a project called "ABCcoin" is launching its cryptocurrency and wants to promote it by distributing 1000 coins for free, it will first make an announcement.

It can announce the airdrop on popular social apps like Twitter and Telegram through tweets or posts. Here they will guide interested people on what they need to do to participate in the airdrop. For instance, providing their crypto wallet address, filling out an online form, or completing some other activity.

Emails are also an effective way to directly notify those people who have already signed up with the project. In this way, the announcement keeps circulating through different platforms, especially social media. Then people participate and get the project's coins for free.

Just like there are people who try to benefit from everything, there are many in the crypto world too who try to scam others and cause harm. But we can save ourselves from these scams with wisdom and vigilance.

The most common scam is sending phishing links in the name of airdrops. Through emails and websites, they steal people's data and crypto coins using these phishing links. For example, a scam where they ask for wallet seed phrases to transfer people's coins.

Another scam is where people distribute fake coins in the name of bogus airdrops and then sell those coins to commit fraud. These are unknown developers who don't share whitepapers or verified documents.

To save yourself from these, researching authentic projects and their history is very important. If the developers reveal their background and work then there is less risk. Apart from this, every deal should also be analyzed properly and no one should be trusted blindly in the crypto world.

Regulatory authorities like the SEC should also be followed as they keep issuing alerts about fraud cryptocurrencies. It is also very important to keep your data secure and be extra careful when sharing.

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Have you ever received any crypto airdrops?

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No, I have never received any crypto airdrops. In fact, I rarely participated in many airdrops. I had high hopes especially from SUI coin but they never did the airdrop. I remember spending a lot of time completing tasks for it and I was very disappointed when the announcement was made on their official Discord server that they won't be doing any airdrop. After that I never participated in any other airdrops.

However, I occasionally see screenshots in crypto groups of people receiving airdrops. I'm sharing below one such screenshot posted by someone named Zeeshan Marwat in the Facebook group "CryptoCurrency Pakistan". He received a PYTH Network airdrop worth almost 40K USDT at that time. From all the people I've seen getting airdrops, this was the biggest one received by Zeeshan Marwat. I guess he was very lucky.

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^{Screenshot Captured From Facebook}

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What are the pros and cons of crypto airdrops?

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Pros

• Airdrops allow you to invest for free in new cryptocurrencies. You can profit if their value increases.

• Airdrops are also a great way to learn and understand more about cryptocurrency. Because for participating in any airdrop, you have to complete some tasks. This increases your awareness about such projects.

• If you're lucky, you join valuable projects early on as an early investor. This can benefit you in the future.

Cons

• Not all projects have potential. If the projects fail, the airdrop coins have no value.

• Some can actually turn out to be scams. Many times projects also have a data collection agenda through airdrops.

• You have to do lots of clicks and activities to earn some coins. You can get tired of these complicated tasks, become demotivated, and stop participating.

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I trust that you found the information in my article to be valuable. 😊

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^{I would like to invite @abdullahw2, @aaliarubab, @artist1111, @sualeha, @wilmer1988, @muzack1 and @kouba01 to join this contest through this link, if they have not already taken part in it.}

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^{Author: @waqarahmadshah | Date: 01-Feb-2024 | Achievement 1}