What is a Crypto Airdrop and How Does it Work?

dr.Gachet

dr.Gachet

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Jun 18, 2018
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Today to be a crypto enthusiast is trendy and expensive activity. An ideal solution to avoid paying for tokens is a Crypto Airdrop, when a blockchain project or ICO distributes free tokens or coins to the crypto community. In this article, you will find out how take advantage of this 'blue-light special'.

How to Take Part in Crypto Airdrop
To take part in an Airdrop you will most likely need the following tools:

  • An Ethereum Wallet. And not one that is on the exchange, but personal address that is ERC20 compatible, since most distributed tokens are ERC-20 tokens. To get started immediately you can use MetaMask or MyEtherWallet, but in the long-term I always recommend getting a hardware wallet like the Ledger Nano S.
Crypto Airdrop.jpg

  • Your Ethereum Wallet Must be ACTIVE that is, you have to show at least some human use of it. Airdrops have checks in place to ensure that you aren’t generating a bunch of addresses to obtain more coins. Sometimes coins are sent to purses that satisfy some more stringent conditions, for example, with a certain type of balance.
  • A Telegram Account. Telegram is the most frequent chatting tool for many of ICOs. As the coins want to boost the audience count you may be asked to sign up for their telegram channels. Until you receive the coin in your Ethereum wallet, do not leave the Telegram accounts or you risk disqualification for the airdrop.
  • A Twitter Account. There is the same reasons behind the Telegram account, you may be asked to follow them on Twitter and even to retweet some tweets.
  • An Email Address. Some airdrops can ask for your email. If you do not want to give you email address, create a separate one for airdrops

Tokens Withdrawal

Usually, you can receive tokens 1-2 months after the end of the token distribution. The fact is that an Airdrop is usually conducted before or at the same time with the token sale — and, the tokens you received can not be used until the end of the token sale. To check your wallet info you can use the Etherscan service — just enter the ETH-address in the search field.
ethercan1.jpg

Circled in red is the area on which you should pay attention: if the token is already available in the wallet, it will appear in the drop-down list of Token Tracker. Red area is surrounded by the area, on which you should pay attention: if the token is already available in the wallet, it will appear in the Token Tracker dropdown. If this field is empty, then you have not received tokens yet. Once the tokens will be received, they can be withdrawn through services like My Ether Wallet (MEW). You just need to access your wallet (through MetaMask, Ledger Nano, or some other way) and pick out the token you want to withdraw.


How Not to Be Scammed

With the tantalizing promises of free coins, it’s very easy to become a victim of scammers. Here are some tips to avoid getting scammed:

  • Never send a private key from your wallet to anyone. If someone needs to check your balance, he will not need a private key -- this can be done via many tool like Etherscan.
  • Don’t send any money to any addresses. Remember that Crypto Airdrops are always free. Sometimes you need to have some coins in your wallet, sometimes the token will come without any conditions, but you will never be asked to send money.
  • Always Check Official Sources. If the token founders is actually doing a free distribution of coins, most likely they will announce about the Airdrop on its official social media accounts — check there to make sure that the airdrop is official.
 
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