Introduction
In 2018, a group of cryptocurrency enthusiasts in Venezuela was struggling to make ends meet due to the country’s hyperinflation and economic instability. However, their fortunes changed when they discovered the world of cryptocurrency airdrops.
The group, known as “AirdropVenezuela,” dedicated themselves to finding and participating in as many airdrops as possible. They scoured social media and online forums for new airdrops and even created their own website to share information about upcoming opportunities.
Through their efforts, AirdropVenezuela was able to accumulate a substantial amount of various cryptocurrencies, including Bitcoin, Ethereum, and others. The group’s founder, Randy Brito, estimated that they had received over $300,000 worth of cryptocurrency through airdrops.
The value of the cryptocurrencies they received fluctuated over time, but even at their lowest point, the tokens were worth significantly more than the local currency. For the group, this meant they were able to cover their basic needs and even make some long-term investments.
AirdropVenezuela also used some of its cryptocurrency to support local charities and community initiatives, providing much-needed aid to those affected by the country’s economic crisis.
The group’s success story inspired others in Venezuela and around the world to participate in airdrops as a way to earn extra income and support their communities.
The article you’re reading is about to give you the most comprehensive details on how you too can become or even lead your friends into creating your own airdrop gainers organization. Hop along!
What is an Airdrop?
An airdrop is a distribution of tokens or coins, usually by a cryptocurrency company or project, to the wallets of several predefined users.
Airdrop in its simplest form is when a developer of a crypto platform gives out free tokens or coins usually after you perform very easy tasks.
Its purpose is usually for 2 reasons:
The first one is for advertisement and the second one is to show the usefulness of the token or coin. It is sometimes also used to reward early adopters of the project which serves as a means of marketing.
Airdrops were first introduced in the Blockchain world in the year 2014. It was known as Auroracoin. Auroracoin is a peer-to-peer cryptocurrency launched in February 2014 as an Icelandic alternative to Bitcoin and the Icelandic króna. The creator(s) remain unknown. They stated that they planned to distribute half of auroracoins that would ever be created to all 330,000 people listed in Iceland’s national ID database beginning on March 25, 2014; free of charge, coming out to 31.8 Auroracoin per person.
Auroracoin was created as an alternative currency to address the government restrictions on Iceland’s króna, in place since 2008, which severely restricts the movement of the currency outside the country.
Auroracoin gave the history of airdrops and since then they have evolved and earned lots of people their first crypto and made some cool cash. Despite the fact that airdrop has helped tonnes of persons evolve in the blockchain world, it has also led to the ruin of some persons and that is because these persons ignored the red flags before accepting or participating in the drop. This leads me to my next subheading.
Red Flags To Watch Before Participating in That Airdrop
- The project team:
Are they unprofessional or don’t seem legitimate? Do your research to know the history of the team members. What experience do they have or what influences do they have in the Blockchain sector?
- Does the project have a working product or prototype?
When a project starts asking for too much information like your private key, RUN! They will reap you off of all you have in your wallet. In general, if an airdrop is a scam airdrop, its aim is to withdraw all you have gathered in your wallet. That’s why you must be careful and avoid such airdrops.
- How is the project website?
Does it look like it was made in a hurry? Now the thing with any good airdrop is that they are created under lots of processes. They don’t just happen within a month. It takes a series of procedures and processes to launch an airdrop; so if the website isn’t comprehensive and looks like a copy-and-paste work, you RUN! It’s not credible enough and most likely is a scam airdrop.
- Does the project have an active social media presence or user reviews?
Ask yourself if the community or social media platform looks botted, how engaging is it?
Now, when the risks are out of buying an airdrop it becomes extremely beneficial to the users. Some of the benefits of airdrops will be talked about in the next subheading.
Benefits of Airdrops
1. Airdrop is a great way to get started in the world of cryptocurrency. If you’re new to the space, an airdrop is a perfect way to learn about different tokens and how the blockchain works.
2. Looking for a way to build your portfolio with just a minimal gas fee, airdrop is the answer. By acquiring tokens from a variety of different airdrops, you can increase your chances of making some profitable investments down the road.
3. It provides an opportunity to network with other people in the crypto community. By getting involved in different airdrops, you’ll meet people who share your interest in cryptocurrency and who can help you learn more about this fascinating new world.
Now you know that if you’re the type that likes free money(I mean, who doesn’t) then you know that airdrops will serve as a good beginning. Let’s hop right into the process of participating in an airdrop.
How to Participate in an Airdrop
You’re reading this if you’ve decided to participate in an airdrop or if you like the idea of an airdrop. Learn how to participate in an airdrop in 3 easy steps!
The first thing to do is to create a wallet. This is a digital wallet where you can store your cryptocurrency. There are a number of different wallets to choose from, but my personal favorite is Coinbase.
Second, once you have your wallet set up, you’ll need to register for the airdrop and provide your wallet address. Some airdrops will also require you to complete some tasks, like signing up for a newsletter or following the project on social media. Some tasks are more hectic, but if you trust the project and your chances of gaining the airdrop, you can ape in.
Finally, Once you’ve registered, the airdrop will be sent to your wallet. Be patient—it can sometimes take a few days for the tokens to show up. But when they do, they’re yours to keep!
Good for you, you now know the meaning of airdrops, how to participate, and the risks and benefits of airdrops but you don’t know how to get resources for looking for good airdrops; there are a number of good places to search for good airdrops. Because I’m your Web3 bestie, I had to do the dirty work for you to sort some places for finding airdrops.
- Airdrop Sources
However, it’s a common practice among crypto enthusiasts to always “do your own research (DYOR)” before committing to any airdrop campaign. I would be a very bad bestie if I don’t tell you this.
Secret Hack Most Developers Use on Airdrops
- They create a very good detailed airdrop concept & branding of what they can sell to the public.
- They initiate the use of $5 to participate and be sure of the potential airdrop.
- More than 100,000 Persons participate
100,000 X $5 = $500,000
- They never complete the project or complete the task till the next airdrop bull run
- Rinse and Repeat and they keep getting rich.
That’s why out of 100 Airdrops you do only 3 are valid.
That’s it bestie! You now know everything there is to know about airdrops.
Crypto airdrops are a way for companies and projects to raise awareness of their token or coin. It is also a way to increase the liquidity of their security by giving it away to thousands of different wallets. Though airdrops have value and may be considered free money, there are also significant risks if users are not aware of potential scams related to crypto airdrops.
So always Do Your Own Research (DYOR).
Personal Note From MEXC Team
Check out our MEXC trading page and find out what we have to offer! You can learn more about cryptocurrency industry news. There are also a ton of interesting articles to get you up to speed with the crypto world. Lastly, join our MEXC Creators project and share your opinion about everything crypto! Happy trading!
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