What are Airdrops and how can you take advantage of them?

What are Airdrops and how can you take advantage of them?

First of all you may be wondering, What is an airdrop anyway?

An airdrop is basically a few free tokens/coins and it is usually used as a way to promote a new Ethereum token (and sometimes other types of coins too). You may be asking yourself, why would someone be giving away something for free, isn't that free money? Well there are a few reasons why this may be done. First of all it is a good way to promote an upcoming launch of a product or ICO and get a lot of hype around your brand while spending very little in marketing dollars. Another benefit of giving out free tokens is that your newly created token will start to circulate within the cryptocurrency community, effectively building a user base.

Why should you care?

If you are new to the crypto world and do not want to spend a lot of money in buying tokens, but wish to get your feet wet this is a great way to start. You can also use these tokens (assuming you have some Ethereum handy) to learn how to use some Decentralized Exchanges such as EtherDelta or ForkDelta.

Can you actually make money from these airdrops?

The quick answer is yes and no. If you are lucky you may get the next big token thats shoots to the moon, but typically airdrops will start off having a value of a few cents. There are a few examples where the airdrops were quite profitable for those involved. Polymath for instance, recently had an airdrop where they distributed 250 POLY tokens to anyone who completed their KYC in time. These tokens were worth over $2.00 USD very shortly after the drop was completed, meaning thats over $500 worth of free tokens!

Another example of a very profitable airdrop was the DECRED airdrop. 50% of the DECRED pre-mine was distributed to Airdrop participants. Each participant received a minimum of 258 DCR coins. In 2018, DCR coins have hit an all time high value of over $123 each. If you were to obtain those and sell at that high price, you would have made over $31,000. Now you are probably wondering how can you get some airdrops for yourself? One easy way is to join up on Earn.com. You will earn some free bitcoins for joining the airdrop in addition to the free coins themselves.

Article Produced By
Moses

https://steemit.com/airdrop/@mosescrypto/what-are-airdrops-and-how-can-you-take-advantage-of-them

Leave a Reply

Your email address will not be published. Required fields are marked *