If you are in the crypto space, the term “airdrop” will be very known to you. Assuming that you do not know what an airdrop is, it is one way to get free cryptocurrencies.
If you cannot invest in cryptocurrencies because you do not have the money, airdrop is a way to earn cryptocurrecies without much effort.
What is Airdrop?
An Airdrop is a event where a crypto project gives out some free tokens. Usually, they want you to follow their project on social media and in return they give you tokens. You sell those tokens for Bitcoins, Ether or any other digital asset when the token is listed on exchanges.
The good thing about crypto airdrops are that you have nothing to lose. You lose nothing because you did not invest any money.
List of Sites To Hunt for Tokens
If you are interested in upcoming tokens airdrops, here are some links that can help. You should bookmark and check them regularly for new airdrops.
https://coinmarketcap.com/airdrop/
Just remember that many airdrops would not be fruitful although few may be very profitable.
How To Avoid Airdrop Scams
Even though airdrops are easy to make money with, some malicious players might try to scam you in through them. We shall now look at different types of airdrop scams. Knowing them will help you avoid them.
Private Key Scams
These airdrops are designed to get your private key and then they steal funds from your wallet. An airdrop Should never ask for your private key. They only need the public key to send you the tokens. If a project is fishing for private keys, it is a scam.
Deposits for Token
This is a hallmark of scam airdrops. You’re dealing with fraudsters if an airdrop demands funds from you. It is also a way to scam people who are new to cryptocurrencies. Airdrop means you will get free tokens and if you have to pay for them, it is not an airdrop.
Identity for Token
Some scam airdrops gather KYC data which they might sell on a later. In order to qualify for an airdrop, they may ask participants to pass through KYC. These types of scam are difficult to recognize because you never know their reason for collecting data. You have no way of knowing. Study the project carefully before opting for such airdrops.
Link For Token
Some airdrops may ask you to signup on different sites using their referral links. Consider such airdrops scams because doing such tasks isn’t what a serious project would demand.
Finally, avoid these scams airdrops and invest your time only with legitimate airdrops with the hope that some of those free coins would be worth hundred of dollars down the line.