By Natalie Lord
Free money sounds good in any language and any industry, but there seems to be an even greater allure around the possibility of cryptocurrencies landing in your wallet, almost as if by magic, through an airdrop. It seems like a win-win situation for all, but how easy is it to become an airdrop hopeful?
If you want to benefit from the airdrop gamble, you’ll need to start by researching the space and ascertain what airdrops are coming up. You can do this by signing up to online services that provide information about airdrops. These could be websites, online cryptocurrency airdrop forums, relevant Twitter accounts or Telegram groups.
Previously, the only way of keeping up to date with upcoming airdrops was by ploughing through forums like Bitcoin Talk, but the process is now much more straightforward. There are several sites dedicated solely to the pursuit of airdrops, along with various social media channels that report specifically on impending airdrops. Airdropaddict and Icodrops are two of the better known online sites, whilst FundYourselfNow has an ongoing airdrop programme. These sites provide information on any upcoming airdrops, as well as outlining relevant qualifying criteria.
Once you’re adequately informed, the next step is to get a cryptocurrency wallet. A cryptocurrency wallet is a digital wallet that you can use to store, send and receive various cryptocurrencies. It’s different from a traditional physical wallet in that, instead of storing your money, it saves your public and private keys which is what enables you to send and receive tokens. Trezor, Exodus, Ledger Nano S and MyEtherWallet are just a few of the cryptocurrency wallets available.
The majority of cryptocurrency tokens available in the market are ERC20 friendly, so it’s best to get a compatible multi-currency wallet for your free coins to fall into. Once you’ve got your wallet you’re going to need some cryptocurrency to put into it. There are hundreds of cryptocurrencies that will tempt you, but the best place to start is with base tokens. Base tokens are the cryptocurrencies that are the foundation of the crypto space, in the sense that the majority of projects built have been created on top of these tokens or are forked from them.
Bitcoin, EOS and Ethereum are the most common examples of base tokens. They can be found on any exchange and are available almost everywhere. Coinbase is one of the most popular exchanges.
If you’re embarking on this cryptocurrency investment in an attempt to benefit from airdrops, it’s worth bearing in mind that any airdrop tokens you will receive will be in proportion to the stake you hold, that is to say, the number of base tokens you have; so the greater your holding, the grander your potential airdrop success could be. The psychology seems to be invest big for bigger returns.
If the idea of being an airdrop winner appeals to you, you need to subscribe to the game, invest time and money, and hope for magic.