If you have been in the cryptocurrency world for some time, then you must have heard about airdrops and faucets. These are genuine ways of getting free coins that can be exchanged with other cryptocurrencies like Bitcoin, Ethereum, or Litecoin.
How do faucets work?
This is where new or existing services or projects offer to give you very small amounts of free coins. All you have to do is participate or link up with the said services from time to time. Considering the fact that coins attract high fees, your free coins are subject to a minimum withdrawal limit.
You can easily access faucets through mobile apps of specific websites. There are a number of reasons why people issue faucets. This includes promoting a cryptocurrency you are interested in, getting ad revenue, or generating traffic to your website.
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What is an Airdrop?
Airdrop is a process that offers individuals an opportunity to receive free coins from a particular project running different crypto. The whole idea is to help popularize a cryptocurrency project that has just been launched.
This helps the project owners to save on advertising and reach out to a targeted audience within the shortest time possible.
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How do you participate in Airdrops?
There are several things that you must have in order to participate in airdrops. These include an Ethereum-related wallet, an active account, and a social medial account such as Telegram, Facebook, or Twitter.
The reason why you need an Ethereum wallet is that most ICOs normally work with ERCO20 Ethereum tokens. Social media accounts are important because they help you link with various projects as well as share information related to a particular project.
Why can participate in an Airdrop?
The person issuing an airdrop is the one to decide who will take part in it. Previously, the criterion was based on whether an individual owned crypto assets like Ethereum and Bitcoin. But this approach has changed because crypto assets have become more expensive. This has prompted people to look for alternative ways.
One method that has gained popularity involves getting contact details like email addresses that point to Twitter handles, BitcoinTalk, usernames, Telegram among others. Forums such as BitcoinTalk allow you to ask members specific information about the project. It also helps you to know whether the project is genuine so that you can put more effort into getting a maximum amount of airdrops.
How does an Airdrop get to people?
A token airdrop gets to the person who has applied for it when it is directly sent to their email address. It is possible for you to have multiple addresses to maximize your potential. In case you have a downloaded machine wallet, the airdrop can easily be sent there.
What should one do after receiving a crypto asset?
One may wonder what to do after receiving crypto assets. You can either decide to hold on to them for some time or sell them right away. According to experts from SoFi Invest, you should do some research to find out which option will benefit you more.
A coin airdrop is a great way of making money. All you need is to ensure that you are participating in legitimate crypto projects.
