In light of this, we present to you an extensive review of the crypto airdrop niche, which highlights viable airdrop channels, to help you navigate this tricky landscape. Also, we will introduce you to the integral factors that should guide your research on the best cryptocurrency airdrop channels and websites.
What Is Airdrop Cryptocurrency?
Airdrop is a popular marketing strategy in the crypto space, which startups and development teams use to distribute a portion of their tokens to create buzz for their projects. In other words, developers can handpick crypto holders, based on their activities in the crypto community, and decide to send tokens that are at the ICO stage to their wallets for free.
In the basic form of airdrop schemes, it is a marketing instrument that avails a win-win situation for all the parties involved. For one, the recipient of the free token has a chance to pay nothing for a token that could go-ahead to increase in value when it lists on an exchange. Likewise, there is almost a guarantee that the airdrop benefactors would take the time to read more on the token received as well as its specific use cases. And in turn, they could choose to invest their time or money in the project – that is, if it seems viable.
Apart from the above-mentioned benefits of airdrops, there are cases where offering airdrops availed an avenue to ensure that the concept of decentralization has a root in the token’s blockchain network. Note that some teams are aware of the consequences of concentrating their coins to a few investors. And so, they combat this security threat by distributing tokens to random cryptocurrency holders to boost the decentralization of the blockchain.
There are various ways crypto holders can partake in token airdrops. The first is what some experts refer to as “holders” airdrop, which only requires recipients to own compatible wallets and coins of an established blockchain. In this variation of airdrop schemes, teams use several criteria to pick random winners. And depending on these criteria, the amount they send to each wallet may differ.
For example, an airdrop enabler might decide to target individuals who own Ethereum and distribute tokens according to the volume of coins each qualified recipient holds. We have decided to use Ethereum as an example because people who own this coin have a higher probability of receiving free tokens. This notion holds as the Ethereum blockchain facilitates the ERC-20 token standards, which many startups adopt. Regardless of this, anyone who owns the coin of an established blockchain is eligible to benefit from airdrops.
The second variation of the airdrop mechanism require interested people to carry out simple tasks to earn free tokens. For instance, the terms and conditions of the airdrop may urge participants to fill a form, join a channel, or register for news feeds to qualify for giveaways. You might need to submit your email address and public address. Also, some startups ask participants to share referral links with friends before they can win airdropped tokens.
Airdrops VS Bounties
These two marketing instruments look to generate similar results, as they try to get more people involved in a nascent project. However, the way they go about this is different. While the airdrop model offers free tokens for doing little to nothing, bounties, on the other hand, are intense. A bounty might entail interested people to carry out specific tasks relating to the promotion of the brand facilitating the program. In essence, you might need to tweet contents promoting the project before you can win the bounty prize.
Having explained the fundamentals of airdrops as an instrument to earn free tokens, it is also crucial to mention the risk associated with these crypto schemes. Needless to say, nefarious entities are looking to capitalize on people’s quest to make free money, which is also true for cryptocurrency airdrops. In the next section, we will identify common ways crypto scammers might utilize airdrops to propagate their scams.
How Crypto Scammers Utilize Airdrops?
The Pump and Dump Scheme
For those who are not new to the crypto space, the pump and dump scheme is an all-too-common strategy that has helped scammers make easy money from fake projects. Here, an illegitimate individual, or group of miscreants, introduces a project and its token, distributes it to participants to boosts its visibility in the crypto community, and sell off their holdings as soon as they get the token to feature on crypto exchanges. As such, the value of the token peaks for a limited time before crashing to a zero valuation, never to be heard of again.
Considering how difficult it is to spot these projects, pump and dump projects have fooled lots of airdrop enthusiasts. The most viable way to spot this project is to explore the team’s reputation and credibility and examine the solution’s whitepaper. More often than not, instigators hardly put effort into ensuring that their whitepaper clogs all the loopholes that might give them away.
Private Key Scams
While it is okay for airdrop facilitators to ask you to submit your wallet’s public address, there is, however, no reason why they should request for your private key. Unfortunately, individuals who are not too conversant with the importance and sensitivity of private keys fall into scams that trick participants to reveal their private keys all in the name of earning free token. Note that requirements urging you to revealing personal and sensitive information is a clear indicator that the airdrop is an illicit program.
Information Tolling Scams
Some scams use airdrop schemes as cloaks for an information tolling program. In this case, a non-existential project promises to offer free tokens in return for filling a form that entails you to submit your email address, your wallet address, your usernames on popular social network channels, and so on. However, the main aim of these entities is to gather as much information as they can and sell it to third-parties or scam propagating groups. As such, immediately you fall for this farce, you become a prime target for spam emails and unsolicited advertisements. To fish out these scams, you should ensure that the startup sponsoring the airdrop program is a legitimate company with real tokens. You can do this by checking the credibility of its website.
Hijacked Airdrops Schemes
In some cases, third-party entities with referral links create and propagate channels where participants can claim airdropped token with additional conditions. For instance, a legitimate airdrop may require interested crypto holders to fill their public address only, while an intermediary could add one more condition. This additional clause is almost always a requirement to follow or join a social network group that is not affiliated with the original startup. In essence, these scammers look to capitalize on the popularity of legitimate airdrops to create buzz for their projects. To circumvent these scams, ensure that you only follow or share links of social networks and websites that have a connection to the startups offering airdrops.
Owing to the risks associated with airdrops, it is imperative to rely on viable websites and channels that have a reputation of not only broadcasting the latest airdrops but also providing information, which might help you research tokens. As straightforward as this is, it is a daunting task and might entail that you consider integral factors that showcase the quality or unreliability of channels where you can access instant airdrop services.
What Are the Factors to Consider When Looking to Choose the Best Cryptocurrency Airdrop Website?
The Reputation of The Airdrop Platform
Reputation is an important criterion that you ought to research. By doing so, you get to determine the website’s propensity to broadcast fraudulent giveaways. You can check popular crypto forums and an unbiased review website like ours to access information regarding the integrity of airdrop sites.
How Often the Platform Updates Its Websites to Showcase the Latest Offerings
To stay ahead of the already congested pool of crypto holders vying for airdrops opportunity, you should only opt for platforms that know the importance of providing the latest airdrops to users. Adopting an airdrop channel with stale listings is detrimental to your chances of becoming a recipient of free tokens. While researching these platforms, we suggest that you verify the disparities between the time the airdrops feature on the website and the date when startups officially announced their giveaways. With this, you can gauge how long it takes the channel to update its users on new airdrops.
The Type of Airdrops Found on The Platform
If you happen to notice that a majority of the airdrops listed on a channel are suspicious, then we advise that you boycott such an airdrop website. Simply put, channels that fall under this category are not doing enough research before introducing users to airdrops. Also, such channels may be affiliated to a network of scammers since it has refused to filter the projects that feature on its site.
The Availability of Information Regarding the Backgrounds and Goals of Startups
It is imperative to only consider airdrop websites that offer details of startups and the use cases of their tokens. Recall that we mentioned that the only way to profit from airdrops is if the tokens eventually experience an increase in valuation, which is a function of its utility. Therefore, the short overviews accompanying these airdrops announcements are the ideal bedrock to base your research on. We suggest that you choose airdrop channels with extensive details about the parties involved in the giveaways and provide links to sites and social accounts, where you can verify their credibility.
The Loading Speed and User Experience of The Website
For a website that houses a lot of information and updates itself regularly, its design, layout, and infrastructure ought to allow smooth navigation and boost its loading speed. In essence, we advise that you take the time to explore the platform under consideration and determine whether it has all it takes to provide fast and visually pleasing websites for its users. Also, consider the number of ads and popups on the channels and how it affects your experience while using the platform.
How Did Cryptolinks Compile Its List of The Best Cryptocurrency Airdrop Channels?
While tapping from our vast experience with airdrops, we at Cryptolinks carried out extensive research on airdrop channels and picked the ones offering top services. As always, we performed microscopic analysis of each platform, which bordered on an organic research approach that sidelined biased sentiments. Also, in a move to ascertain the viability of these websites, we ensured that each airdrop channel fits into the recommendations listed in this guide.
Hence, we examined the reputation of the websites mentioned, as it helped us gauge their standings in the crypto community. Furthermore, we considered the propensity of the channels to update their sites with the latest airdrops as at when due. Next, we assessed the credibility of airdrops accessible on each site. This aspect of our research dwelled on the measures that these channels take to reduce the number of scam airdrops that feature on their list. As expected, this led us to review the quality of airdrop details made available to visitors. Here, we verified that the platform had done enough to provide the information to help users assess the viability of airdrops.
Lastly, we analyzed the user experience and the loading speed of each website, as it determined how much visitors enjoyed their stay. In the end, we found 9 crypto airdrop channels that deserved a mention on Cryptolinks. It is advisable to read the reviews attached to each before making up your mind.