Steemit Crypto Academy Season 3 Week 3 | Airdrop - Giveaway In Cryptocurrency by @wahyunahrul

INTRODUCTION.

I appreciate the steemit team for putting together this beautiful initiative to give us more knowledgeable ideas about the world of cryptocurrency and I cannot forget to appreciate the effort of the hardworking professors who are busy with lecturing and rating students.

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What is an Airdrop.

The first airdrop was the Auroracoin and this coin was created in order to change the bad traditional fiat policy of Iceland at the time, the airdrop happened to be the most eligible way to distribute the first virtual currency to the citizens of Iceland. On the 25th of March 2014, 50% of the total Auroracoin was sent to the citizens of the country, other residents who were able to provide their resident identity cards also received 31.8AUR each.

Airdrop can be described as an activity of giving out free tokens to users who have gone through the complete requirements of the Airdrop process, the main purpose of an Airdrop is to create more awareness for the particular project whose coin is been airdropped. The requirements made for users to be eligible to receive the free tokens are always based on distribution since the main goal of the airdrop (the good ones), is to have more users know about a certain project.

Question 1: What do you think about Airdrop in cryptocurrency?

I think the concept of Airdrop in cryptocurrency is a very great idea to help the visibility of a particular coin or project. It has also enhanced the income pattern of a lot of users, there are some good airdropped tokens that have helped users increase their cryptocurrency portfolio and some people even choose to convert it to fiat in order to improve their standard of living. Airdrop serves as a great tool for attracting investors towards a project, people definitely like free things especially when it does not come with less stress attached to it, announcing these tokens with little effort and a promise of being rewarded is a good way to get the news about the token to the ears of eligible investors.

Question 2: How can we know about an Airdrop event so that we can participate?

Airdrop events can be found on social media channels, there are bloggers who make a living by reviewing cryptocurrency Airdrops and by looking out for appropriately eligible channels we can also get information’s about the next Airdrop. Gone are the days when people had to completely rely on sites like Bitcoin.org in order to get updates about Airdrops, it is quiet easier these days as information on Airdrops are not a form of hidden content on Facebook, Youtube, Telegram and every other social media channels we could think of. Once we figure out these channels, the choice to subscribe to the channels will make it extremely easy for us to get alert about a new upcoming Airdrop.

Question 3: Where are Airdrop events often held?

Airdrop events are often held on the company’s website which will contain every required detail about the Airdrop. Exchange platforms however happens to be the major host for Airdrop events, the exchange hosting that event will be the pathway for users to convert their tokens after a successful ICO, this process will also create more awareness for the exchange involved. During the process of registering for an Airdrop, a wallet address is required and the nature of wallet address required will make it is easy for us to identify which exchange is supporting the project.

Question 4: Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?

As a matter of honesty, most of the Airdrop projects these days are scam projects. The initial emergence of Airdrop made it easy for people to gain profit but bad people have gotten into the system and they are trying to defraud people as they use every process to their own advantage. I will list out the possible type of Airdrop scams and how it can be avoided.

Private Key Scam.

There are certain Airdrops that are created just to get access to the private keys of unsuspecting participants. The process of getting users private keys provides these scammers with the opportunity to steal tokens from user’s account. Every cryptocurrency user can avoid falling into this type of scam by refusing to give out their private keys irrespective of the conditions involved.

Generating personal referrals.

There are certain links that are not in any way related to the Airdrop you are working on, these scammers usually use the link as a way of generating more followers for themselves and it is basically a waste of time. Whenever there is a link directing you to a different topic during the process of an Airdrop, it is usually wise to discard such information.

Winning the heart of investors.

Most Airdrops want to win the heart of major investors and then scam projects will definitely take the investment from major investors as an opportunity to stop the project and make huge profit from it.

Identity theft.

This is also a very bad method of scam used by Airdrop creators, they choose Airdrop channels to get the information on various users and then they may choose to sell the data or even use it for very terrible fraud related activities.

Question 5: Have you ever participated in a cryptocurrency Airdrop event? If so, then explain. Meanwhile if you have never participated but have heard of the Airdrop event, then explain it. (Show proof with screenshot).

There are different types of airdrop, while some will require that participants perform simple tasks, others will simply give out some extra related tokens to the holders of the initial token and this method is called the Holder’s Airdrop. An example of the Holder’s Airdrop is the distribution of BCH tokens.
The Bitcoin Cash Airdrop took place in 2017, it was launched on the Coinbase exchange platform. Bitcoin Cash (BCH), occurred as a result of the hard fork that took place on the 1st of August 2020 and users will receive BCH tokens according to the amount of Bitcoin they had in their possession during the period of the fork. A lot of Bitcoin holders gained massively from this Airdrop and they were not required to broadcast or tweet anything, the simple eligible requirement was that they should have some amount of BTC in their wallet.

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It must actually be mentioned that Bitcoin Cash (BCH), was created as a result of the Bitcoin hard fork which gave birth to a new block, By November 2018 Bitcoin Cash was further even divided into Bitcoin Cash and Bitcoin SV.

Question 6: Give and explain an example of an Airdrop event that has passed and the Airdrop was successful. Then give one more example that has been proven to be a fraud. (It is not allowed to take the example that has been taken in question number 5).

An example of a successful Airdrop event that has passed.

The Minereum Airdrop from history is the most valuable airdrop that ever existed, it happened way back in 2016 when a good number of us did not know about Airdrop yet. Some Airdrop hunters at that time received 32,000 worth of MNE tokens and the price of the token skyrocketed to a whopping $440,000.

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I read through the requirements for participants to get rewarded for the Airdrop and I found out that, interested users were only required to submit their wallet addresses and users who were interested were permitted to submit more than one ethereum address. Funny enough, this Airdrop did not demand users to refer anyone.

An example of an Airdrop event that has failed.

An example of a one-time Airdrop whose website seem to have disappeared after what I will like to call the unsuccessful attempt they had, is the Bitparadise Airdrop. The verification process of this Airdrop was rejected by Airdrop alert because they had the profile of their team members hidden and their whitepaper was also incomplete which is one of the strong loopholes to look out for while trying to get an eligible Airdrop.

The website to the Bitparadise Airdrop is no longer available (One common trait of failed Airdrops), the process of getting the Airdrop involves:
Chatting with a Telegram Bot
Completing the verification captcha and choosing a preferred language.
Submitting an ERC20 wallet address.
Signing up to the official website which is no longer available.
Then joining Telegram group and channel.
There was also a $1 reward per referral gotten.

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Through my research, I was unable to get the reason why this specific project was a failed one we only know that it disappeared into thin air after some time.

###Question 7: Look for examples of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good (Screenshot required).

As much as one cannot completely ascertain the future of an airdrop, that does not mean we should not try our hands on those ones that comes around. While searching for Airdrops, I came around BITMINE Airdrop and I immediately went ahead to read the whitepaper which expressively contains the mission and the vision of the project and how much they will have distributed at the end of the Airdrop.

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I checked out the task required before we got the Airdrop and then found out that we were only required to fill out little information which was not put us in any form of risk whatsoever. No details on personal transaction was requested and the form was very understandable.

If this Airdrop turns out to be a good and successful one, then I should be expecting about 200BMF tokens in my wallet address.

Question 8: Explain the steps to participate in the Airdrop of your choice. (Screenshot required).

Participating in this Airdrop involves very simple and easy processes. We were required to fill out the form shown below.

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After I have filled out the form with the appropriate response, following the twitter handles where necessary, I received a feedback that my response has been submitted successfully and definitely I would have to wait until the end of the Airdrop in order to receive the promised token.

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Conclusion.

This was quiet an educating topic and I appreciate professor @wahyunahrul for helping us have an extensively increased knowledge on the topic.