Lately you may have been hearing that some users have been given cryptocurrencies for free and, whether you like it or not, everything that is free attracts thousands of users. Cryptocurrency airdrops are an effective way to advertise and generate a new community of users around a project or cryptocurrency.
Airdrops consist of “giving away” cryptocurrencies or tokens as a reward. The most popular network for airdrops is Ethereum because of its ease of creating ERC-20 tokens.
They are an excellent way to attract the attention of many users and make the new project known. Moreover, in this way, they encourage some users to start using the given cryptocurrency, expanding the number of users and, consequently, allowing greater decentralization. Some of the best known airdrops are Stellar, Tron or Uniswap.
Yes, however the way to participate in one airdrop or another will depend on the type of airdrop in which you are going to participate, as there are different types.
Most airdrops notify you with a warning in which they recommend you to have a wallet compatible with ERC-20, since as we have said before, the most popular network for airdrops is Ethereum. However nowadays a vast majority of wallets are ERC-20 compatible so this should not be a problem.
Airdrops are a great marketing strategy to promote a new project. This is why you should be especially careful and not get carried away by emotions, as some airdrops can end up being a scam. Specifically those that require you to contribute in some way either through money or by saying what your private keys are.
Here is a list of some tips to avoid falling for a cryptocurrency airdrop scam
In addition to being a good way to promote yourself, airdrops can also be very useful for getting to know new projects as well as allowing the possibility of making a long-term profit if the tokens appreciate in value over time.