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tradeandholder

9 things you must know if you take part in airdrops

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Airdrops is a crypto trend that is yet to become popular - but what does it mean? In essence, airdrops are free coins given by an ICO or a company with the aim to gain free customers and start building a community. Although the practice is fairly new, there are already "airdrops hunters" who lurk and wait for great opportunities to get free coins.

But there are several things you need to know before you engage in one such activity.

 

Learn about different airdrop types

There are various types of airdrops and every one of them requires something in return, and it’s not money. For example, holder airdrops requires you to hold free crypto for some time.

Also, forked airdrops are the ones you get for free if a platform forks and you get free coins from the forked platform.

Finally, you have bounty airdrops which are the most common ones. In essence, you have to do something to get free coins - register on the website, like a facebook page, share a video on social media, etc.

 

Beware of the scammers

Be wary of scammers as there have been recorded cases of people collecting your private info for the exchange of coins and then just going off the radar completely.

 

Do not pay for an airdrop

Airdrops are supposed to be free, so you should be avoiding any form of payments for these.

 

Do not share your private key

This is the rule applicable across the crypto industry in general. Your private key is your private information and under no circumstances should you share it with somebody else.

 

Use a new email for airdrops

Now, creating a new email address for airdrops is always a good idea in terms of the precaution taken to increase security measures. Ideally, if you have the time to do it, it’s recommended that you make a separate email for each airdrop..

 

Do not use one password twice

This one goes without saying - many people use one password for each their account and that is plainly wrong. Always come up with new and strong passwords - and try not to forget them. In case you are prone to forgetting them, make sure to write them down on a piece of paper.

 

Examine KYC airdrops

In many cases, an ICO requires your personal data and that is okay as long as you actually plan to stick to the ICO and invest in it. However, it is too much of a risk to give your valuable info just for the airdrop. Carefully examine which pieces of info they require and research whether it is safe to apply.

 

Use Ethereum address only for airdrops

Just like using a different email, it is always wise to create a separate Ethereum address that will story only your airdrops. The thing is - all airdrops are based on ERC20 standard which means that they are built on the Ethereum platform. By using a separate address, you will increase your security and minimize the chances of your coins being stolen.

 

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