Hello everyone. I am very thankful to professor @wahyunahrul for this amazing and informative lecture. After reading lecture, now i am going to do my homework task.
Question 1) What do you think about airdrop in cryptocurrency?
Whenever a new coin is introduce in the market, the company adopt different strategies to promote this coin among the people. One among those strategies is airdrop.
Airdrop is a way to let the people know about any new coin. In this strategy, the company transfer the coins for free to the some selected users. But this is not done for all the people in the network. Some rules and regulations are there to follow by all the users.
Because of airdrop strategy, the people get familiar with the coin and start investing in that. The more the users get familiar with airdrops, the more they would search and invest in that coin. The more the people invest in coin, the more the value of coin rise will be.
But you should be aware of fake airdrops. The real airdrops are sent to investors for promoting the coin freely. They do not earn anything in return for those airdrops.
Purpose of airdrops.
The project teams adopt this strategy to promote the coin. They send the coins freely at first so that later on, they can get a big investment by the people in their coin.
This is a way of publicity of your project.
A strategy to let the people know about the new coin. The people search in depth about the coin and then invest in that coin. So the market value of coin raise.
Get the people attention toward the coin.
Rules and regulation
The key drops are not sent to all the investor on the network. Some people are choosen on the base of the special criteria. The coins are sent to their wallet.
You should have a good promotion advertisement idea for that coin. You need to promote that coin on social platforms.
Question 2- How we can know about an Airdrop event so that we can participate
There are some sites from which you can get news about the airdrops. The airdrops have their own rules and regulation and by following them, you can participate in airdrop events. Moreover, you can get about the airdrop event on coinmarketcap. This is a platform where you can perform the transaction of coins and can earn the income. Here you can get news about the new airdrops event too.
To get news about the new airdrop event, visit the airdrop.io
Go to coinmarketcap. Click on calender and select the free drops from drop downlist.
There is proper way to participate in airdrop events. The rules are given when you click on these airdrop events to participate.
Moreover some other sites such as airdropalert.com are there to provide the user the link about the airdrop events
Moreover, the tweeter is a biggest source to get to know what new things have been introuced in crypto market. You can get about the airdrops from tweeter too. The other social platforms such as Facebook, Instagram etc can also be helpful to know about airdrop events. Just search those airdrop events and fill the registration form to participate before deadline.
But there are some rules to participate in any airdrop event. The first and the most important is you must have a wallet. You can hold your assets on exchange platform too but the now as much secure as the wallet is. In your wallet, only you can access your funds. Moreover, you need to have a verified account. The basic purpose of the airdrop is the promotion of coin. So company ask you to promote the coin on social sites. You need to make a post and share it on social sites. This is also counted as a rule to participate in airdrop events.
Question 3- Where Airdrop events are often held
The airdrops are usually held by the crypto companies for the promotion of their coins. These airdrop events are held on the official websites of those companies. You can get about those events through social media or through the official website of that coin.
The airdrops are held on the social sites so that the users get to know about them. The facebook, instagram, Tweeter etc are the platform where you can get the information about the airdrops which are going to held. Search with the tag airdrop and a list of airdrop which are there will be shown. But you should be very careful while adopting the airdrop. Because there are good and some fake airdrops. On the user side, as i mentioned above, the wallet is require for an airdrop event.
Question 4- Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?
Some airdrops are actually scams. The purpose of those airdrops is to get access to the private information of user. These get the private keys and can get access to the funds of user. So you should be very careful before participating in any airdrop event. Do proper research and then participate in that airdrop.
There are several ways to avoid a scam:
Private key scam
This is a fake airdrop. The purpose of this scam is to get the access to your wallet through the keys. You share your keys with the airdrops person, and they can later withdraw your fund using those keys. So do not share any key while participating in airdrop event. If at any stage, they ask you to share your keys, you must know that it is a fake and scam.
Collect the data to sell
This is also a scam. They collect the data of user while registartion process and sell it to any other person. This is fake airdrop. So to avoid it, do a proper research and do not share the sensitive information.
Trap the investors
Sometime, because of airdrop, the people start attracting toward that coin. They invest and price of coin start rising. The market start growing toward uptrend. When price reach to the peak, the owner sell his coins and earn profit. Because of selling the coin in heavy amount, the market fall and price decreases to great extent. The people face lose of money.
- To avoid all type of scams, always do proper research about that airdrop before participating
- Do not share your personal information such as keys.
- Read about the rules upon which the airdrop is based on.
- Do not trust on any person blindly. Always study the airdrop in detail first before investing.
Question 5- Have you ever participate 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.
I have never experienced about the airdrop ever. I have learnt about this at different occasions but have not any experience of participating. I read this on coinmarketcap too. Sometime, the airdrop events are held there on tweeter and facebook too.
A few time ago, i heared about RHOVIT Airdrop. Here the purpose was promoting the coin and attracting the user attention. The people get attracted to this airdrop because by sharing a simple refence link, there was a chance of earning the 40Rbits. But because of lack of information and having not proper guideness, i did not take risk of participating in air drops.
But know i have proper knowledge about the airdrop. I will participate next in airdrop if offer in future. But first i will do the proper research and only participate in those airdrops which will not demand for keys. And verification will be done only through the email or phone number.
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.
RHOVIT is a platform of crypto assets. This is a global market place for the people who make the videos and for bloggers etc. The worth of this airdrop was 40Rbits. There was given a refernce link. The purpose of the promotion of coin. The people just need to share that reference link. And you culd be one to win the chance of getting the 40 Rbits which was worth of 10 dollars. You can learn more about the RHOVIT platform from link
The Rarible: A fraud airdrop.
This was the airdrop in past. It was totally fake and fraud airdrop event. First of all, this was not cited on the official website of the Rarible. There was no news about this airdrop event from authorities. It was not listed on coinmarketcap airdrop list too.
Moreover, While participating in this airdrop, they users are required to enter the information about their wallet. They were asked to share the keys of their wallet. They were promised that they would get more coins if they share their wallet information. A good airdrop, never demand for keys or sensitive information. All you need is just to enter your email or phone number for verification.
Question 7- Look for examples of ongoing Airdrop events. Make analysis that proves that the Airdrop of your choice is good.(screenshot required)
I choose the ElonDoge airdrop event for this question.
The main purpose of the Airdrop is to promote the coin. You can participate freely in those events. The Dogecoin is a good and real airdrop because you do not need to pay any fee to participate. Moreover it is hosted on the coinmarketcap.com.
Three days are left in ending this event. The ;ucky people will be selected and coins will be send to their wallets once the contest got end. A huge number of people are participating which mean that it is trustable. It was started on 14 July and will end on 19 July.
Below is the price chart of ElonDoge.
Explain the steps to participate in the Airdrop of your choice.(screenshot required)
Go to Coinmarketcap.com. Search for the ElonDoge there. Or Click on CAlender button on manu bar and select the Free airdrop from drop downlist.
Select ElonDoge from there
Click on Join the Airdrop button.
There are few steps to follow in order to participate in ElonDoge event. First of all, add the event in your wishlist.
Then join the ElonDoge telegram channal. Join CoinMarketCapAnnouncements Telegram Channel. Then Follow the Coinmarketcap on twitter.
Follow the ElonDogeio on twitter
Retweet the post.
Then enter the Binance smart chain wallet address, Twitter handle, Telegram handle and after filling all the required fields, you will be asked for verification.
After that, you are done. You have joined the airdrop.
I have learnt about the airdrops in this lectures. The airdrops are for the promotion of the coins. These events are held by the companies to attract the people's attention toward their coin. But we should do proper research before participating in airdrops because some are fake and scam.
I am thankful to professor @wahyunahrul