- Airdrops Explained
- What You’ll Need To Start Receiving Them
- How To Keep up to date with upcoming and current Free Airdrops: AirdropAlert.com
- Another site to add to your “Favorites” Tab to Keep up to date/enroll in upcoming and current Free Airdrops: Airdrop.me
- Where To Locate Airdrop Coins That You Receive
Money can’t just appear out of no where… Unless it’s cryptocurrency.
What is an Airdrop?
The simple answer: it’s literally just free coins just waiting for you.
The method behind the madness, though, is a decision regarding marketing strategy. As a way to spread awareness to the relevant audience of potential investors and eventual enthusiasts, coin teams will, from time-to-time, do airdrops.
Tools You’ll Most Likely Need
Here’s what you need to catch airdrops like a stud:
- An Ethereum Wallet: not one that is on an exchange. It has to be a personal address that is ERC20 compatible because most of the tokens that are airdropped are ERC20 tokens, which are or were originally Ethereum-based ICOs. I suggest using MetaMask or MyEtherWallet to get started immediately, but in the long-term I always recommend getting a hardware wallet like the Ledger Nano S.
- The Ethereum Wallet Must be ACTIVE. By active, I mean that you have to show at least some human use of it. Lots of airdrops have checks in place to make sure that you aren’t just randomly generating a bunch of addresses and signing them all up to unfairly obtain more coins. This means that if your wallet doesn’t show activity, it might not receive the airdrop. Sometimes, coins will be explicit in what they look for, including some type of balance in the account.
- A Telegram Account I’m sure there are amazing reasons why Telegram is the chatting tool of choice for many of these ICOs. The coins want to boost the audience count. Usually, these airdrop coins will also require you to sign up for their Telegram accounts. Until you receive the coin in your Ethereum wallet, do not leave the Telegram accounts or you risk disqualification for the airdrop.
- A Twitter Account: Similar to the reasons behind the Telegram account, many of the airdrop coins will also require you to follow them on Twitter. Some of them will even ask you to retweet some tweet.
- An email address. sometimes airdrops will ask for your email, too. If you don’t feel comfortable with giving them your real email, just create a spam one. Remember the password, though; some of them actually ask you to confirm your email.
- Obtaining and Withdrawing Tokens
Circled in Red is the area you want to look. If the token is available in your wallet already, it will show up in the token tracker dropdown. If you don’t have a token tracker appear on your result, then you don’t have any tokens in your wallet yet, and it also means you didn’t receive it.
Once you actually obtain the tokens, you can withdraw them directly through a services like My Ether Wallet (MEW). All you have to do is access your wallet (through MetaMask, Ledger Nano, or some other way — direct private key pasting is not recommended) and select the token you want to withdraw.
Usually, it takes about 1–2 months after the end of the airdrop before you receive your tokens. This is primarily due to the fact that many airdrops occur before or during token sales, in conjunction to spread awareness. And tokens are not distributable until the end of a token sale anyway.
Don’t Get Scammed
With all the promises of free coins out there, it’s easy to lose track of everything and just start a clicking frenzy. Here are some tips to avoid getting scammed:
- Never send any private keys. No one needs to have your private key in order to be able to check you wallet balance. They can do so very easily with tools like Etherscan.
- Don’t send any money to any addresses. Remember this — airdrops are free. Whether it requires you to be holding a certain coin, or if it’ll just appear in your wallet, an airdrop will never ask you to send any amount of some coin to some type of address. If they ask for this, steer away immediately.
- Check official sources. If a coin is actually doing an airdrop, it is likely they’ll have announced it on their official social media accounts, such as Twitter. Check there to make sure that the airdrop is official; otherwise, you might be subject to a scam with scammers trying to collect your data.
A really cool site to add to your “Favorites” Tab to Keep up to date with upcoming and current Free Airdrops is AirdropAlert.com
Another site to add to your “Favorites” Tab to Keep up to date/enroll in upcoming and current Free Airdrops is Airdrop.me If you’re too lazy to add these to your “Favorites” tab just visit our site and click on “Airdrops” whenever you want to see what’s coming up.
Part Deux (II)
Where My Tokens At?
The first time I bought into an ICO was a bit unnerving to say the least. A website says “Send ETH to this address and we promise to send you these other tokens”. It can feel like a bit of a crap shoot to be sure, but if you have done your homework and truly believe in the project it should mostly work out for you.
Once I DID send my ETH I realized, where do my tokens actually go?? Maybe they don’t even ask for a deposit wallet that supports your new token, so how do I access my new ERC-20 tokens? Stay calm! Your tokens are out there on the Ethereum blockchain and still safe.
How To Find Your Tokens
If you send ETH for a token purchase your new token will now be tied to the private key of the wallet you sent the ETH from. You will need a few pieces of information to accomplish and this is where Etherscan.io comes in.
This is a great free resource for finding token information and when I bout my first ICO tokens I went here to find my token’s contract address. Just toss in the name of the token in the search box and you should get a suggestion for your token. It will show you that all important “contract address” for your token.
Importing Your Tokens To A Supported Wallet
Now that we have the contract address for the token we can import our tokens into our wallet. Of course you need an Ethereum wallet that supports ERC20 tokens, and not every wallet does. After looking at the popular options like MyEtherWallet, Parity, & MetaMask I decided to go with the popular Chrome/Firefox extension MetaMask as my Ether wallet of choice.
This is where I initially sent my ETH to and then made my token purchase also from this same wallet. Which ever ERC20 supported wallet you decided to go with, all of them will need that “contract address” to import your tokens. In MetaMask I went to my “Tokens” section and added a new token by entering in the contact address for my token. VICTORY!
The Early Bird Gets The Token
Success! We were able to add our tokens to our wallet! Buying ERC-20 tokens can be a bit stressful if you think that your coins are lost to the Nothing. My advice is to always purchase your tokens from a token enabled wallet like MetaMask in the first place and it makes finding your tokens a lot easier. No matter what, your tokens are out there, they just need to be added to your wallet using the contract address of that specific token.
Now that you know how to successfully find your tokens, go forth and snap up those great ICO deals before that early bird beats you to the punch. ICO’s can be tricky to navigate and carry a lot of risk, but as long as you do your own research and believe in the project the possible returns can certainly be worth it!
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