Getting Started: Airdrops
So you’ve heard about airdrops, and you want to get into the action, but before you start joining airdrops, you’re going to need a few things to start. In this post we will be covering some things that may be confusing to those who aren’t yet very experienced in the cryptocurrency world. Several people are very unsure about whats going on with all the new coins that have been coming out, this guide should shed some light on the subject and hopefully help introduce some new faces to the multitude of amazing projects and business plans that are launching in the near future.
Before reading this guide, we assume you know the bare minimum about cryptocurrency; A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. It is decentralized, and it is beyond restriction and confiscation.
The Basics – Understanding Airdrops & ERC20 Tokens
Know what an airdrop is: An airdrop is a form of promotion. In order for new companies to get their projects off the ground they need exposure, and in order to get that, they are offering portions of their new currency to those who follow and support them along their journey.
These currencies are usually ERC20 Tokens, All of which transact on the Ethereum Network which runs directly off of the blockchain, The Blockchain is an open source transaction network. Every transaction, sent or received is viewable for the public to see. Every transaction is anonymous & can only be tracked back to a contract address or wallet address that has no registered entity holding responsibility for the “transfers” & also doesn’t show what the transaction was for, it only shows how much of that currency you have moved from one address to another.
Their values are typically low when you receive them from an airdrop but not always, the values tend to rise as the platforms & businesses become more successful. Over time, the currencies that you acquire will go to an exchange platform, where you can sell them or trade them for other cryptocurrencies & fiat (USD etc.) You should expect the token to go up 5X in price depending on the project. Alternatively, the currencies may be used directly on the companies platform which will also have a going exchange rate.
So what do you need to start?
1. An email address
Most large email providers will work. You may want to consider using a separate email address that you have created dedicated to airdrops, only because if your inbox is already busy, receiving and searching for confirmation emails without missing one is a job in itself.
2. A cryptocurrency wallet that is ERC20 Compatible (Learn how to make one here)
ERC20 tokens piggyback on the Ethereum network, hosted by Ethereum addresses and sent by Ethereum transactions. Getting a cryptocurrency wallet that is universal for a good majority of available and upcoming currencies is key to participating in airdrops. View our guide to learn how to create one.
Already have an ERC20 Compatible wallet address? Great! You can use that wallet, but your tokens may not show in your native wallet app, you’ll need to go to etherscan or ethplorer and search your ETH address to view your token transactions. Note: If you dont know if your wallet is compatible, take a look at this list of known ERC20 Compatible Wallets.
3. Optional (highly recommended):
Twitter, Facebook, Google+
Airdrops all have different methods of signing up and typically have some minimal requirements, such as following the company on twitter, or joining their telegram chat group. Some airdrops are even restricted to telegram, utilizing automated bots to register users with the airdrop.
Okay, now what next?
Know whats safe and whats not safe: As with anything else that has to do with the internet, you need to be weary of fraudulent companies that are attempting to trick people into paying them money or giving them personal information. A legitimate airdrop will not ask you for any of your banking details, credit card numbers, passwords, or anything else considered to be your personal sensitive data. This includes the private key for your ETH wallet: NEVER share this key. Only use your public address when signing up for airdrops.
To better understand, View your address as your bank deposit address and view your private key as your bank pin code.
Finally, Start joining airdrops
So now you have a place to put your currencies and an email to register with, You already have social accounts, and You’ve even acquired the telegram app and created an account. You know the basics of keeping yourself safe and you’re ready to start. Next, you’re going to have to find an airdrop to participate in. We recommend joining as many promising projects that you can find an airdrop for, and staying away from the ones that appear to be fraudulent. At Central Airdrop we try our best to post the most promising upcoming airdrops on a regular basis, and have even implemented a rating system for our users to compare projects & companies associated with the airdrops.
Take a look at our Feed for our latest posts about airdrops! We provide a rating, a summary, and a direct link to sign up!
Check out our QUICKSTART LIST for a large list of airdrops that we update regularly!
You need to follow the airdrops you join, as they often announce an extra step to remain a part of the airdrop half way through.
We highly recommend making a text based list of all the airdrops you join & the information you submitted to that airdrop when you joined along with the link. This will greatly assist you in staying up to date when checking your airdrops. Pick a time of day that you can commit some time to checking up on airdrop groups and emails, really prioritize this time, if you miss out on a step, you could miss out on the airdrop.