In this article I have shared 9 suggestions for identifying legitimate crypto fake airdrops.
Recently I received an email from a friend informing me about an airdrop and I mailed out around 3 Ethereum accounts to get the token.
We are grateful that these wallets didn’t get funded because the airdrop proved to be fake.
Unfortunately, many crypto fake airdrops are also available and a lot of people have lost their money to these scams.
Continue reading to find out how to recognize a legitimate airdrop and how to save your cash!
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1. What Are Crypto Airdrops?
Airdrops of crypto are tokens for free distributed to large communities of crypto projects in order to promote adoption.
Also new tokens that have been created are sent to thousands or hundreds of address for wallets.
The objective is to convince participants to be actively involved in the project.
Usually, a crypto-airdrop is usually part of a larger marketing campaign.
Furthermore, it ensures an equitable allocation of tokens right at the start. Cool!
A cryptocurrency airdrop is distributed to those who have completed the task.
The job could be to:
- Find an account via social mediaand post their content and hashtags;
- Create an account and sign-up for updates;
- Create digital content for the project and then share it via social media platforms;
- Make or receive a payment (using an individual cryptocurrency platform or wallet).
However, certain crypto airdrops do not require the receivers to take any action.
This way, the recipients get rewarded to help get the idea to reach larger market once the token is included in the exchange.
You know, the more attention a token receives it, the more likely its price will go up.
Most often, airdrops are advertised on a project’s site as well as on cryptocurrency forums and social media.
Crypto airdrops are a favorite since they offer free tokens to sell for profits.
2. How To Know Legit Airdrops
Before you invest in an airdrop, look out for the following:
i. The coin’s popularity
Verify if the coin has been in circulation or is a brand new one.
If it’s a long-standing cryptocurrency such as BTC, ETH, BNB, you need to think about it since these coins don’t require public attention.
As of late, we’ve encountered false counterfeit EOS or TRX airdrops.
These coins are well-known and are highly rated on Coinmarketcap.
The chances for hosting an airdrop very slim.
It’s not to say that there isn’t an airdrop on a popular coin, but the majority of airdrops are for coins that are seeking to be adopted.
Additionally, the new coins have yet to be able to earn worth, and so, it will be much easier to distribute them in large quantities.
ii. The airdrop channel
Second, legitimate crypto airdrops are announced via the official channels for the project hosting them.
That’s the website of the project and its social media accounts.
If you are unable to locate an official airdrop website of the project, it’s not legitimate.
Do not sign up for an airdrop because a friend posted an email via Whatsapp or shared the link through words of mouth.
Make sure you check it first!
iii. The announcing account
Another method to identify a fake airdrop is to verify that it’s uploaded to an account that has a usage history.
Even if it’s a brand new crypto project you can find earlier blog posts about its goals and objectives.
If you only see announcements about the airdrop, but nothing concrete about the project, you might want to keep your fingers crossed.
Do not be rushed to join airdrops offered via new profiles via Bitcointalk, Facebook, and Twitter.
iv. Google Forms
Apart from being promoted via official web sites numerous legitimate crypto airdrops can be held via Google Forms.
However, you should only fill out forms for fake airdrops which are advertised on the official website.
Also, spelling and grammatical mistakes on these forms can be a red flag.
A legitimate organization will fix the mistakes they make in every message they’re transmitting to the general public. Or, don’t you agree?
In the case of some projects situated in areas of the world that do not have a native speaker of English we are able to accept some mistakes in “translation”
If the errors are too much, no no.
v. No request for coins
In addition, an airdrop that is legitimate doesn’t require you to contribute coins.
For instance, a genuine airdrop does not require BTC or ETH, or any other cryptocurrency to get the latest coin.
The only thing they’d do is to request you place a particular currency inside the bank account for a certain period of time.
Like that Airdrop of the Everdome which demanded users to hold 10000 HEROs for a whole month.
It is mostly ICOs which request money from investors to acquire new tokens.
You’ll want to be aware of that!
vi. Withdrawals
If an airdrop in crypto is genuine, it will be simple to withdraw the tokens free.
If you’re trying to check for an airdrop make sure that you are able to withdraw your tokens prior to you start.
The tokens will be delivered to a wallet you can withdraw funds from or to a central wallet?
In the event of the centralized wallet, is it possible to trade the tokens to other currencies?
If your answers to these questions aren’t positive, it might not be the best idea take part with the drop.
vii. No private keys
A legitimate crypto airdrop won’t ask for your private keys.
Just your wallet address suffices to get the token.
While some legitimate crypto projects require KYC in order to get an airdrop, they’ll not ask for your private keys.
So, be cautious of any solicitation for the private key of your account or password to access the exchange accounts.
Furthermore, make sure the project has a great track record before you sign KYC with them
If not, a fraudster could be able to access your personal details as well as a copy of the ID you have. Oops!
viii. No Phishing emails
It is important to note that genuine crypto fake airdrops aren’t advertised via email.
If you get emails promoting the crypto airdrop and asking to click an link, make sure you do!
Many people fall for this scam due to the fact that it seems to be from a reputable company, with their logo and name.
Additionally, airdrops are generally mouthwatering.
However, don’t get caught up in it. Always visit the official website of the project and discover the truth.
You can also call their customer support team to make certain.
Don’t click any link in your email address to be notified of an airdrop, particularly when you’ve not already signed up by email.
If you click on these websites, you may give an unauthorized person the ability to access your accounts through the exchange you registered with the email you used to register. OMG!
ix. Instincts
Trust your guts. If it’s too appealing to be true It probably is.
It is possible that the quantity of coins that will be released is too large and the speculation of the price when it is released to the market isn’t feasible.
There are websites that advertise airdrops, include an indication of the time at which it will close, however, the timer is never stopped.
This looks suspicious, doesn’t it?
If you don’t feel right, then don’t take part on the site or fill out the form.
You could be missing out on free tokens, but you can be protected from being scammed.
Important Note!
It could be that a fake airdrops might meet some of the requirements above. Thus, you must conduct your due diligence to make sure that a program is worthy of your time before participating in the airdrop. Be sure to not make a payment to get any airdrop . They are referred to as free tokens for reasons.
3. Conclusion
The airdrops of crypto are profitable since they provide you with free tokens which you can then sell to earn money.
There are also fake airdrops that aim to steal your money and leaving you with useless coins.
Be sure to be aware of the guidelines above to ensure your safety.
However, we’ve completed our discussion of how to recognize legitimate crypto airdrops. I hope that you’ve learned something.
Tell me if you taken part in an airdrop of crypto in the past? Did you find it to be legitimate or was it was it a fraud?
Are you left with concerns about crypto airdrops?
Answers to your questions or comments can be entered in the comments section.
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