What is Cryptocurrency Airdrop

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What exactly are cryptocurrency airdrops and why do cryptocurrency developers use them? Find out the answer as Joana discuss things you need to know about cryptocurrency airdrop.

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Today, we’re going to go over cryptocurrency airdrops.
I know what you’re thinking and no, it’s not the Apple feature that lets you send photos and videos to people nearby—
although, they’re kind of similar.
What’s up, cryptopeeps? It’s your girl Joana, here to deliver your daily dose of Bitcoin news!
Cryptocurrency airdropping is the procedure in which new coins and tokens
are distributed as an award for holding currency from a particular blockchain.
Simply put, if you HODL a certain type of coin, you are automatically eligible to claim other tokens
because you are holding the parent token in which the airdrop is being done.
There are a bunch of reasons why free cryptocurrencies are being airdropped, but here are the most common ones:
Number 1: Marketing and hype
Cryptocurrency airdropping is a good marketing strategy.
It’s also a good way to collect leads for further business opportunity expansion.
Number 2: Awareness
Airdropping is a good way to spread awareness about new crypto on the scene.
Number 3: Rewarding Early Investors
Airdrops act as a reward for early supporters as well as an incentive to hold onto the parent token.
Number 4: Distribution
Airdrops are released so that no one person holds on too much of the cryptocurrency.
This means less centralization for the crypto.
Number 5: Forks
When forks are created from popular cryptocurrencies,
new coins of the fork are distributed to the existing holders of the parent coins.
Airdrops are distributed by creators in two main ways:
One is by selecting recipients at random
and another one is by publishing the event at airdrop related communities and newsletters.
Some Ethereum accounts with significant value have even received various unsolicited airdropped tokens.
If you’re looking to take advantage of these airdrops, there are a few ways to keep yourself updated.
The first one is to join an active cryptocurrency community.
There are also a few Twitter accounts that can notify you such as CryptoAirdrops and AirdropAlert .
Social media, in general, is a good place to learn about these airdrops.
The airdrops mostly cater to newer tokens but Tron and Ripple are examples of popular cryptocurrencies that can be airdropped.
In fact, BitTorrent recently did an airdrop of Tron and catapulted its price.
So, what are your thoughts on cryptocurrency airdrops?
Now that you know about them, are you going to try to take advantage of these airdrop opportunities?
Let us know in the comments section down below!
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Once again, my name is Joana, and this is WeTheCryptos.

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