What are Airdrops & Bounties？
Many crypto companies distribute free coins to their communities to increase their project’s visibility, increase the circulating supply and stimulate trade. These free distributions are commonly known as “airdrops.”
Most of the airdrops that we present are “bounty” drops, which will reward you with tokens for completing simple social media tasks (Joining their Telegram group, reposting on Twitter, etc.). This offering creates a win-win scenario because the company gets free marketing, and you get free crypto. Other airdrops will reward you for simply holding a specific coin without expectation of any reciprocal consideration.
Why are crypto projects giving away coins for free?
Cryptocurrencies only hold value because people believe in them and recognize their worth. The more people who own a cryptocurrency, the more likely it is to become widely adopted and rise in value. Airdrops are effective due to the “endowment effect,” a phenomenon in which people will ascribe value to things merely because they own them.
By executing a bounty airdrop, a startup can create mass awareness about their project, token sale or pre-ICO with minimal cost to them. Social media campaigns allow the project to become visible to people who would otherwise never recognize its existence. Airdrops can also create a vast network of users who are motivated to push a project’s success by doing things together like winning community votings for exchange listings.
By rewarding token owners with free airdrops, projects can also encourage users to hold (HODL) their coin for the long-term. This can effectively lower the selling pressure of the coin. Holder airdrops have been a popular tactic amongst some of the most successful crypto projects, like NXT, WAVES, Bitcore and more.
How do I participate airdrops？
The process differs from project to project. Some “holder drops” will drop tokens automatically into the wallets of users who own a specific coin. Other projects are snapshot- based, and can only be claimed by users who held the required token during the “snapshot,” which is a record of token holders taken at a specific time/block.
An example of a holder airdrop is Byteball, which was initially distributed to Bitcoin holders. They also airdropped a monthly amount of Bytes into the wallets of Byteball holders proportional to the amount of BTC/GBYTE that they held during the drop. These types of drops can create excitement which often results in significant price action for the particular coin.
For taking part in bounty airdrops, you will likely need active accounts on social media sites such as Facebook, Twitter, and Telegram. You should also have a Bitcointalk.org account, as some drops require participants to post proof of ownership in the forum threads. Most bounty drops will require you to join a Telegram group and share posts on Facebook and Twitter. After completing the steps to reserve rewards, you will often need to fill out a form with your usernames and wallet address.
When will I receive my airdrops?
Most airdrops are distributed after the completion of the ICO. This prevents the bounty collectors from creating premature price action before the ICO has finished. Sometimes, bounties are distributed weeks or months after an ICO, so if you have a question about a specific coin you should try contacting one of the Admins in their Telegram group. Admins can be found by looking at the group members and finding the ones with the “admin” badge next to their names.
What is an ETH address?
An ETH address, also known as an ERC20 address, is the receiving address of an Ethereum wallet. The address starts with “0x” and is followed by a series of 40 random characters. In MyEtherWallet, your receiving address is the “Account Address.” In MetaMask, your ETH address can be found by clicking the menu icon (•••) and clicking “Copy Address to clipboard.”
I can't see my tokens in my wallet. Where are they?
Many ETH wallets will require you to add custom tokens in order to view the balance. To view your token balances quickly, simply type your ETH address into Ethplorer. All of your available custom tokens will be shown under “Token Balances.” To add a custom token to your wallets such as MetaMask or MyEtherWallet, you will need to find the Contract Address of each token and the decimals of precision, which can be found by searching each token’s ticker on Etherscan.