Scoring Free Crypto: A Guide to Airdrop Opportunities and Hidden Gems

Free Crypto: How to Get Free Coins and Tokens Through Crypto Airdrops

Imagine being an early crypto adopter in 2009 and receiving free bitcoin. That ship has sailed, but there are many startups that give out free crypto to spread awareness and increase trading activity for their coins and tokens. These opportunities are called crypto airdrops, and they can give you exposure to new altcoins.

How to get crypto airdrops

Although crypto airdrops give you free coins and tokens, you’ll have to put in some work to find and secure them. One way of doing that is by monitoring crypto news sites that discuss airdrops and pouncing on opportunities as they arise.

Being an active member in crypto communities can also expose you to crypto airdrops before other investors get word. These communities can also teach you valuable lessons about crypto investing and put you in contact with like-minded individuals. Many of these can be found on social platforms like Reddit and Discord.

Airdrops require a crypto wallet

Regardless of where you find out about crypto airdrop opportunities, you will need to have or create a crypto wallet to receive them. Whether that’s an anonymous wallet without KYC like Best Wallet, or a wallet provided by a centralized crypto exchange like Coinbase, there are numerous options. Other popular wallets that allow you to receive crypto airdrops include Ledger Nano X and Exodus.

Before you choose a crypto wallet, it’s good to compare them based on the following parameters:

• Features
• Fee structure
• Number of cryptos available to trade
• User experience
• Security

Types of crypto airdrops

Not every crypto airdrop is the same. A few nuances impact what rules you have to follow before receiving free coins and tokens. The following are some of the most common types of crypto airdrops:

• Standard airdrops: Anyone can receive free crypto if they sign up
• Conditions-based airdrops: Some airdrops require that you are an active participant in the community, an early adopter or someone who has a large enough stake
• Surprise airdrops: Some airdrops are truly a matter of luck of the draw, and surprise airdrops encompass all airdrops in that category
• Bounty airdrops: You have to complete an action — such as a challenge, game or social media engagement — before receiving your airdrop
• Snapshot airdrops: Investors who hold the crypto on a specified date qualify for the airdrop, similar to how a dividend stock pays shareholders up to its ex-dividend date

Should you look for crypto airdrops?

Crypto airdrops can help you accumulate new crypto and diversify your portfolio without tapping into your own capital. Some airdrops may give you exposure to a cryptocurrency that becomes hot and outperforms the stock market, but be mindful that like most digital assets, the crypto you receive in an airdrop is likely to be highly speculative.

Some crypto airdrops are fraudulent attempts at obtaining your wallet’s seed phrases and private keys. If you give up this information, you will have to immediately move your crypto out of the wallet before the scammer steals your assets.

Before accepting a crypto airdrop, consider the token or coin’s legitimacy and how it will affect your taxes. If you participate in a crypto airdrop and have to buy a cryptocurrency first, it’s good to assess your financial situation and risk tolerance before making any commitment.

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