Are you looking for a way to make money through Airdrops? It’s not surprising. This is the easiest way of earning a bit of cryptocurrency for free. For those that don’t know what Airdrops mean, it refers to the situation in which new cryptocurrencies are distributed to everyone for free.
Founders of a new virtual currency usually give out a small amount of token to create publicity and you can make money from these tokens by simply selling it. Sometimes, it’s worth just a couple of cents. Other times, you can get as much as $10 to $30 or more. The question you have now is, how can you make money from Airdrops?
This guide contains everything you need to know. You should also note that I wrote this guide for Ethereum Tokens Airdrops, effectively covering 90 percent of Airdrops. Now that we are done with the preambles, let’s jump right in.
6 Steps That Will Help You Make Money With Airdrops
Outlined below are some steps to take if you want to make money with Airdrops.
Step 1: Get a BitcoinTalk Account
You’ll need to signup for a BitcoinTalk accountbefore you can participate in most Airdrops. What is BitcoinTalk, you ask? It is one of the largest online forums for Bitcoin and other cryptocurrencies.
Users of this forum usually have access to lots of information and opportunities. One of such is the privilege of taking part in an Airdrop.
Step 2: Get a Twitter Account
To make money with Airdrops, you’ll also need a Twitter account and here is the reason. There are some accounts on this social media platform who regularly share Airdrops. All you have to do is find and follow them to get a notification of which Airdrop is available. Example of these accounts include;
Please note that you may be required to follow their twitter account and retweet some of their tweets.
Step 3: Create MyEtherWallet Address
You need an Ethereum address to receive your Airdrops. Consider using MyEtherWallet, which is capable of holding Airdrops with Ethereum based Tokens. Remember to keep your private key in a safe place after creating the address.
Also, you’ll have to pay a transaction fee for sending your Tokens to an exchange like EtherDelta. So, it is advisable that you send at least 0.01 ETH into your wallet.
Step 4: Scan Your Balance Using EtherScan
The next step is to use EtherScan to check your Ethereum account balance. This will enable you to know the amount of Ethereum you have and other Tokens in the address. Here is what you need to do.
Input your Ethereum address into the search bar at the top right corner of the website. Now, if you have Tokens in your wallet, a “View Token” icon will appear on the right side. Click on the icon to proceed. At this point, all the available Tokens will be displayed, click on the one you intend to sell.
The following information should pop up, copy them;
Contract AddressSymbol and Token Balance, e.g 1,000 LOLTokens Decimals
Step 5: Sell Airdrops on EtherDelta
The first place you’ll be able to sell your Airdrops is on EtherDelta. Because it is a decentralized exchange, you won’t need to register before conducting any transaction. All you need to do is save the address and private key provided. This is where the transaction fee from the step three above becomes useful.
EtherDelta appears a little complex. However, if you pay a little attention, it gets really easy.
Pick the currency you want to trade in from the list at the top of the website. Also, if you scroll down to the bottom, you’ll find other lists. Click on it and input the information you copied from step 4 above.
You’ll find two lines and columns at the top left corner with a default balance of 0.000. The line at the top is reserved for the tokens you intend to trade and the bottom one is for Ethereum. Use the left column to input the address where you can send tokens to or from MyEtherWallet. And the other column is the EtherDelta smart contract where you can sell your tokens.
Use the “Deposit” icon to send the Tokens or Ethereum from your address to the smart contract, and the “Withdraw” icon to make a withdrawal. Finally, use the “Transfer” icon for your transfers.
Step 6: Send Tokens to an Exchange
This is the final step to take if you want to make money with Airdrops. Simply click on “Send Ether and Tokens” when on MyEtherWallet, and input your private key. Another option is to use the downloaded file to access your account.
Next, click on the “Add Custom Token” at the bottom right and input the information copied from the step 4. These include Contract address / Symbol / Decimals and hit the “Save” icon. That’s all.
Simply sell the token for Ethereum on EtherDelta or any other exchange. Then trade the Ethereum for any fiat currency of your choice or Bitcoin on any other Exchange.
Airdrops to Avoid
You should know that not all Airdrops are legit. There are many scams out there and you have to learn how to recognize it. Be wary of Airdrops with wallets you have to download. You can easily download a malware into your device.
Also, Airdrops are supposed to be free. So, if any Airdrops asks you to pay a particular amount (usually 0.001 ETH) for Airdrop, it’s a scam. Furthermore, avoid any Airdrop that asks for your private key.
Do not use your main email for Airdrops. It is advisable that you create a new email or use one you have nothing important on. Write out all information on paper and keep it safe.
On a Final Note
Most Airdrops will ask you to follow them on Twitter, Facebook or subscribe on Telegram. Don’t worry, this is perfectly normal. You just need to retweet or share their posts. Now that you know how to make money with Airdrop, what are you waiting for?
Start collecting free cryptocurrency and making money already.