Sometimes having more does not always mean that one has a significant amount. It is possible to own millions and millions of coins, but this still would not equate to a dollar. This means one might have millions of coins, but when they try to convert it to USD, this could only be worth cents.
PancakeSwap CAKE Airdrop
There are, however, some coins that do make it and generate significant value. One example of this is PancakeSwap's Cake which started out as an airdrop to attract potential users. Of course, not a lot of people thought that much about PancakeSwap and decided to sell their tokens despite the decentralized exchange not even launching yet.
As of the moment, PancakeSwap is currently #39 on CoinGecko with a market cap of over $4 billion USD! The coin costs around $18 per Cake, which means if one got the airdrop of 46 Cake, they would be able to make an easy $828 today by just holding the airdrop.
Are Airdrops Free?
This, of course, is not a guarantee for every airdrop, and it is important for traders in investors to still DYOR or do your own research before investing in something. Airdrops, on the other hand, are practically harmless aside from the gas fees.
Depending on the cryptocurrency asset, the gas fees can be very low and tolerable. Some airdrops, depending on which smart contract provider they are running on, can also be quite high. It is also important to note that not all airdrops are legitimate. The author of Rich Dad Poor Dad, Robert Kiyosaki, is predicting an upcoming market crash for Bitcoin, crypto, gold, and the stock market.
Are Airdrops Safe?
In fact, there are actually a lot of scams that have been circulating around airdrops. The scams would start by promising an individual they would get the coin or token for free if they follow a certain list of tasks. Although it is quite normal for people to follow these sets of tasks, one must be very careful regarding the information they give out.
Giving a wallet address is fine, but if the task would require even more personal information, it is time to be more careful and verify if the airdrop is actually legit. One way to know is by checking the official coin or website itself to see if they have officially announced an airdrop.
Read Also: JPMorgan CEO Refuses to Buy Leading Crypto Asset Even If Price Would Rise 10x
Where to Find Crypto Airdrops Online
Whenever a coin has an airdrop, they usually announce it to the public, and it can be seen on the official website itself. Sometimes, these coins would send emails to preferred recipients of the airdrop. Cryptocurrency trading can be quite risky as a crypto whale even equates crypto exchanges to "rigged casinos" urging people to be careful.
For those that might not be too lucky, there are groups like the PooCoin Airdrop Group on Telegram that give out free airdrops. Of course, it is important to note that not all of these airdrops would be profitable, and in fact, some of them might actually not be worth that much.
Related Article: American Crypto Researcher Violated US Laws by Attending a North Korea Blockchain Conference in 2019 | Gave Advice on How to Elude Sanctions
This article is owned by Tech Times
Written by Urian B.
