There are several scam schemes that can pull you.
The most common scheme is to bait cryptocurrencies with fake twitter accounts of celebrities.
If Vitalik Buterin, Elon Musk, John Mcafee or another celebrity offers you a whole bitcoin or several ethereums. If you send a little less of that sum to the specified wallet then you can know for sure that this is a guaranteed fraud.
Usually such scams are carried out smoothly and while one account offers supposedly free cryptocurrency, several others talk about how they became rich already.
Stealing Cryptocurrencies and Personal Data
Another type of fraud is related to stealing cryptocurrencies and personal data.
If participating in an airdrop requires providing your passport data or other documents, as well as sending crypto wallet keys or installing specific software, then it is likely a scam.
It is also not recommended participating in airdrops that have hardfork from little known cryptocurrencies. They require to posses the initial coins, so buying them after the airdrop announcement would be too late. Such hardforks are carried out in order to up the price of the original coin, so it would go down in price later on, while the newly obtained coins would become even cheaper.
This is a complicated case of pump and dump scheme, utilizing hardforks and airdrops. Stay vigilant.
Summing up things
Participating in airdrops is possible and even necessary to make a profit, because they require little involvement and can bring some money over time.
Nevertheless, this should be considered with a hunch on scams and no counting on quick earnings.
Airdrop is not a job and a way to get a stable income. This is more like a free lottery, if you participate, you can win something big or nothing at all.
What do you think about airdrops and participating in it? Let us know in the comments below :)
Follow @aftabkhan10
OTHER READS
- How to Check Your/ Other User's Feed Without Logging In Your Steemit Account
- Are you concerned about the Airdrop Profitability?
- Learning about Airdrop : # 01
- Amount of Empty Blocks Mined Increased by 600%
- Ehtereum's Constantinople Hard Fork
- Does GDP reflects the Real Wealth Of the Country?
- $200,000 worth of EOS was stolen from the Platform due to an issue in the Smart Contract
- The Karakoram & the World's 2nd Largest Mountain
- Vote For Steem on Coindeal Crypto Exchange (Global partner of English Premier League)
- NASDAQ Has Confirmed That They Will be Launching Bitcoin Futures
- Assessing Stellar by It's Advantages and Downside
- A Little More About Stellar
- Is it Possible to Take One Centralized Cryptocurrency XRP and Turn it Decentralized?
- Major U.S Hospital to Use Blockchain | Crypto Lending Services in Australia | Coinbase Offers Zcash Trading
I believe it can be good but I don't do them, like you say is more like a lottery. ;)
Posted using Partiko Android
Yeah
But what can you say about XYO trading competition on kucoin https://www.kucoin.com/#/rank/XYO? i'm currently trading on it and hoping to win its prizes.
Can't say anything about that :/
Ho! Ho! Ho! Merry Christmas!! I've given you an upvote and left you this amazing automated comment!!
This post has received a 25.00% upvote from @lovejuice thanks to @aftabkhan10. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.