Cryptocurrencies provide us with many ways through which we earn passive income by profiteering on investments. Some crypto trading methods are similar to the Stock market but others are unique such as hard forks and Airdrops. Putting succinctly, airdrops and hard forks are the free distribution of cryptocurrency tokens to the users.
What are Hard Forks?
Forks take place when a crypto blockchain alters to form a fresh new blockchain that runs parallel to the existing one. This is to develop a new protocol that can adapt to the new changes requested by users such as miners, investors or creators of the existing blockchain. Bitcoin fork is one example that developed a hard fork by creating Bitcoin Cash in 2017. The change in the network increased the block size by around 36 MB from Bitcoin’s 1 MB.
What are Airdrops?
As compared to the hard fork, airdrops take place when fresh coins are deposited in the user’s wallet freely. Like drops, the airdrop is distributed differently where the user is provided with new coins from the issuer as a part of a promotional campaign. Some projects offer free coins to the users in place of social media promotion or bounties.
How to earn money with Airdrop?
Collect all the airdrops to earn money
Although it may seem easier, it’s not actually. Many fake websites or malicious sites offer airdrops to track your crypto wallet address. Don’t’ get scammed and lose your precious collected. Instead, join some reputed exchange that launches airdrops frequently.
Earn from referral airdrops
One of the strategies that most of the start-ups use to promote their site is creating a referral system. People love inviting their friends and family especially if they are rewarded for it. Referring to new people for airdrops is one of the first ways through which the airdrops system was started. However, never try to create fake accounts or bots for airdrops. Many exchanges have increased their security processes in the past few years and they can easily track fake accounts.
Play more to earn more
Exciting, isn’t it? Well, there are many games in the market that actually pay you for putting your playing efforts. With dApps or decentralised applications along with blockchain apps, we have many games that give away free coins to the players. Not all give coins for free but most of them give Bitcoins in the form of rewards.
Learn to earn
Many blockchain projects emphasise making the world aware of blockchain technology and help them in adapting it. Since many fund-raising start-ups ended due to uneducated communities, some of the exchanges like Coinbase and Stellar have partnered with others to teach about XLM and in return, you get tokens to learn about it.
Get free tokens by creating crypto wallets
The crypto wallets have to build their own community to create brand awareness. There are many wallets like Magnum wallet and Guarda that offers airdrops when users create a new wallet. Create as many as you want to collect free coins.
Look for bonuses offered by exchanges
Many exchanges give away free tokens to attract new users. Many of them use airdrops while they list new coins in the market. Few of the exchange gives away real money to new users. For example, Coinbase gave $10 to their new users and rewards for referrals. This is the reason many users make their accounts across multiple exchanges to enjoy airdrops offered by them.
Byteball was the first-ever giveaway listed on Airdrop alert. For 11 long months, the project gave free GBYTEs to the ones that held Bitcoin on the full moon every month. This means you had to keep Bitcoin in your wallet to receive free GBYTE’s.
Hard Fork your crypto coins
As discussed earlier, a hard fork in blockchain technology is like a radical change that takes place in a crypto protocol. This makes invalid blocks valid by changing technology systems. However, all the users or nodes have to upgrade to the latest software version after the change in blockchain technology is made. In 2017, the Bitcoin community split their block size that created a hard fork named Bitcoin Cash.