What’s a crypto airdrop? Here’s how people are making thousands for ‘free’

SOME people receive cryptocurrency for free with no catch in an event that’s called an ‘airdrop’.

Here’s how an airdrop works and who can access it.

ReutersAirdrops usually involve new types of crypto[/caption]

What is a cryptocurrency airdrop?

An airdrop is a method of cryptocurrency trading.

It’s a way for investors to get free crypto coins or tokens.

To get involved you have to have a public crypto wallet.

The person sending the free coins will want you to promote the crypto.

It’s almost always a new type of virtual currency that is being given away for free.

It’s a bit like a try before you buy scheme.

Some new cryptocurrencies put out alerts for people to get some of their coins for free.

According to CNET, one crypto investor got $2,000 worth of tokens from a Christmas Day airdrop event.

He only had to pay a small transaction fee to get the crypto in his wallet.

It’s common for blockchain apps to do an airdrop before they list a new token.

Some crypto investors try out new blockchain apps in the hope they’ll be rewarded with a lucrative airdrop when the app takes off.

Most of the free money seems to go to the biggest traders though.

CNET notes that some big crypto whales have received tens of thousands of dollars worth of cryptocurrency this way.

The ‘free money’ doesn’t come without risk though.

Anyone looking for an airdrop needs to watch out for scammers and always read the small print of supposed ‘deals’.

In other news, China has built an ‘artificial moon’ to train its astronauts for future missions.

A rugby ball-shaped planet has been spotted outside our Solar System and scientists are calling it deformed.

And, Nasa thinks the James Webb Space Telescope will likely be hit by space debris.