Airdrop; the ugly side of its menacing effect on the crypto world

In its simplest term, what’s an airdrop?
Here is the simple answer: it’s just free coins waiting for you at your beck and call. It’s a marketing strategy directed towards spreading awareness to the relevant audience of potential investors and eventual enthusiasts. Its obvious, coin teams will do airdrops periodically.

Coins have been doing this for a while , pretty much since the first Ethereum ICO. Gradually, airdrops became a method beyond marketing. As a method to pump coin value, coins would announce airdrops where coin holders would receive bonus coins proportional to the amount of total coins they hold. Coin investors who intend to get the airdrop would have to buy the coins if they didn’t hold any yet, or buy more if they wanted a larger proportion of the airdrop.
Though airdrop has its glorious benefits which foremost is to get free money and also to reduce market budget, the demerits is what I intend to highlight. However, it’s subject to individual criticism

The Demerits of Airdrops

• A source of unending scams
  As I earlier stated, the word ‘free’ has a premium attached to it. Fraudsters are highly aware of this and utilize airdrops to gain access to clients crypto wallets and withdraw their funds. This is why it’s necessary to engage in detailed research before signing up for any airdrop. Beware of developer sites that request for personal details like your private keys.
  
• Air drop flux(Too many airdrops)
  Since the emergence of cryptos, hundreds of developers have jumped on the bandwagon and tried to capitalize on the crypto craze by coming up with their own coins. This has led to a rise in the amount airdrops in the crypto space. Hundreds of coins do airdrops every month, keeping up with all of them can be a real headache.
• Coins can get undervalued and redundant
  It’s obvious that when we get things for free, we tend not to appreciate its true value, this statement can also be mirrored to airdrops. Coin hunters often get airdrops and abandon them as soon as it hits the market. This massive dumping can lead to fluctuation in the coin’s value.
• Numerous tasks to be performed
  We said that airdrops are fairly easy to collect, however, that’s not true for all of them. Certain airdrops may ask you to bring people into the community and reward you with tokens for each person you bring. This is known as the referral system and may require you to bring from 10-20 people before you can get a tangible amount of free coins, now that’s hard work. The developers essentially place the burden on you to go and market their coin to your friends which may not only be stressful but may also bounce back heavily on you, if your friends invest in the coin and it ends up diminishing.
  Other hefty requirements may involve you holding other cryptos in certain types of wallets or continuous claiming of coins every hour via a telegram bot. Not everybody has patience to be fixated on their phone just to claim a meagre amount of coins every hour.
• Coin Loss
  Because of the volatility of airdrops, the number of people signing up for the freebie and the process of weeding out good participants from bad ones, some honest collectors might not end up getting the coins in the long run. Yes, you got me right; I did say weeding out good participants from bad ones. Developers have noticed that a lot of collectors have taken advantage of referral systems by creating multiple accounts so that they can collect more coins, due to this ‘criminality’, many developers will undertake a scrutinizing process after the airdrop campaign, this is done to weed out those who used bots or created multiple accounts. Unfortunately, during the so-called weeding out process, honest and legit fellows may get ‘accidentally’ grouped with the evil dudes and if this happens you will not get your coins because you will be blacklisted!

In summary, airdrop is the process of giving out free coins to help promote the cypto, increase awareness and grow the community.
When we look at it this way and try to quantify the time we spend on signing up and promoting the coin, we have to ask ourselves, are airdrops really free??
A popular saying goes thus: ‘Nothing of value is free. Even the breath of life is purchased at birth only through gasping effort and pain.’

Feel free to pass a comment about your view on this subject. Thanks for passing by.