Image Credit: Token Metrics
Feb 09, 2024
By: Bhumi Shrivastava
A marketing strategy distributing free coins or tokens to promote awareness of a new virtual currency.
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From selection to distribution, airdrops involve public campaigns, snapshots, and smart contracts.
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Vigilance, research, and cautious wallet connections help users steer clear of fraudulent schemes.
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Taxable as income upon receipt, airdrops' fair value must be reported based on jurisdiction.
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Airdrops stand out amidst crypto competition, reward loyalty, and encourage token adoption.
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Potential security risks, "pump-and-dump" schemes, and liquidity issues pose concerns.
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Rewarding early adopters while facing security threats and liquidity challenges.
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Airdrops can be valuable promotional tools but require caution and due diligence from participants.
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