What’s in the news?
The Ukrainian government launched two cryptocurrency wallet addresses in its official Twitter account to accept donations in major cryptocurrencies like Bitcoin, Ethereum, and USDT. Even though it is quite challenging to track who handles these crypto wallets, it is being predicted that they do not technically belong to anyone as crypto wallet users can transfer the ownership of a wallet anytime they want. Reportedly, the Ukrainian government has received over US$52 million in crypto donations. So, the government confirms that it will conduct an airdrop to donors that have contributed money to its official crypto wallet addresses.
The snapshot of the token distribution was set to take place yesterday, March 3 at 6 p.m. Kyiv time.
There is no further clarity about the beneficiaries of this airdrop and whether this would be limited to Ukrainian citizens. El Salvador had airdropped about $30 billion worth of Bitcoin to citizens last year after making the apex cryptocurrency legal tender in the country.
What are Crypto Airdrops?
A crypto airdrop is an unsolicited distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses. Airdrops are primarily implemented as a way of gaining attention and new followers, resulting in a larger user base and a wider disbursement of coins. Airdrops have been a more important part of ICO(Initial Coin Offering) after the crypto entrepreneurs have started doing private sales instead of public sales to raise the initial amount.
How do you receive an airdrop?
Since the airdrop involves a transfer of cryptocurrencies, it needs the participants to have a cryptocurrency wallet. These are the same wallets where you store Bitcoin, Ethereum, or any other cryptocurrency that you may possess already. Platforms usually ask for this wallet address at the time of registration for the airdrop.
Hence, you will have to note the blockchain on which the platform is being built, to be a part of its airdrop. As you will need a wallet subsiding with the corresponding token that you intend to get for free.