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Most of us here know what Binance is and how it works but for the new ones I'll explain it briefly:
Binance is a centralized exchange where you can buy and sell cryptocurrencies. Soon it might also be called an stock exchange because it has recently listed some stocks in the platform, namely $COIN of Coinbase and $TSLA of Tesla.
Binance doesn't only offer buying and selling cryptocurrencies but you can also earn cryptocurrencies in lots of different ways.
You can read the recently published article of @Jane where it tackled all the possible ways of earning passive income.
When Binance made the announcement of its support, anyone who have "that" token in their account will be eligible for the airdrop. Let's take BCH hard fork for example;
In the last quarter of 2020, a hard fork from BCH took place and Binance announced on November 3, 2020 that it will support its forking and upgrade on November 15, 2020 (upgrade date). And will take a snapshot on a given time to all accounts that holds a Bitcoin Cash. And the upgrade resulted of the new coin called BCHA.
Anyone who have BCH in their spot account will be eligible to receive BCHA with a ratio of 1:1, which means that if an account holds 1 BCH it will receive 1 BCHA. And currently, 1 BCHA is worth around $33. So if you have 1 BCH at that time, you might also have another $33 worth of BCHA by now if you have hold it.
It's just simple, when there's an upgrade/forking that will be supported by Binance, all you have to do is buy the coin where a new coin will be forked, wait for the snapshot date and lastly, wait for hard fork to take place and the distribution of the new coin.
Do I need to be a verified user of Binance?
No, whether or not you have KYC verified your account, you can still participate in those events and receive the airdrop.
What's the risk of it?
Like I always said in my articles, cryptocurrencies are volatile and can be unpredictable. Usually, when Binance announces its support for the upgrade, the price of the coin can pump. And with that, if you want to participate, you might found yourself buying at the top and the price can go up and down that can make feel at loss.
If you are asking about the price of the new coin, no one knows. But some airdrops were worth of the risk like the BCH, XLM and QTUM airdrops that gave participants lots of money while others like the IOST airdrop that was just a waste of time.
The sole purpose of this article is to accumulate new coins from airdrops with the help of Binance and you can just hold those coins for a long time and you might see it in a higher value.
How should I safely participate in this?
That's an interesting question, so I'll share you my other way participating in this.
When Binance announced about the forking and its support, it will publish an article and it that article includes the time of snapshot. And that's all you need to watch to participate.
Let's have an example;
A snapshot for the BCH holders in the Binance spot account will happen on May 15, 2020, on 4:00 PM UTC time.
All you have to do is to wait till May 15, 2020, 3:55 PM UTC time.
Why? Because you still have 5 minutes to buy the coin and be eligible for the snapshot. So after the the snapshot, which will be in 4:00 PM UTC, you can now sell your coins that you bought recently, you can be in profit or in a little loss but it's much better than to hold it when the fact is that you have bought in the top. But if you are lucky that you have bought it in the dip, you can either hold or not depending if you think that the coin is fundamentally strong.