Could this be another bitcoin moment?
In 2019, I accidentally participated in my first cryptocurrency airdrop. When I say “ a cryptocurrency airdrop,” think about it as a crypto giveaway. It is a marketing technique in which you get free crypto as part of an awareness campaign for that cryptocurrency.
My first airdrop happened on March 28, 2019, for STELLA (XLM). In that drop, I got 227 XLM valued at $25.00 — but it arrived at a rather tough time.
I was broke and needed all the money I could get, so I moved it around my crypto wallets until I could salvage as much as I would to my Paypal through my bitcoin wallet.
I remember going and buying myself a good meal that night since I hadn’t eaten anything in the previous three days.
After getting my fill, reality set in. I then started regretting having spent 227 XLM on a bag of chicken noodles as my account stared back at me with 0.0000025 XLM left.
That day I promised myself to keep my next cryptocurrency airdrop for at least ten years and see what happens.
I remember spending days searching for airdrop programs to join — but I found none. Shortly after my search had begun, that site, blockchain, that had enrolled me into the XLM airdrop came back with a new airdrop called Blockstack (STX) on January 20, 2020.
This time, I was given 100 STX valued at $10 — although it wasn’t available for me to use for one year. This worked perfectly with my 2019 promise, and I decided to let it be.
Even when the freeze period ended, I just left it. That was, of course, until last week when I wondered whether it had gone anywhere. It took me several hours to find my wallet’s ID, but when I finally found it and logged in, I found out that on the day I logged in, this token was at $0.96.
This means that my $10 had turned into $96. Of course, I didn’t withdraw it. I haven’t done anything with it still. I have just left it to do its thing — and today, it sits at $0.68 as I write this article which means that my $10 is now $68, albeit still going down.
No joke, I’m tempted to attempt a withdrawal, but I still have at least nine years for me to consider doing that. I intend to leave this account alone. No deposits and no withdrawals.
I’m probably still hoping that whatever happened to bitcoin between 2008 and now can happen again with this STX token — and I have a reason to revel in my delusion. Here is why.
The Stacks blockchain is a layer-1 blockchain that is built on top of the Bitcoin blockchain. It is designed to enable the creation of decentralized applications (DApps) and smart contracts using the security and stability of the Bitcoin network.
Unlike other blockchains, Stacks is not a standalone blockchain, but rather a “layer” that extends the functionality of the Bitcoin blockchain.
The Stacks blockchain uses a unique mining mechanism called “Proof of Transfer” (PoX), which allows it to leverage the security and stability of Bitcoin while still being able to execute smart contracts and other complex operations.
The Stacks blockchain is also unique because it is designed to be developer-friendly, with support for multiple programming languages and a suite of developer tools and resources.
This makes it easy for developers to build and deploy decentralized applications on the Stacks blockchain and has created a vibrant ecosystem of DApps and services.
Stacks tokens (STX) are a type of cryptocurrency that serves as the native asset of the Stacks blockchain.
STX tokens are used to pay transaction fees and execute smart contracts on the Stacks blockchain. They can also be staked to participate in the consensus mechanism and earn rewards for helping to secure the network. STX can be used for governance, allowing token holders to vote on proposals and decisions related to the Stacks ecosystem.
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