articleStartImage

The Bitcoin hard fork party may be over, but airdrops are the new big thing. So it is no wonder that a new asset, Bitcoin Dollar (BTDOLL), in essence an Ethereum-based token, is spreading its fame in the form of an airdrop.

Beyond the airdrop, the new BTDOLL assets are sold off exchanges, with a minimum investment of 0.01 ETH. And the news of the airdrop seems to be spreading like wildfire in the community.

For now, the Bitcoin Dollar does not have big claims - just an attempt to put an asset on as many exchanges as possible, and potentially make gains. BTDOLL trades already on Yobit, on ridiculously tiny volumes of 0.07 BTC, for a market price around $8.

Bitcoin Dollar Red Flags?

What is even weirder is the price structure for BTDOLL when bought for Ethereum. This raises red flags for the project. While 0.01 ETH buys 500 BTDOLL, when sending 0.1 ETH, one does not receive 5,000 BTDOLL, but 3,000. The same thing applies for larger purchases: sending in 0.5 ETH buys 10,000 BTDOLL, not 15,000.

The community has launched a poll for listing the asset on another exchange, but this is a great unknown. The best thing about BTDOLL is that some could be acquired for free in an airdrop. Yet a listing on either Binance, Poloniex, KuCoin or Coinexchange may be a far stretch for this asset.

Bad grammar is also one of the tell-tale signs of a project brought together in a hurry, with an unknown purpose beyond quick gains. The Bitcoin Dollar project has been around since December 30, 2017, but the most active phase of the airdrop and early purchase program is happening now.

Bitcoin-Branded Airdrops

Bitcoin already exists in the form of ERC-20 assets, with copies named Bitcoin Token, as well as Bitcoin Silver.  In fact, Bitcoin Token is just preparing to make it rain:

Another project, eBitcoin, also an ETH-based token, is in the midst of an airdrop until March 17. It seems the proliferation of new assets means newcomers will not rush to buy all the coins, hence airdrops manage to grow the community and create a trading ecosystem, thus giving the airdrop asset at least some price discovery mechanism. But Bitcoin-related airdrops seem to be just one way to capitalize on the brand and influence of Bitcoin.