ERC20 vs exchanges address. What is the different ??

[Ivartheragnarson]

Hello all, I have a problem about address formats. when we participate for an airdrop program it always says submit to ERC20 addresss and not to submit any exchange address such as binance , kucoin  or any other exchange address. what is the reason??

as i know most of those exchanges has all the types of deposit addresses . for example if we want to deposit usdt we can choose a format like bep20 , erc20  or any other available formats. so why airdrops campaigns always say not to submit an exchange address. could anyone explain me ? Thank you all.

[_act_]

You said it is an airdrop. Very possible the coin is not yet tradable, so no exchange to trade it yet. Even if the airdrop coin becomes tradable on some exchanges, it is possible the exchange you chose is not supporting the coin. Best to just give your own address that you have its private key, you will be able to trade it on a decentralized exchange, or if the coin become well known, you can also send it to your exchange has it becomes tradable there.

For you not to lose the coin is the reason for the advice.


But airdrops are now waste of time.

[TravelMug]

Hello all, I have a problem about address formats. when we participate for an airdrop program it always says submit to ERC20 addresss and not to submit any exchange address such as binance , kucoin  or any other exchange address. what is the reason??

as i know most of those exchanges has all the types of deposit addresses . for example if we want to deposit usdt we can choose a format like bep20 , erc20  or any other available formats. so why airdrops campaigns always say not to submit an exchange address. could anyone explain me ? Thank you all.

It's probably that bounty campaigns wanted you to submit address that you have control over with, i.e. custodial wallets.

Yes, crypto exchanges will give you ERC20 addresses, but the question is, do you hold your private keys? what if the exchanges gets hack? all your hard earn tokens from bounties will disappear like that.

[Ivartheragnarson]

Even if the airdrop coin becomes tradable on some exchanges, it is possible the exchange you chose is not supporting the coin.

could you explain this a little more boss?

[_act_]

Even if the airdrop coin becomes tradable on some exchanges, it is possible the exchange you chose is not supporting the coin.

could you explain this a little more boss?

You are referring to centralized exchanges. On centralized exchanges, you do not have complete control, it is not your private key. The owners of the coins on centralized exchanges are not the users of the exchange, but the people that owns the exchange.

Assuming there is an airdrop, you provided the address of an exchange, but the coin is not trading on the exchange, that means the exchange will give you nothing and you will lose the coin while it is with the exchange.

If you use a wallet that has private key, it is your coin, you have the complete control. You will be able to exchange the airdrop coin at any available means of exchange which are probably decentralized exchanges.

There are many ways people can lose money on centralized exchanges, this is just one of them.

[Ivartheragnarson]

Even if the airdrop coin becomes tradable on some exchanges, it is possible the exchange you chose is not supporting the coin.

could you explain this a little more boss?

You are referring to centralized exchanges. On centralized exchanges, you do not have complete control, it is not your private key. The owners of the coins on centralized exchanges are not the users of the exchange, but the people that owns the exchange.

Assuming there is an airdrop, you provided the address of an exchange, but the coin is not trading on the exchange, that means the exchange will give you nothing and you will lose the coin while it is with the exchange.

If you use a wallet that has private key, it is your coin, you have the complete control. You will be able to exchange the airdrop coin at any available means of exchange which are probably decentralized exchanges.

There are many ways people can lose money on centralized exchanges, this is just one of them.

this means if I submit a exchange address for an airdrop, if i win the the airdrop those coins will be sent to the address I submit?? and the exchange owners will keep it by them and I will receive nothing?? am I correct???

[_act_]

this means if I submit a exchange address for an airdrop, if i win the the airdrop those coins will be sent to the address I submit?? and the exchange owners will keep it by them and I will receive nothing?? am I correct???

Yes, exactly what it is. This is not only done for airdrop, but all other coins that exchanges are not supporting. Exchanges do have the kind of rules to back this up and the owner of the coin will lose it. Having a private key wallet will help a lot, it has safe many people from this kind of mistakes that exchanges uses to scam people legitimately.

[Kemarit]

Even if the airdrop coin becomes tradable on some exchanges, it is possible the exchange you chose is not supporting the coin.

could you explain this a little more boss?

You are referring to centralized exchanges. On centralized exchanges, you do not have complete control, it is not your private key. The owners of the coins on centralized exchanges are not the users of the exchange, but the people that owns the exchange.

Assuming there is an airdrop, you provided the address of an exchange, but the coin is not trading on the exchange, that means the exchange will give you nothing and you will lose the coin while it is with the exchange.

If you use a wallet that has private key, it is your coin, you have the complete control. You will be able to exchange the airdrop coin at any available means of exchange which are probably decentralized exchanges.

There are many ways people can lose money on centralized exchanges, this is just one of them.

this means if I submit a exchange address for an airdrop, if i win the the airdrop those coins will be sent to the address I submit?? and the exchange owners will keep it by them and I will receive nothing?? am I correct???

Yes, it will be on the custody of the exchange owners and not yours technically. And besides, maybe there will be some changes in the addresses, for example, the project decided to have a version 2.0 of their project, hence a new addresses.

If the exchange are not going to support the new address then your old address will be worthless.

So it's better you will submit a address that you can control and having the private keys at your side.

[Ivartheragnarson]

Even if the airdrop coin becomes tradable on some exchanges, it is possible the exchange you chose is not supporting the coin.

could you explain this a little more boss?

You are referring to centralized exchanges. On centralized exchanges, you do not have complete control, it is not your private key. The owners of the coins on centralized exchanges are not the users of the exchange, but the people that owns the exchange.

Assuming there is an airdrop, you provided the address of an exchange, but the coin is not trading on the exchange, that means the exchange will give you nothing and you will lose the coin while it is with the exchange.

If you use a wallet that has private key, it is your coin, you have the complete control. You will be able to exchange the airdrop coin at any available means of exchange which are probably decentralized exchanges.

There are many ways people can lose money on centralized exchanges, this is just one of them.

this means if I submit a exchange address for an airdrop, if i win the the airdrop those coins will be sent to the address I submit?? and the exchange owners will keep it by them and I will receive nothing?? am I correct???

Yes, it will be on the custody of the exchange owners and not yours technically. And besides, maybe there will be some changes in the addresses, for example, the project decided to have a version 2.0 of their project, hence a new addresses.

If the exchange are not going to support the new address then your old address will be worthless.

So it's better you will submit a address that you can control and having the private keys at your side.

thank you lot boss. I got an idea about it.currently i am doing some airdrop tasks.

[jrrsparkles]

Hello all, I have a problem about address formats. when we participate for an airdrop program it always says submit to ERC20 addresss and not to submit any exchange address such as binance , kucoin  or any other exchange address. what is the reason??

as i know most of those exchanges has all the types of deposit addresses . for example if we want to deposit usdt we can choose a format like bep20 , erc20  or any other available formats. so why airdrops campaigns always say not to submit an exchange address. could anyone explain me ? Thank you all.

The reason is simple which is the exchange owns the address and not yourself so if the token you are about to receive is not on the supported list of the exchange then you won't be able to see that token in your deposit even though it is actually deposited to the address. However every address support the erc20 tokens still the exchange has the ability to make it visible or not that is why the campaign always wanted your address not someone's else.

[Ayers]

But airdrops are now waste of time.

Airdrop or bounty campaign is a waste of time but I think it's the right way for beginners to enter the market. For those who do not have the initial capital to invest and want to find a job related to cryptocurrency to both earn money and learn experience, the airdrop is a safe option for them. I also have a friend who is new to the market but he doesn't want to invest with his own money so he joined the airdrop to find his luck and also to familiarize himself with the market.

[JeromeTash]

Hello all, I have a problem about address formats. when we participate for an airdrop program it always says submit to ERC20 addresss and not to submit any exchange address such as binance , kucoin  or any other exchange address. what is the reason??

as i know most of those exchanges has all the types of deposit addresses . for example if we want to deposit usdt we can choose a format like bep20 , erc20  or any other available formats. so why airdrops campaigns always say not to submit an exchange address. could anyone explain me ? Thank you all.

Because most airdropped tokens are not listed in an exchange at the time of the airdrop, and may never be listed there. If you send coins that are not listed by the exchange yet, nothing will reflect in your account, and you won't be able to withdraw them as well.

Secondly, most of the ERC20 are traded using dexes such as uniswap that require you to connect the wallet that contains the tokens, if they send the tokens to an address of a centralized exchange. You won't be able to use that very address to connect to uniswap and other dexes.

[Lagduf]

Hello all, I have a problem about address formats. when we participate for an airdrop program it always says submit to ERC20 addresss and not to submit any exchange address such as binance , kucoin  or any other exchange address. what is the reason??

It's caused by the reward that you will receive that will never be listed on major exchange site. that's why you will be loosing your token if you are submitting the exchange address. that's why the developers are always telling you airdrop hunter never try to use exchange address to receive your token or you will get nothing for that.

as i know most of those exchanges has all the types of deposit addresses . for example if we want to deposit usdt we can choose a format like bep20 , erc20  or any other available formats. so why airdrops campaigns always say not to submit an exchange address. could anyone explain me ? Thank you all.

The exchange site owned such address and you have no access over the private key or seed phrase and you will never able to take your token if that was being sent to the exchange site address. You can only sent what already listed on the exchange site.

[SquirrelJulietGarden]

when we participate for an airdrop program it always says submit to ERC20 addresss and not to submit any exchange address such as binance , kucoin  or any other exchange address. what is the reason??

Because ERC20 tokens have same address as Ethereum address in either your non custodial ERC20 wallets or exchange wallets.

But you only have control to import tokens (symbol, decimal etc.) in your non custodial wallets.

With exchange wallets, you can not customize and import tokens. You are depended on exchange support to get those ERC20 tokens in your exchange wallet. When they give such support? Mostly they support only if they list those tokens at their exchanges.

If you join bounties, airdrops and use exchange wallet address, you will not know that exchange will support to add that token or list that token on their exchange for deposit, withdrawal and trading.

[Jawhead999]

this means if I submit a exchange address for an airdrop, if i win the the airdrop those coins will be sent to the address I submit?? and the exchange owners will keep it by them and I will receive nothing?? am I correct???

Yes, exactly what it is. This is not only done for airdrop, but all other coins that exchanges are not supporting. Exchanges do have the kind of rules to back this up and the owner of the coin will lose it. Having a private key wallet will help a lot, it has safe many people from this kind of mistakes that exchanges uses to scam people legitimately.

Have you try it yourself? I think you're just make an assumption since it's possible to get an airdrop by using exchange wallet. The reason why they're ask everyone to use their own wallet instead of exchange because they don't want the airdrop participants suddenly dump their token. Also when they use their own wallet, the participants will take a part of the network since they need to send their token to the exchange.

[Oneandpure]

You can't earn airdrop reward coins if you used with exchange erc20 wallet address, there are not any support yet with airdrop coins without listing yet on your erc20 exchange wallet do you used, I think you need understand early if used erc20 exchange address you not have controlling private key and not possibility to earn coin trough exchange market. Just have one exception when joining some airdrop but coin have listed yet on exchange market like Kucoin, you have ability to earn airdrop used exchange erc20 address.

Several airdrop have announced about not used exchange address, you have used address from trustwallet, metamask or other address if you want earn airdrop coins later.

[vv181]

Technically, it is actually possible. Airdrop payment is no different than just regular transactions that happen in some networks. So there shouldn't be any problem. Nevertheless, within some exchanges, the token availability is limited, so if in some cases the received of the airdrop token is not supported by the exchange, then it became a problem. Exchange generally have terms and condition that handles such kind of problem, it might be couldn't be recovered at all or there is a tedious way to recover. So, I think the term people suggest not to use an exchange address is solely based on user experiences reason.

[fuguebtc]

To put it simply like this, tokens from bounty or airdrop campaigns of new projects created and stored on blockchain like ETH or BSC. So to be able to receive and see them you need to add them to your wallet and this is only done on non-custodial wallets, exchanges wallet do not support this feature. If unfortunately you use the exchange address and the token is sent there, it stays on the blockchain but you can't get it back because it's not your wallet and the exchange won't help you in that case.

[tvplus006]

Hello all, I have a problem about address formats. when we participate for an airdrop program it always says submit to ERC20 addresss and not to submit any exchange address such as binance , kucoin  or any other exchange address. what is the reason?? ..

If desired, you can specify your exchange wallet address if this coin is listed on this exchange, for example BTC and ETH. But if the new coin does not have a TGE and, accordingly, is not traded on the exchange, then you need to specify a noncustodial wallet. Otherwise, your coins will be lost.

[zonefloor]

Because it's an airdrop. The reason is that the project is just emerging. As such, there is no exchange platform where it is listed. The purpose of the airdrop is to advertise the project by distributing a prize. As a matter of fact, a project that is still in the birth phase cannot be on exchange platforms, so it asks you for an ERC20 wallet.