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Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. But this only means that the hardware will probably cost less. The other hassles of electricity costs, configurations, maintenance and so on are essentially exactly the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, most of the cloud mining sites nowadays are simply pretending to use your money for mining operations, they are in scams.
What's more, while there are a few legit sites out there, the money youd cover them to mine Bitcoin is probably better invested just buying Bitcoin. Obviously we always urge you to do your own market research since in the end, its your money.
A remarkably popular method of growing your Bitcoin riches is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest rate. As such loans are ultra risky the interest rates are pretty high that initially looks like a fantastic thing. .
Well, since there is no true collateral which retains the debtor liable for the loan more often than not these loans default and lenders are left without their money.
Weve tested out several loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every few days or give you unreal interest prices.
These websites really do is take money from new customers and use that money to pay off old users. This process creates a great deal of buzz around the website which seems to be untrue and solvent.
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On top of that, they almost always have some sort of referral program so that users can bring their friends on board.
This is how a Ponzi scheme functions. This can go on for around 3-4 months until one day that the site will just go offline and the money will be gone. No more payments will be produced and a great deal of people will get angry that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a site which we can state is secure to invest in. Any site that guarantees you something that's too good to be true is likely only a facade for individuals trying to steal your coins. .
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How can you find out if a website is a scam for yourself Easy, use our Bitcoin scam test tool to acquire a fair assumption about a websites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone originates in the existing Bitcoin. Every person who held Bitcoin prior to the fork can now also claim the new coin as well.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The procedure for claiming forked coins (aka forkcoins) is standard however demands an above basic understanding of how Bitcoin works. You can see our fork claiming guide .
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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you could end up losing your Bitcoins. So for most non technical customers it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which claim the coins for you personally and have a commission but that may easily turn into a scam that runs off with you money. .
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Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense that you get coins from thin air. Airdrops are usually utilized to spread the i was reading this word about a certain cryptocurrency. The currency is distributed freely to the general public, although in some cases some conditions can employ.
For instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the maximum significance of some time method you can use to make money from the Bitcoins but they can be SUPER risky. I'd advise useful source you to use these approaches only after considerable research and a fantastic understanding of the claiming process.