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Mining altcoins (e.g. Ethereum mining) is cheaper than what youd need in order to mine Bitcoin. But this only means that the hardware will cost less. The other hassles of electricity expenses, configurations, maintenance and so on are essentially the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, the majority of the cloud mining sites today are just pretending to use your money for mining operations, they are in fact scams.
Furthermore, while there are a few legit sites out there, the money youd pay them to mine Bitcoin is probably better invested just buying Bitcoin. Of course we always urge you to do your own market study since in the end, its your money.
A remarkably common method of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners who lend their coins to get an interest rate. As these loans are ultra risky the interest rates are pretty high which initially looks like a good thing. .
Well, since there's absolutely no true collateral which retains the debtor liable for your loan more often than not these loans default and lenders are left without their money.
Weve tested out many loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites which claim to double your coins every couple of days or give you unreal interest rates.
These websites actually do is take money from new users and use that money to pay off older users. This method creates a lot of buzz around the site that is apparently legit and solvent.
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On top of that, they nearly always have some kind of referral app so that users can bring their friends on board.
This is the way a Ponzi scheme functions. This will go on for around 3-4 months until one day the website will just go offline and the money will be gone. No more payments will be produced and a great deal of people may get angry that they have scammed.
We have reviewed several Bitcoin investment sites in the past 3 years and have yet to find a site which we can state is secure to invest in. Any site that promises you something that is too good to be true is likely only a facade for scammers trying to steal your coins. .
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How can you find out whether a site is a scam to get yourself Easy, utilize our Bitcoin scam test tool to get a reasonable assumption about a sites validity.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone emerges from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now also claim the new coin too.
The first popular fork Read Full Article was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The procedure for claiming forked coins (aka forkcoins) is standard but demands an above basic understanding of the way Bitcoin works. You can view our fork claiming guide .
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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for many non technical users it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include read the full info here companies which assert the coins for you personally and have a commission but that could easily turn into a scam which runs away with you money. .
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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it's a market.
Airdrops are much like forks in the sense which you get coins out of thin air. Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in some cases some conditions can employ.
For example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the highest significance of some time method you can use to make money from the Bitcoins a knockout post but they can be SUPER insecure. I would advise you to utilize these methods only after ample research and a good understanding of the claiming process.