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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. Another hassles of power 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. While this sounds ideal, most of the cloud mining websites nowadays are just pretending to use your money for mining operations, they are in fact scams.
Furthermore, while there are a couple of legit sites on the market, the money youd cover them to mine Bitcoin is likely better invested just buying Bitcoin. Of course we always urge you to do your own market research since in the end, its own money.
A remarkably popular way of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest fee. Because such loans are ultra risky the interest rates are pretty high that initially seems like a good thing. .
Well, since there is no actual collateral which holds the debtor liable for the loan more often than not these loans default and lenders are left with no money.
Weve tested out several 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 sites which promise to double your coins every few days or give you unreal interest prices.
What these websites actually do is take money from new users and use that money to pay off older users. This process creates a lot of buzz around the site that seems to be legit and solvent.
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On top of that, they almost always have some kind of referral app so that users can bring their friends on board.
This is the way a Ponzi scheme works. This will go on for around 3-4 months until one day the site will only go offline and the money will be gone. No more payments will be made and a lot of people may get angry that they got scammed.
We have reviewed several Bitcoin investment sites in the past 3 decades and have yet to find a website that we can say is secure to invest in. Any site that guarantees you something that is too good to be true is probably 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 for yourself Easy, utilize our Bitcoin scam test tool to get a fair assumption about a websites 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 claim the new coin as well.
The first popular fork was Bitcoin Cash, but soon after see this followed Bitcoin Gold, Bitcoin Diamond and much more. The process for claiming forked coins (aka forkcoins) is standard however requires an above basic understanding of how Bitcoin works. You can view our fork claiming guide here.
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Keep 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 would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which assert the coins for you personally and have a commission but this may easily turn into a scam that runs off with you money. .
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Once you maintained a forkcoin you can sell visit site it on an exchange for Bitcoin or other cryptocurrencies assuming it's a market.
Airdrops are similar to forks in the sense that you get coins from thin air. Airdrops are often used to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in some situations some conditions can employ.
For example, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the highest value for time method you can use to make go to this website money from the Bitcoins but they can be SUPER insecure. I would advise you to utilize these approaches only after ample research and a good understanding of the claiming process.