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Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. However, this only means that the hardware will cost less. The other hassles of electricity costs, configurations, maintenance and so on are basically 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 websites nowadays are simply pretending to use your money for mining operations, they're in scams.
Furthermore, while there are a couple of legit sites on the market, the money youd pay them to mine Bitcoin is likely better invested just buying Bitcoin. Obviously we always urge you to do your own market study since in the end, its your money.
A very common method of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest fee. As these loans are ultra insecure the interest rates are high that initially looks like a fantastic thing. .
Well, since there's absolutely no actual collateral that holds the borrower liable for your loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out many loans 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 High Yield Investment Programs also known as HYIPs. These are sites that promise to double your coins every couple of days or provide you unreal interest rates.
What these websites actually do is take money from new users and use that money to pay off old users. This method makes a lot of buzz around the site that is apparently untrue and solvent.
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On top of that, they almost always have some sort of referral program so that consumers can bring their friends on board.
This is the way a Ponzi scheme functions. This can go on for around 3-4 months until one day that the site will only go offline and the money is going to be gone. No longer payments will be produced and a great deal of people may get angry that they have scammed.
We've reviewed several Bitcoin investment websites in the past 3 years and have yet to find a site that we can say is safe to invest in. Any site that promises you something that is too good to be true is probably just 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, utilize 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 emerges in the existing pop over to this web-site Bitcoin. Every person who held Bitcoin before the fork can now review claim the new coin as well.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and 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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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 users it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which assert the coins for you and take a commission but this could easily turn into a scam that runs away with you money. .
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Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense that you get coins out of thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in some situations some conditions can apply.
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 highest significance of time method you can use to make money from the Bitcoins but they can be SUPER risky. I'd advise you to utilize these methods only after ample research and a fantastic understanding of the claiming process.