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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 probably cost less. Another hassles of power 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. While this sounds perfect, the majority of the cloud mining websites today are simply pretending to use your money for mining operations, they're in fact 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 study since in the end, its own money.
A remarkably common method of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins for 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 is no true collateral that 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 at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every couple of days or give you unreal interest rates.
What these sites actually do is take money from new users content and use that money to pay off old users. This method makes a great deal of buzz around the site that is apparently untrue and solvent.
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On top of this, they nearly always have some kind of referral app so that consumers can bring their friends on board.
This is how a Ponzi scheme works. This can go on for around 3-4 months until one day that the website will only go offline and the money is going to be gone. No longer payments will be made and a great deal of people will get mad that they got scammed.
We've reviewed several Bitcoin investment sites in the previous 3 years and have yet to find a website which we can state is safe to invest in. Any website that guarantees you something that is too good to be true is likely just a facade for scammers trying to steal your coins. .
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How can you find out whether a website is a scam to get yourself Easy, utilize our Bitcoin scam test tool to acquire a reasonable assumption about a websites validity.
Starting the original source around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone emerges in the existing Bitcoin. Every person who held Bitcoin before the fork can now 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 process for claiming forked coins (aka forkcoins) is standard however requires an above fundamental understanding of how Bitcoin works. You can see our fork claiming guide here.
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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 many non technical users it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which claim the coins for you and take a commission but that could easily turn into a go to this site scam which runs off 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 has a market.
Airdrops are much like forks in the sense that you get coins from thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can employ.
By way of example, Byteball was distributed freely 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 your Bitcoins however they can be SUPER insecure. I would recommend that you utilize these approaches only after ample research and a good understanding of the claiming process.