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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 cost less. Another hassles of power costs, configurations, maintenance and so on are basically the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, the majority of the cloud mining sites nowadays are just 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 likely better invested just buying Bitcoin. Of course we always urge you to do your own market study since in the end, its own 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 for an interest rate. Because these loans are ultra risky the interest rates are pretty high which initially seems like a good thing. .
Well, since there's absolutely no actual collateral which holds the borrower liable for the loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from 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 rates.
These websites really do is take money from new users and use that money to pay off older users. This method makes a great deal of buzz around the site that seems to be untrue and solvent.
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On top of this, they nearly 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 the site will only go offline and the money is going to 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 websites in the past 3 decades and have yet to find a website that we can say is secure to invest in. Any website that guarantees you something that is 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, utilize our Bitcoin scam evaluation 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 from the read the article 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 followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of the way Bitcoin works. You can see our fork claiming guide .
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Keep in mind that if youre not sure what youre doing when claiming a forkcoin you might 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 claim the coins for you personally and take a commission but that 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 from thin air. Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain situations some conditions can apply.
By way of 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 your Bitcoins however they can be SUPER insecure. I would recommend that you use these approaches only after considerable research and a good understanding of the claiming process.