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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 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, most of the cloud mining sites nowadays 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 cover them to mine Bitcoin is likely better invested just buying Bitcoin. Obviously we always urge you to do your own market research since in the end, its own money.
A remarkably common method of growing your Bitcoin riches is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest fee. As such loans are ultra insecure the interest rates are high which initially seems like a fantastic thing. .
Well, since there is no actual collateral that retains the borrower liable for the loan more often than not these loans default and lenders are left 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 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 customers and use that money to pay off old users. This process makes a lot of buzz around the website which is apparently untrue and solvent.
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On top of this, they nearly always have some sort of referral app so that consumers 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 see here gone. No more payments will be made and a great deal of people may get mad that they got scammed.
We've reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a site which we can say is safe to invest in. Any site that promises you something that's 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 site is a scam for yourself Easy, use our Bitcoin scam test tool to acquire a reasonable 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 Bitcoin. Every person who held Bitcoin before the fork can now also claim the new coin as well.
The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much Cloud Mining Free more. The procedure 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 most non technical customers it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that claim the coins for you and take a commission but that may 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 alternative cryptocurrencies assuming it has a market.
Airdrops are similar to forks in the sense which 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 certain cases some conditions can employ.
By way of example, my response Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the maximum significance of some time method you can use to make money from the Bitcoins but they can be SUPER insecure. I'd recommend that you utilize these methods only after ample research and a fantastic understanding of the claiming process.