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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 expenses, configurations, maintenance and so on are essentially 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 sites nowadays are just pretending to use your money for mining operations, they are in 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. Obviously we always urge you to do your own market research since in the end, its own money.
A very common way of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins for an interest rate. As these loans are ultra insecure the interest rates are pretty high which initially looks like a good thing. .
Well, since there's absolutely no actual collateral that retains the borrower liable for your loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out several loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of 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 give you unreal interest rates.
These websites actually do is take money from new users find out and use that money to pay off older users. This method creates a lot of buzz around the website which seems to be untrue and solvent.
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On top of this, they nearly always have some kind of referral program so that users can bring their friends on board.
This is how a Ponzi scheme functions. This can go on for around 3-4 months until one day the website will only go offline and the money will be gone. No longer payments will be produced and a great deal of people may get angry that they have scammed.
We've reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a website that we can say is safe to invest in. Any website that promises you something that is too good to be true is likely only a facade for scammers 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 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 also claim the new coin too.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard however demands an above fundamental understanding of the way Bitcoin works. You can see our fork claiming guide .
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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 users it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which assert the coins for you and take a commission but that could easily turn into a scam that runs off 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 much like forks in the sense which you get coins out of thin air. More Bonuses Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can apply.
For instance, Byteball was distributed publicly 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 but they can be SUPER insecure. I would advise you to use these approaches only after considerable research and a good understanding of the claiming process.