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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 probably cost less. Another hassles of electricity expenses, 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, most of the cloud mining websites today are simply pretending to use your money for mining operations, they're in scams.
Furthermore, while there are a couple of 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 very popular method of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest fee. Because these loans are ultra insecure the interest rates are pretty high that initially seems like a fantastic thing. .
Well, since there is no actual collateral which holds the borrower liable for the loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from this particular method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every few days or give you unreal interest rates.
What these sites really do is take money from new users and use that money to pay off older users. This process creates a great deal of buzz around the website which seems to be untrue and solvent.
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On top of this, they almost always have some sort of referral app so that users 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 site will just go offline and the money is going to be gone. No longer payments will be made and a lot of people will get angry that they got scammed.
We've reviewed many Bitcoin investment websites in the past 3 years and have yet to find a site that we can state is secure to invest in. Any site that guarantees you something that's Web Site too good to be true is probably just a facade for scammers trying to steal your coins. .
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How can you find out if a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire a fair assumption about a sites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone originates in the existing Get More Information 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 more. The procedure for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of how Bitcoin works. You can view 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 important site would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that claim 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 alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense which you get coins from thin air. Airdrops are usually used to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases 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 highest significance of time method you can use to create money from your Bitcoins however they can be SUPER insecure. I would recommend that you use these approaches only after considerable research and a fantastic understanding of the claiming process.