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Mining altcoins (e.g. Ethereum mining) is cheaper than what youd need in order to mine Bitcoin. But this only means that the hardware will probably cost less. Another hassles of power costs, configurations, maintenance and so on are essentially 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 sites nowadays are just pretending to use your money for mining operations, they're in fact scams.
What's more, while there are a couple of legit sites on the market, the money youd pay them to mine Bitcoin is probably 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 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 for an interest fee. Because such loans are ultra risky the interest rates are high that initially seems like a fantastic thing. .
Well, since there's absolutely no actual collateral which holds the debtor liable for the loan more often than not these loans default and lenders are left with no money.
Weve tested out several loans at 99Bitcoins, and they 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 websites which promise to double your coins every few days or give you unreal interest prices.
These websites actually do is take money from new users and use that money to pay off older users. This process creates a lot of buzz around the website which seems to be legit and solvent.
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On top of that, they nearly always have some sort of referral program so that users can bring their friends on board.
This is how a Ponzi scheme works. This can go learn this here now on for around 3-4 months until one day that the website will just go offline and the money is going to be gone. No longer payments will be produced and a great deal of people may get mad that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a website that we can state is secure to invest in. Any website that guarantees you something that's too good to be true is likely only a facade for scammers trying to more 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 evaluation tool to get 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 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 more. The procedure for claiming forked coins (aka forkcoins) is standard but 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 users it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies which assert the coins for you personally 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 other cryptocurrencies assuming it's a market.
Airdrops are similar to forks in the sense which you get coins out of 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 apply.
By way of example, 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 some time method you can use to make money from the Bitcoins however they can be SUPER risky. I'd recommend that you use these approaches only after considerable research and a good understanding of the claiming process.