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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 expenses, 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 perfect, most of the cloud mining websites today are simply pretending to use your money for mining operations, they are 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. Of course we always urge you to do your own market study since in the end, its your money.
A remarkably common way 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 rate. As such loans are ultra risky the interest rates are high which initially looks like a fantastic thing. .
Well, since there is 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 many loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites which promise to double your coins every few days or provide you unreal interest prices.
These websites actually do is take money from new users and use that money to pay off old users. This method makes a great deal of buzz around the website which seems to be legit and solvent.
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On top of this, they almost always have some kind of referral program so that consumers 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 more payments will be produced and a lot of people will get angry that they got scammed.
We've reviewed several Bitcoin investment websites in the previous 3 years and have yet to find a website that we can state is secure to invest in. Any site that guarantees you something that is too good to be true is likely just a facade for scammers trying to steal your coins. .
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How can you find out whether a website is a scam to get yourself Easy, use our Bitcoin scam evaluation tool to acquire a reasonable assumption about a sites validity.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone originates from the existing Bitcoin. Every person who held Bitcoin look at this web-site before the see this website fork can now claim the new coin too.
The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard however requires an above fundamental 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 could end up losing your Bitcoins. So for most non technical users it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which assert the coins for you personally and have a commission but that may easily turn into a scam which straight from the source runs off 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 from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can employ.
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 maximum value for time method you can use to create money from your Bitcoins but they can be SUPER insecure. I would recommend that you utilize these methods only after considerable research and a fantastic understanding of the claiming process.