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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 power costs, 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. When this sounds ideal, the majority of the cloud mining sites today are just pretending to use your money for mining operations, they're in fact scams.
What's more, while there are a few legit sites on the market, 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 research since in the end, its your money.
A very common way of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest fee. As these loans are ultra insecure the interest rates are high which initially looks like a good thing. .
Well, since there is no true collateral which holds the debtor liable for the loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out several loans here 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 sites which claim to double your coins every few days or give you unreal interest rates.
These websites really do is take money from new customers and use that money to pay off old 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 almost always have some sort of referral program so that users can bring their friends on board.
This is the way a Ponzi scheme functions. This can go on for around 3-4 months until one day the website will just go offline and the money will be gone. No more payments will be made and a lot of people may get mad that they have scammed.
We've reviewed many Bitcoin investment websites in the previous 3 decades and have yet to find a website that we can say is safe to invest in. Any site that guarantees 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 whether a website is a scam to get yourself Easy, utilize our Bitcoin scam test tool to acquire a reasonable assumption about a websites legitimacy.
Starting around page August 2017 Bitcoin began forking click to read more into other coins. In a nutshell, forking means a new Bitcoin clone originates you could try these out from the existing Bitcoin. Every person who held Bitcoin before 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 procedure for claiming forked coins (aka forkcoins) is standard however requires an above basic 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 many non technical users it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which assert 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 claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it's a market.
Airdrops are much like forks in the sense which you get coins out of thin air. Airdrops are often 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.
By way of example, Byteball was distributed freely 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 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.