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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 essentially the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, the majority of the cloud mining websites nowadays are simply pretending to use your money for mining operations, they are in fact 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 study since in the end, its own money.
A remarkably popular way of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest rate. As such loans are ultra insecure the interest rates are pretty high which initially looks like a good thing. .
Well, since there's absolutely no true collateral that retains the borrower liable for your loan more often than not these loans default and lenders are left without their 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 High Yield Investment Programs also known as HYIPs. These are sites that 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 makes a great deal of buzz around the site that is apparently untrue and solvent.
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On top of that, they nearly always have some kind of referral program so that users can bring their friends on board.
This is the way a Ponzi scheme functions. This will go on for around 3-4 months until one site web day the site will only go offline and the money will be gone. No more payments will be made and a lot of people may get angry that they got scammed.
We've reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a website which we can say is safe to invest in. Any website that promises 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 if a website is a scam for yourself Easy, use 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 in the existing Bitcoin. Every person who held Bitcoin before the fork can now 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 requires an above fundamental 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 customers it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that claim the coins for you and have a commission but that may easily turn into a scam which 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 similar to forks in the sense that 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 some cases 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 your Bitcoins but they can be SUPER risky. I'd recommend that you utilize these methods only after ample research and a fantastic understanding of the claiming process.