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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 cost less. The other hassles of electricity costs, configurations, maintenance and so on are basically the same.
Sometimes youll encounter a web site or mobile app that tells you they'll mine coins to you. Most of these services are pretty much useless and will often consume your apparatus computing power and battery life just to give you a couple of cents in return.
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 websites nowadays are just pretending to use your money for mining operations, they are 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 likely better invested just buying Bitcoin. Obviously we always urge you to do your own market study since in the end, its your money.
A very popular way of growing your Bitcoin wealth is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who 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 true collateral that retains the debtor liable for your 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 that promise to double your coins every few days or provide you unreal interest rates.
What these websites actually 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 legit and solvent.
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On Multi Coin Wallet top of that, they nearly always have some kind of referral app so that users can bring their friends on board.
This is how a Ponzi scheme functions. This will go on for around 3-4 months until one day the website will only go offline and the money will be gone. No longer payments will be produced and a lot of people will get mad that they got scammed.
We have reviewed several Bitcoin investment sites in the past 3 decades 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 site is a scam for yourself Easy, use our Bitcoin scam test tool to get a fair assumption about a sites 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 prior to the fork can now claim the new coin as well.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The procedure for claiming forked coins (aka forkcoins) is standard however demands an above basic understanding of the way 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 might end up losing your Bitcoins. So for most 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 have a commission but this may easily turn into a scam navigate to this website 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 alternative cryptocurrencies assuming it's a market.
Airdrops Learn More are much like 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 general public, although in some 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 may be the highest significance of time method you can use to make money from the Bitcoins but they can be SUPER insecure. I would advise you to use these approaches only after ample research and a fantastic understanding of the claiming process.