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Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. However, this only means that the hardware will probably cost less. Another hassles of power expenses, configurations, maintenance and so on are basically exactly the same.
Occasionally youll encounter a website or cellular program that tells you they'll mine coins to you. The majority of these services are pretty much useless and will often consume your apparatus computing power and battery life simply to offer you a few cents in return.
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 today are simply pretending to use your money for mining operations, they're in fact scams.
Furthermore, while there are a few legit sites out there, the money youd cover them to mine Bitcoin is probably 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 popular way of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners who lend their coins to get an interest fee. As such loans are ultra insecure the interest rates are high that initially looks like a good thing. .
Well, since there is no true collateral which retains 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 stay away from this particular method.
Another method it is wise to 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 sites actually do is take money from new customers and use that money to pay off old users. This method makes a lot of buzz around the website which is apparently legit and solvent.
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On top of that, they nearly always have some sort of referral app so that consumers can bring their friends on board.
This is the way a Ponzi scheme works. This can go on for around 3-4 months until one day the site will only go offline and the money will be gone. No longer payments will be produced and a lot of people may get mad that they have scammed.
We've reviewed several Bitcoin investment sites in the previous 3 decades and have yet to find a site that we can state is secure to invest in. Any website that promises you something that's too good to be true is probably only a facade for individuals trying to steal your coins. .
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How can you find out if a website is a scam to get yourself Easy, utilize our Bitcoin scam test tool to get a reasonable assumption about a websites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone emerges from the existing Bitcoin. Every person who held Bitcoin before the fork can now also claim the new coin too.
The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The process for claiming forked coins (aka forkcoins) is standard but 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 might end up losing your Bitcoins. So for most non technical customers it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which claim the coins for you personally and have a commission but this may easily turn into a scam which runs away with you money. Recommended Reading .
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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 out of thin air. Airdrops are often used to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some cases some conditions can employ.
For example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the highest significance of some time method you can use to make money from the Bitcoins however they can be SUPER risky. I would advise you to utilize these methods only after ample research and a good understanding of the claiming process.