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Mining altcoins (e.g. Ethereum mining) is cheaper 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 essentially 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 websites nowadays are just pretending to use your money for mining operations, they are in fact scams.
What's more, while there are a few legit sites out there, 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 research since in the end, its own money.
A remarkably popular way of growing your Bitcoin riches is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest rate. As these loans are ultra risky the interest rates are high which initially seems like a fantastic thing. .
Well, since there's absolutely no actual collateral that retains the borrower liable for your loan more often than not these loans default and lenders are left with no money.
Weve tested out several loans 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 higher Yield Investment Programs also known as HYIPs. These are sites which claim to double your coins every few days or provide you unreal interest rates.
These sites really do is take money from new users and use that money to pay off older users. This process makes a lot of buzz around the website which is apparently 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 how a Ponzi scheme works. This can go on for around 3-4 months until one day that the site will only go offline and the money is going to be gone. No longer payments will be produced and a lot of people may get angry that they have scammed.
We've reviewed many Bitcoin investment websites in the previous 3 decades and have yet to find a website which we can state is secure to invest in. Any website that guarantees you something that's 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 to get yourself Easy, use our Bitcoin scam evaluation tool to get a reasonable assumption about a sites legitimacy.
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 fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard but demands an above basic understanding of the way 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 many non technical users it'd better to pass on a fork and maintain visit our website your Bitcoins secure. Other alternatives include companies which claim the coins for you and take a commission but about his this could easily turn into a scam that runs off 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 has a market.
Airdrops are similar to forks in the sense which you get coins out of thin air. Airdrops are usually used to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can apply.
By way of 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 significance of time method you can use to make money from the Bitcoins but they can be SUPER insecure. I'd recommend that you use these approaches only after considerable research and a fantastic understanding of the claiming process.