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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 cost less. Another hassles of electricity expenses, configurations, maintenance and so on are basically the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, most of the cloud mining sites nowadays are simply pretending to use your money for mining operations, they're in scams.
What's more, 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. Of course we always urge you to do your own market research since in the end, its your money.
A very popular method of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest rate. Because such loans are ultra insecure the interest rates are high that initially seems like a good thing. .
Well, since there is no true collateral which holds the borrower 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 specific method.
Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are sites that promise to double your coins every couple of days or give you unreal interest prices.
These sites actually do is take money from new customers and use that money to pay off older users. This process makes a lot of buzz around the site that is apparently legit and solvent.
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On top of this, 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 can go on for around 3-4 months until one day that the website will just go offline and the money will be gone. No longer payments will be made and a lot of people will get mad that they got 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. website here Any website that guarantees you something that's too good to be true is probably 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 to get yourself Easy, utilize our Bitcoin scam test tool to acquire a fair assumption about a websites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone originates in the existing Bitcoin. Every person who held Bitcoin before find more information 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 much more. The process for claiming forked coins (aka forkcoins) is standard however 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 might end up losing your Bitcoins. So for many non technical users it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which assert the coins for you and have 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 you can try these out 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 from thin air. Airdrops are usually used to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in some situations some conditions can apply.
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 value for time method you can use to create money from your Bitcoins however they can be SUPER risky. I would recommend that you utilize these methods only after considerable research and a good understanding of the claiming process.