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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. The other hassles of electricity costs, 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 perfect, 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 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 remarkably popular method of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest fee. Because these loans are ultra insecure the interest rates are pretty high that initially seems like a good thing. .
Well, since there's absolutely no actual collateral which holds 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 at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every few days or provide you unreal interest prices.
These websites really do is take money from new users and use that money to pay off old users. This method makes a great deal of buzz around the site that seems to be legit and solvent.
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On top of this, they nearly always have some kind of referral program so that consumers can bring their friends on board.
This is how a Ponzi scheme functions. This can go on for around 3-4 look at this now months until one day the website will only go offline and the money will be gone. No more payments will be made and a lot of people will get mad that they got scammed.
We've reviewed several Bitcoin investment sites in the past 3 years and have yet to find a website that we can state is safe to invest in. Any site that guarantees 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 site is a scam to get yourself Easy, use our Bitcoin scam evaluation tool to acquire a reasonable assumption about a go to these guys 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 also 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 fundamental understanding of the way Bitcoin works. You can see 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 most non technical users it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which claim the coins for you personally and have a commission but this could easily turn into a scam which runs away with you money. .
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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it's visit the site a market.
Airdrops are much like forks in the sense which you get coins from 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 certain situations some conditions can apply.
For 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 create money from your Bitcoins however they can be SUPER risky. I would advise you to utilize these methods only after ample research and a fantastic understanding of the claiming process.