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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. The other hassles of electricity expenses, configurations, maintenance and so on are essentially the same.
Occasionally youll encounter a web site or cellular program that tells you they will mine coins to you. The majority of these services are basically useless and will usually consume your devices computing power and battery life simply to give you a couple of cents in return.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, most of the cloud mining websites nowadays are just pretending to use your money for mining operations, they're in fact scams.
Furthermore, while there are a few legit sites on the market, the money youd pay 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 own money.
A remarkably common way of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest fee. Because these loans are ultra insecure the interest rates are pretty high that initially looks like a good thing. .
Well, since there is no true collateral that holds the borrower liable for your loan more often than not these loans default and lenders are left without their 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 I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every few days or provide you unreal interest prices.
What these sites really do is take money from new users and use that money to pay off old users. This method creates a lot of buzz around the site that is apparently legit and solvent.
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On top of this, they almost always have some kind of referral program 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 recommended you read until one day that the website will only go offline and the money is going to be gone. No more payments will be produced and a great deal of people will get mad that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 decades and have yet to find a site which we can state is next safe to invest in. Any site 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 site is a scam to get yourself Easy, use our Bitcoin scam evaluation tool to acquire a reasonable assumption about a websites validity.
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 prior to the fork can now also claim the new coin too.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard however requires an above fundamental 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 could 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 and take a commission but this could easily turn into a scam which runs off with you money. .
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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 much like forks in the sense which you get coins from thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed i was reading this freely to the general public, although in certain cases some conditions can employ.
For example, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the highest value for some time method you can use to make money from the Bitcoins but they can be SUPER risky. I'd advise you to utilize these methods only after considerable research and a fantastic understanding of the claiming process.