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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. The other hassles of electricity costs, configurations, maintenance and so on are basically exactly the same.
Occasionally youll encounter a website or mobile app that tells you they will mine coins for you. The majority of these providers are basically useless and will often consume your devices 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. While this sounds ideal, the majority of the cloud mining websites today are simply pretending to use your money for mining operations, they're in scams.
Furthermore, while there are a couple of legit sites out there, the money youd cover them to mine Bitcoin is probably better invested just buying Bitcoin. Obviously we always urge you to do your own market study since in the end, its own money.
A very popular way of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest fee. As these loans are ultra risky the interest rates are high which initially looks like a fantastic thing. .
Well, since there is no actual collateral that holds the debtor liable for the 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 specific 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 couple of days or give you unreal interest prices.
What these sites actually do is take money from new customers and use that money to pay off old users. This method creates a great deal of buzz around the site that is apparently legit and solvent.
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On top of that, they almost always have some kind of referral program so that consumers can bring their friends on board.
This is the way a Ponzi scheme functions. This will go on for around 3-4 months until one day that the site will just go offline and the money will be gone. No longer payments will be made and a lot of people will get angry that they got scammed.
We've reviewed several Bitcoin investment websites in the previous 3 years and have yet to find a website that we can state is secure to invest in. Any website that guarantees you something that is too good to Learn More be true is probably only a facade for individuals trying to steal your coins. .
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How can you find out whether a website 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 much more. The process for claiming forked coins (aka forkcoins) is standard however requires an read more above basic understanding of the way Bitcoin works. You can view our fork claiming guide .
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Keep 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 would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which claim the coins for you and take a commission but that could easily turn into a scam that 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 has a market.
Airdrops are much like forks in the sense that you get coins from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can employ.
By way of 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 significance of time method you can use to create money from your Bitcoins however they can be SUPER risky. I'd advise you to utilize these methods only after considerable research and a good understanding of the claiming process.