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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 power costs, configurations, maintenance and so on are basically the same.
Sometimes youll encounter a web site or cellular app that tells you they will mine coins to you. Most of these providers are pretty much 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. When this sounds ideal, most of the cloud mining websites nowadays are just pretending to use your money for mining operations, they are in scams.
Furthermore, 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. 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 through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest fee. As these loans are ultra risky the interest rates are pretty high which 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 many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from this specific method.
Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are sites that claim to double your coins every few days or provide you unreal interest prices.
What these websites 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 untrue and solvent.
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On top of that, they almost always have some sort of referral program so that consumers can bring their friends on board.
This is how a Ponzi scheme works. This will go on for around 3-4 months until one day the website will just go offline and the money will be gone. No more payments will be produced and a great deal of people will get angry that they got scammed.
We've reviewed several Bitcoin investment websites in the past 3 years and have yet to find a website which we can state is secure to invest in. Any website 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 website is a scam for yourself Easy, utilize our Bitcoin scam evaluation tool to acquire a reasonable assumption about site a sites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone originates from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now also claim the new coin as well.
The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and 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 here.
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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 maintain your Bitcoins secure. Other alternatives include companies that claim the coins for you personally and have 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 other cryptocurrencies assuming it's 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 publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops get redirected here may be the highest significance of time method you can use to create money from the Bitcoins however they can be SUPER risky. I'd advise you to use these approaches only after ample find more research and a good understanding of the claiming process.