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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 probably cost less. The other hassles of power expenses, configurations, maintenance and so on are basically exactly 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 websites nowadays are simply pretending to use your money for mining operations, they are in scams.
What's more, while there are a couple of legit sites out there, 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 study since in the end, its own money.
A very popular way of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins to get an interest fee. Because these loans are ultra risky the interest rates are pretty high which initially looks like a fantastic thing. .
Well, since there is no true collateral which retains the debtor liable for the loan more often than not these loans default and lenders are left with no money.
Weve tested out many loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every couple of days or provide you unreal interest rates.
These websites actually do is take money from new users and use that money to pay off older users. This method makes a lot of buzz around the website which seems to be untrue and solvent.
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On top of that, they nearly always have some sort of referral app 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 the site will only go offline and the money will be gone. No longer payments will be produced and a lot of people will get mad that they got scammed.
We have reviewed many Bitcoin investment sites in the previous 3 decades and have yet to find a site which we can say is  safe to invest in. Any website that guarantees you something that's too good to be true is likely only a facade for individuals trying to steal your coins. .
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How can you find out whether a site is a scam for yourself Easy, utilize our Bitcoin scam evaluation tool to acquire a fair 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 as well.
The first popular fork 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 requires an above fundamental understanding of how 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 could end up losing your Bitcoins. So for many non technical customers it'd 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 this may easily turn into a scam which runs off with you money. .
Scrypt Coins Things To Know Before You Get This
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 used to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in certain situations some conditions can apply.
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 significance of some time method you can use to create money from your Bitcoins but they can be SUPER Our site insecure. I would recommend that you utilize these methods only after considerable research and a good understanding of the claiming process.