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Mining altcoins (e.g. Ethereum mining) is cheaper than what youd need in order to mine Bitcoin. But this only means that the hardware will probably cost less. The other hassles of power costs, 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 perfect, most of the cloud mining sites today are just pretending to use your money for mining operations, they are in scams.
Furthermore, while there are a few legit sites out there, the money youd pay them to mine Bitcoin is probably 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 remarkably common method of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest fee. As such loans are ultra insecure the interest rates are high that initially looks like a good thing. .
Well, since there is no actual collateral which retains the borrower liable for the loan more often than not these loans default and lenders are left without their money.
Weve tested out many loans here 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 promise to double your coins every couple of days or provide you unreal interest rates.
What these websites actually do is take money from new users and use that money to pay off older users. This method creates a great deal of buzz around the website which seems to be legit and solvent.
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On top of that, they almost always have some sort of referral app so that consumers can bring their friends on board.
This is the way a Ponzi scheme works. This will go on for around 3-4 months until one day the website 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 important link many Bitcoin investment websites in the previous 3 years and have yet to find a website which we can state is secure to invest in. Any website that guarantees you something that is 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 whether a website is a scam to get yourself Easy, utilize 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 originates in the existing Bitcoin. Every person who held Bitcoin before 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 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 could end up losing your Bitcoins. So for most non technical customers it would better to pass on a fork and keep your Scrypt Coins Bitcoins safe. Other alternatives include companies that claim the coins for you personally and have a commission but that may 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 similar to forks in the sense which you get coins out of thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can apply.
For instance, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, Click Here forks and airdrops may be the maximum significance of time method you can use to create money from your Bitcoins but they can be SUPER insecure. I would recommend that you use these approaches only after considerable research and a fantastic understanding of the claiming process.