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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. Another hassles of electricity expenses, configurations, maintenance and so on are basically the same.
Sometimes youll encounter a web site or mobile app that tells you they will mine coins to you. Most of these providers are basically useless and will usually consume your apparatus computing power and battery simply to give 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, the majority of the cloud mining sites nowadays are just pretending to use your money for mining operations, they're in fact scams.
What's more, while there are a few 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 research since in the end, its own money.
A very popular method of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners who lend their coins to get an interest fee. Because such loans are ultra risky the interest rates are high which initially looks like a fantastic thing. .
Well, since there is no true collateral that retains the borrower liable for your loan more often than not these loans default and lenders are left with no money.
Weve tested out several loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every couple of days or give 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 process creates 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 kind of referral program so that users 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 that the website will only go offline and the money will be gone. No longer payments will be produced and a lot of people may get mad that they have scammed.
We have reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a website that we can state is secure 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 if a website is a scam to get yourself Easy, utilize our Bitcoin scam test tool to acquire a fair assumption about a sites 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 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 above fundamental understanding of the way Bitcoin works. You can see our fork claiming guide here.
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Keep in mind that if youre not sure what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for most non technical customers it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that claim the coins for you and have a commission but this could easily turn into a scam which runs off with you money. .
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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it's a market.
Airdrops are similar to forks browse around here in the sense which you get coins out of thin air. Airdrops are usually used to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in some cases some conditions can employ.
For instance, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the maximum value for time method you can use to create money from the Bitcoins but they can be SUPER risky. I'd recommend that you use these methods only after considerable research and a good see this website understanding of the claiming process.