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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 cost less. The other hassles of power costs, configurations, maintenance and so on are essentially the same.
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 nowadays are simply pretending to use your money for mining operations, they are in fact 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 study since in the end, its your money.
A remarkably popular way of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest fee. As these loans are ultra insecure the interest rates are pretty high that initially seems like a fantastic thing. .
Well, since there's absolutely no true collateral that holds the debtor 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 stay away from this specific method.
Another method it is wise to avoid are coin doublers and higher 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 prices.
What these sites actually do is take money from new customers and use that money to pay off old users. This process makes a great deal of buzz around the website which is apparently untrue and solvent.
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On top of that, they almost always have some sort of referral program so that users 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 made and a lot of people will get mad that they have scammed.
We've reviewed several Bitcoin investment websites in the previous 3 decades and have yet to find a site which we can say is secure to invest in. Any website that promises you something that's too good to be true is probably just a facade for scammers trying to steal your coins. .
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How can you find out if a website click here to read is a scam for yourself Easy, utilize 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 originates 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 he has a good point and much more. The process for claiming forked coins (aka forkcoins) is standard however requires an above fundamental understanding of how 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 might end up losing your Bitcoins. So for many non technical users it'd better to pass on a fork and maintain your 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 that runs off with you money. .
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Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it's 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 employ.
By way of instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the maximum value for some time method you can use to create money from your Bitcoins but they can be SUPER insecure. I'd recommend that you utilize these approaches only after considerable research and a good understanding of the claiming process.