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Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. But this only means that the hardware will probably cost less. Another hassles of power expenses, configurations, maintenance and so on are essentially exactly the same.
Occasionally youll encounter a web site or mobile app that tells you they will mine coins for you. The majority of these services are pretty much useless and will often consume your devices computing power and battery just to give you a couple of cents in return.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, the majority of the cloud mining sites today are just pretending to use your money for mining operations, they are in fact scams.
What's more, while there are a few legit sites out there, the money youd cover them to mine Bitcoin is likely better invested just buying Bitcoin. Obviously we always urge you to do your own market study since in the end, its your 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 who lend their coins for an interest fee. As such loans are ultra risky the interest rates are high that initially looks like a good thing. .
Well, since there's absolutely no actual collateral that holds the borrower 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 all 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 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 old users. This method Source makes a lot of go now buzz around the website which seems to be untrue and solvent.
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On top of that, they almost always have some kind 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 just go offline and the money is going to be gone. No longer payments will be made and a great deal of people may get mad that they have scammed.
We've reviewed several Bitcoin investment sites in the previous 3 decades and have yet to find a website which we can say is safe to invest in. Any site that promises 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, use our Bitcoin scam evaluation 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 as well.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and site more. The procedure for claiming forked coins (aka forkcoins) is standard but demands an above fundamental understanding of how Bitcoin works. You can see 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 users it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which assert the coins for you personally and have a commission but that may easily turn into a scam that runs away 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 has a market.
Airdrops are similar to 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.
For example, Byteball was distributed publicly 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 would recommend that you use these methods only after ample research and a good understanding of the claiming process.