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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 cost less. The other hassles of electricity expenses, configurations, maintenance and so on are essentially exactly 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 sites nowadays are just pretending to use your money for mining operations, they're in scams.
Furthermore, while there are a couple of 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 research since in the end, its own money.
A remarkably popular way of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest fee. As these loans are ultra risky the interest rates are pretty high that initially seems like a fantastic thing. .
Well, since there is no true collateral which holds the borrower liable for your loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out several loans 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 higher Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every few days or provide you unreal interest prices.
What these websites really do is take money from new users and use that money to pay off older users. This method makes a great deal of buzz around the website which seems to be untrue and solvent.
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On top of this, they almost always have some kind of referral program so that consumers can bring their friends on board.
This is how a Ponzi scheme functions. This will go on for around 3-4 months until one day the site will only go offline and the money will be gone. No more payments will be produced and a lot of people will get mad that they got scammed.
We've reviewed many Bitcoin investment sites in the past 3 years and have yet to find a site that we can state is  safe to invest in. Any site that promises you something that is too good to be true is likely just 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, use our Bitcoin scam test tool to get 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 prior to 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 but requires an above fundamental understanding of the way Bitcoin works. You can view 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 could end up losing your Bitcoins. So for many non technical customers it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that claim the coins for you personally and take a commission but this may easily turn click over here now into a scam which 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's a market.
Airdrops are much like forks in the sense browse around this web-site that you get coins from thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in some cases some conditions can apply.
By way of 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 significance of time method you can use to make money from the Bitcoins however they can be SUPER risky. I would advise you to utilize these approaches only after ample research and a fantastic understanding of the claiming process.