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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 costs, 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 perfect, the majority of the cloud mining websites nowadays are simply pretending to use your money for mining operations, they're in scams.
What's more, while there are a few legit sites on the market, 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 your money.
A very common method of growing your Bitcoin wealth is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest rate. Because such loans are ultra insecure the interest rates are pretty high which initially looks like a fantastic thing. .
Well, since there is no actual collateral that retains 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 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 higher Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every few days or give you unreal interest rates.
What these websites really do is take money from new users and use that money to pay off old users. This method makes a lot of buzz around the site that is apparently untrue and solvent.
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On top of that, they nearly always have some kind of referral app so that consumers can bring their friends on board.
This is how a Ponzi scheme functions. This can 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 may get angry that they have scammed.
We've reviewed many Bitcoin investment websites in the previous 3 decades and have yet to find a website that we can state is  safe to invest in. Any website that guarantees you something that's 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 if a site is a scam for yourself Easy, use our Bitcoin scam test 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 emerges in the existing Bitcoin. Every person who held Bitcoin before 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 more. The procedure 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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Keep in mind that if youre not go right here sure what youre doing when claiming a forkcoin you could end up losing your Bitcoins. So for most non technical users it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that assert the coins for you personally and take a commission but this may easily turn into a scam that 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 has 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 try this out cryptocurrency. The currency is distributed freely to the general public, although in some cases some conditions can apply.
By way of example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the highest significance of some browse this site time method you can use to create money from your Bitcoins however they can be SUPER risky. I'd recommend that you utilize these approaches only after ample research and a good understanding of the claiming process.