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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 cost less. Another hassles of power costs, configurations, maintenance and so on are basically the same.
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 simply pretending to use your money for mining operations, they're in fact scams.
Furthermore, 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 study since in the end, its your money.
A remarkably common method of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest fee. As such loans are ultra risky the interest rates are pretty high that initially looks like a good thing. .
Well, since there is no actual collateral which retains the debtor liable for your loan more often than not these loans default and lenders are left without their 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 I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites that claim to double your coins every few days or give you unreal interest rates.
What these sites actually 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 this, they nearly always have some sort of referral app so that users 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 that the website will just go offline and the money is going to be gone. No more 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 years and have yet to find a site that we can say is  secure to invest in. Any site that guarantees read this post here 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 if a website is a scam to get yourself Easy, use our Bitcoin scam evaluation tool to get a fair assumption about a websites legitimacy.
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 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 basic understanding of the way Bitcoin works. You can view our fork claiming guide .
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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 most non technical customers it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which claim the coins for visit homepage you personally and take a commission but that may 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 other cryptocurrencies assuming it's a market.
Airdrops are much like forks in the sense that you get coins out of thin air. Airdrops are often over at this website utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some cases some conditions can apply.
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 significance of some time method you can use to create money from the Bitcoins however they can be SUPER insecure. I'd recommend that you utilize these approaches only after considerable research and a fantastic understanding of the claiming process.