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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. Another hassles of electricity 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. When this sounds ideal, most of the cloud mining websites nowadays are just pretending to use your money for mining operations, they are in scams.
What's more, while there are a few legit sites out there, the money youd pay 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 own money.
A remarkably common way of growing your Bitcoin wealth 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 insecure the interest rates are pretty high which initially looks like a fantastic thing. .
Well, since there's absolutely no true collateral which retains the borrower liable for your loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out many loans 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 which promise to double your coins every couple of days or provide you unreal interest prices.
These websites really do is take money from new customers and use that money to pay off older users. This process creates a lot of buzz around the site that seems to be untrue and solvent.
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On top of this, they nearly always have some kind of referral program so that consumers 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 site visit this web-site will just go offline and the money is going to be gone. No more payments will be produced and a great deal of people will get angry that they got scammed.
We've reviewed several Bitcoin investment websites in the previous 3 years and have yet to find a site which 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 scammers trying to steal your coins. .
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How can you find out whether a site is a scam to get yourself Easy, use our Bitcoin scam test 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 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 but demands an above basic understanding of how Bitcoin works. You can view our fork claiming guide .
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Bear in mind that if youre not sure read the article what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for many non technical customers it would better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that assert the coins for you personally and have a commission but this could 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 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 about a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can apply.
By way of example, Byteball was distributed publicly to Bitcoin users depending on the amount of you could try these out Bitcoins they owned.
To conclude, forks and airdrops may be the highest significance of some time method you can use to create money from your Bitcoins however they can be SUPER risky. I'd recommend that you use these methods only after considerable research and a good understanding of the claiming process.