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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 probably cost less. Another hassles of electricity expenses, configurations, maintenance and so on are basically exactly the same.
Occasionally youll encounter a website or cellular program that tells you they'll mine coins for you. Most of these services are pretty much useless and will often consume your devices computing power and battery just to give you a few cents in return.
Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds ideal, most of the cloud mining websites nowadays are simply pretending to use your money for mining operations, they are in scams.
What's more, while there are a few legit sites on the market, the money youd pay 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 own money.
A remarkably common way of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest rate. As such loans are ultra insecure the interest rates are pretty high that initially seems 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 abandoned with no money.
Weve tested out several loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from this particular method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites which claim to double your coins every couple of days or give you unreal interest prices.
What these websites really do is take money from new customers and use that money to pay off old users. This method makes a lot of buzz around the website which seems to be legit and solvent.
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On top of this, they nearly always have some sort of referral program so that consumers can bring their friends on board.
This is the way a Ponzi scheme works. This can go on for around 3-4 months until one day that the site will only go offline and the money is going to be gone. No longer payments will be made and a great deal of people will get angry that they got scammed.
We've reviewed many Bitcoin investment websites in the past 3 years and have yet to find a site which we can say is secure to invest in. Any website that guarantees you something that is too good to be true is probably only a facade for individuals trying to steal your coins. .
What Does Litecoin Cloud Mining Mean?
How can you find out whether a site is a scam to get yourself Easy, utilize our check here Bitcoin scam evaluation tool to get 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 also claim the new coin too.
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 demands an above fundamental understanding of the way Bitcoin works. You can see our fork claiming guide .
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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for most non technical customers it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that assert the coins for you and have a commission but that could easily turn into a scam which runs off Your Domain Name with you money. .
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Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense which you get coins from thin air. Airdrops are often utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in certain situations 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 may be the maximum significance of some time method you can use to create money from the Bitcoins however they can be SUPER risky. I'd recommend that you use these methods only after considerable research and a fantastic understanding of the claiming process.