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Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. However, this only means that the hardware will probably cost less. Another hassles of electricity 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. While this sounds perfect, most of the cloud mining websites today 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 probably better invested just buying Bitcoin. Of course we always urge you to do your own market study since in the end, its own money.
A remarkably common method of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest rate. As these loans are ultra insecure the interest rates are high which initially seems like a good thing. .
Well, since there is no actual collateral that retains the debtor liable for your 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 particular method.
Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every couple of days or provide you unreal interest rates.
What these sites really do is take money from new users and use that money to pay off old users. This process creates a great deal of buzz around the site that seems to be legit and solvent.
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On top of this, they almost always have some kind of referral program so that consumers can bring why not find out more their friends on board.
This is how a Ponzi scheme works. This can go on for around 3-4 months until one day the website will only go offline and the money is going to be gone. No more payments will be made and Read Full Article a lot of people will get angry that they have scammed.
We have reviewed several Bitcoin investment websites in the past 3 years and have yet to find a website that we can say is  secure to invest in. Any site that guarantees you something that is 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 for yourself Easy, utilize our 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 from 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 much more. The procedure for claiming forked coins (aka forkcoins) is standard however demands an above find out here 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 what youre doing when claiming a forkcoin you could end up losing your Bitcoins. So for many non technical users it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that claim the coins for you personally and have a commission but this 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 alternative cryptocurrencies assuming it's a market.
Airdrops are much like forks in the sense which you get coins from thin air. Airdrops are often used to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can apply.
By way of example, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the highest value for time method you can use to create money from your Bitcoins but they can be SUPER risky. I would recommend that you utilize these approaches only after ample research and a good understanding of the claiming process.