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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 power expenses, configurations, maintenance and so on are essentially exactly the same.

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Sometimes youll encounter a web site or cellular app that tells you they'll mine coins for you. The majority of these services are pretty much useless and will often consume your devices computing power and battery simply to give you a couple of 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 sites today are simply pretending to use your money for mining operations, they're in scams.

Furthermore, while there are a few legit sites on the market, the money youd cover them to mine Bitcoin is likely better invested just buying Bitcoin. Of course we always urge you to do your own market research since in the end, its your money.

A remarkably popular way of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest fee. Because these loans are ultra insecure the interest rates are pretty high that initially looks like a good thing. .

Well, since there is no true collateral that 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 here at 99Bitcoins, and they 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 that promise to double your coins every few days or provide you unreal interest rates.

These sites really do is take money from new users and use that money to pay off older users. This process creates a great deal of buzz around the site that is apparently legit and solvent.

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On top of that, they almost always have some sort of referral app so that users 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 will only go offline and the money will be gone. No more payments will be produced and a great deal of people may get mad that they have scammed.

We have reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a site which we can say is  safe to invest in. Any site that promises 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 if a site is a scam for yourself Easy, use our Bitcoin scam evaluation tool to get a reasonable 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 branch 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 basic understanding of how Bitcoin works. You can view our fork claiming guide here.

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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 many non technical users it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which claim the coins for you and take a commission but that could easily turn into a scam that runs away 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 similar to forks in the sense which you get coins out of thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in some situations some conditions can employ.

For instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.

To conclude, forks and airdrops could possibly be the highest significance of time method you can use to create money from your Bitcoins however they can be SUPER risky. I would advise you to use these approaches only after ample browse this site research and a fantastic understanding of the claiming process.

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