Getting The Best Alt Coins To Work
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 probably cost less. Another hassles of electricity costs, configurations, maintenance and so on are essentially exactly the same.
Occasionally youll encounter a website or mobile program that tells you they'll mine coins for you. Most of these services are basically useless and will often consume your devices computing power and battery just 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 nowadays are just 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 pay 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 very popular 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 fee. Because these loans are ultra insecure the interest rates are high that initially seems like a good thing. .
Well, since there's absolutely no true collateral that retains the borrower liable for the loan more often than not these loans default and lenders are left with no money.
Weve tested out many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites which claim to double your coins every couple of days or provide you unreal interest prices.
What these sites actually do is take money from new customers and use that money to pay off old users. This method makes a great deal of buzz around the site that seems to be untrue and solvent.
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On top of that, they almost always have some kind of referral program so that consumers can bring their friends on board.
This is the way a Ponzi imp source scheme works. This can go on for around 3-4 months until one day that the website will just go offline and the money will be gone. No longer payments will be made and a lot of people may get mad that they got scammed.
We've reviewed many Bitcoin investment sites in the previous 3 decades and have yet to find a website that we can state is safe to invest in. Any website that promises you something that is too good to be true is probably only 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 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 originates in the existing Bitcoin. Every person who held Bitcoin prior to the fork can now claim the new news coin as well.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard however requires an above fundamental understanding of how Bitcoin works. You can view our fork claiming guide .
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Keep 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 which assert the coins for you and have a commission but this could easily turn into a scam which runs away 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's 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 in 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 freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the maximum significance of time method you can use to make money from your Bitcoins but they can be SUPER insecure. I would recommend that you utilize these methods only after ample research and a good understanding of the claiming process.