The Definitive Guide for Best Alt Coins
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 ideal, most of the cloud mining websites nowadays are just pretending to use your money for mining operations, they're in scams.
Furthermore, while there are a couple of legit sites out there, 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 study since in the end, its own money.
A very common method of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest rate. As these loans are ultra risky the interest rates are pretty high which initially looks like a good thing. .
Well, since there is no actual 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 several loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from 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 which promise to double your coins every few days or give you unreal interest prices.
What these sites actually do is take money from new users and use that money to pay off older users. This method creates a lot of buzz around the site that is apparently legit and solvent.
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On top of this, they almost always have some sort of referral app so that consumers can bring their friends on board.
This is how a Ponzi scheme functions. This will go on for around 3-4 months until one day that the site will only go offline and the money will be gone. No more payments will be produced and a investigate this site lot of people advice may get mad that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a website which we can say is  secure to invest in. Any website that promises you something that is too good to be true is probably only a facade for individuals 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 test tool to acquire a reasonable assumption about a websites 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 too.
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 however requires 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 what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for most non technical users it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that assert the coins for you and have a commission but that 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 other cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense that you get coins from thin air. Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in certain situations some conditions can employ.
For instance, Byteball was distributed publicly 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 click here for info can use to make money from the Bitcoins however they can be SUPER insecure. I'd recommend that you utilize these approaches only after considerable research and a fantastic understanding of the claiming process.