The Cpu Mining Coins Diaries
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 cost less. The other hassles of power costs, configurations, maintenance and so on are basically exactly the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds perfect, the majority 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 few legit sites out there, the money youd cover them to mine Bitcoin is probably better invested just buying Bitcoin. Obviously 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 riches is via Bitcoin lending platforms. These sites connect debtors who 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 which initially looks like a fantastic thing. .
Well, since there's absolutely no actual collateral that holds the borrower liable for the loan more often than not these loans default and lenders are left without their money.
Weve tested out several loans 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 claim to double your coins every few days or provide you unreal interest rates.
What these sites actually do is take money from new customers and use that money to pay off older users. This method makes a great deal of buzz around the website which is apparently untrue and solvent.
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On top of that, they nearly always have some sort of referral app so that users 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 just go offline and the money will be gone. No longer payments will be produced and a great deal of people may get mad that they got scammed.
We have reviewed many Bitcoin investment sites in the past 3 years and have yet to find a site that we can state is safe to invest in. Any site that guarantees 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 website is a scam for yourself Easy, use our Bitcoin scam test tool link 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 prior to the fork can now claim the new coin too.
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 demands an above basic understanding of the way 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 could end up losing your Bitcoins. So for most non technical users it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which assert the coins for you personally 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's a market.
Airdrops are similar to forks in the sense that you get coins from thin air. Airdrops are usually used to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can apply.
For example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the highest value for time method you can use to make money from your Bitcoins however they can be SUPER risky. I would recommend that you utilize these methods only after considerable research and a fantastic understanding of the claiming process.