The Ultimate Guide To Cloud Mining Free
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. The other 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. When this sounds perfect, most of the cloud mining sites nowadays are just pretending to use your money for mining operations, they are in scams.
Furthermore, while there are a couple of legit sites on the market, the money youd pay them to mine Bitcoin is likely better invested just buying Bitcoin. Obviously we always urge you to do your own market study since in the end, its your money.
A remarkably popular way of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest fee. Because such loans are ultra risky the interest rates are high which initially seems like a fantastic thing. .
Well, since there's absolutely no actual collateral which holds the borrower liable for your loan more often than not these loans default and lenders are left with no money.
Weve tested out several 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 sites that promise to double your coins every few days or give you unreal interest rates.
What these websites really do is take money from new customers and use that money to pay off older users. This process creates a great deal of buzz around the website which is apparently 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 their friends on board.
This is how a Ponzi scheme works. This will go on for around 3-4 months until one day the website will only go offline and the money will be gone. No longer payments will be produced and a lot of people may get angry that they have scammed.
We have reviewed several Bitcoin investment websites in the previous 3 decades and have yet to find a website that we can say is  safe to invest in. Any site that promises you something that's too good to be true is likely only a facade for individuals trying to steal your coins. .
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How can you find out whether a site is a scam to get yourself Easy, utilize our Bitcoin scam evaluation tool to acquire 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 originates in the existing Bitcoin. Every person who held Bitcoin prior to 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 more. The process for claiming forked coins (aka forkcoins) is standard but requires an above reference basic understanding of the way 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 customers it'd 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 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 has a market.
Airdrops are similar to forks in the sense which you get coins out of thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain situations some conditions can apply.
For instance, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the maximum value for some time method you can use to create money from your Bitcoins however they can be SUPER risky. I'd advise you to use these approaches only after ample research and a fantastic understanding of the claiming process.