9 Easy Facts About Best Alt Coins Described
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 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. When this sounds ideal, the majority of the cloud mining websites today are simply pretending to use your money for mining operations, they are in fact scams.
Furthermore, while there are a couple of legit sites out there, 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 study since in the end, its own money.
A very common way of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners who lend their coins for an interest rate. Because these loans are ultra insecure the interest rates are high that initially looks like a good thing. .
Well, since there is no actual collateral which holds the debtor liable for your loan more often than not these loans default and lenders are left with no 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 I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites that claim to double your coins every couple of days or provide you unreal interest prices.
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 this, they nearly always have some kind of referral app so that consumers can bring their friends on board.
This is the way a Ponzi scheme works. This can go on for around 3-4 months until one day that the website will just go offline and the money is going to be gone. No longer payments will be made and a great deal of people will get mad that they got scammed.
We've reviewed several Bitcoin investment sites in the past 3 decades and have yet to find a website which we can state is  safe to invest in. Any site that guarantees 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 if a website click here for more info is a scam to get yourself Easy, use our Bitcoin scam test tool to acquire a reasonable assumption about a sites legitimacy.
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 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 see our fork claiming guide here.
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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 many non technical users it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that assert the coins for you and take a commission but that may 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 visit this site it's a market.
Airdrops are much like 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 general public, although in some cases 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 highest significance of some time method you can use to make money from the Bitcoins but they can be SUPER insecure. I would recommend that you use these approaches only after considerable research and a good understanding of the claiming process.