Multi Coin Wallet for Dummies
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. Another hassles of power expenses, 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 perfect, the majority of the cloud mining sites today are simply pretending to use your money for mining operations, they are in scams.
Furthermore, while there are a few 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 research since in the end, its your money.
A remarkably common way of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest fee. Because such loans are ultra risky the interest rates are pretty high which 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 abandoned with no money.
Weve tested out several loans at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of 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 users and use that money to pay off old users. This method 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 functions. This will go on for around 3-4 months until one day that the website will only go offline and the money will be gone. No more payments will be produced and a lot of people may get mad that they have scammed.
We've reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a website that we can state is safe to imp source invest in. Any site that guarantees you something that is too good to be true is likely 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 to acquire a reasonable assumption about a websites 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 prior to the fork can now also 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 the way 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 could end up losing your Bitcoins. So for many non technical customers it'd better to pass on a fork and maintain your Bitcoins secure. 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 alternative cryptocurrencies assuming it's a market.
Airdrops are similar to forks in the sense that 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 general public, although in certain situations some conditions can employ.
By way of instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the highest value for some time method you can use to make money from your Bitcoins but they can be SUPER insecure. I'd advise you to utilize these methods only after considerable research and a good understanding of the claiming process.