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Weve tested out many 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 sites which promise to double your coins every few days or provide you unreal interest rates.
These sites really do is take money from new users and use that money to pay off old users. This process creates a lot of buzz around the site that is apparently legit and solvent.
On top of this, they almost always have some kind of referral app so that users can bring their friends on board.
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This is how a Ponzi scheme works. This will go on for around 3-4 months until one day that the website will just go offline and the money will be gone. No longer payments will be made and a lot of people may get angry that they have scammed.
We have reviewed several Bitcoin investment sites in the previous 3 years and have yet to find a website which we can state is safe to invest in. Any site that promises you something that's too good to be true is likely just a facade for scammers trying to steal your coins. .
How can you find out if a website is a scam for yourself Easy, use our Bitcoin scam evaluation tool to get 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 originates 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 fork 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 website link an above fundamental understanding of the way Bitcoin works. You can see 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 most non technical customers it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which assert the coins for you and have a commission but this could easily turn into a scam that runs away with you money. .
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 which you get coins from thin air. Airdrops are often utilized to spread the word about a certain cryptocurrency. The Cloud Mining Paypal currency is distributed freely to the public, although in certain situations some conditions can apply.
For example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
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To conclude, forks and airdrops may be the highest significance of some time method you can use to create money from your Bitcoins but they can be SUPER risky. I would advise you to utilize these methods only after ample research and a fantastic understanding of the claiming process.
Weve covered a great deal of ways in which you can earn Bitcoin or even make money with cryptocurrencies. In the end more helpful hints each approach has its own pros and cons, some are more insecure while others require a greater amount of effort.
In order to make it much easier for you to review what weve only covered we created a table which illustrates the different approaches (you can see at the peak of this post). As you can see theres no easy, risk free way to generate money with Bitcoin. The fantastic news is that it is possible, and if you put some effort into it you can find a lot of creative strategies to create new income streams. .
You may still have some questions. If so, just leave them in the comment section below. And if youve tried out one of the methods previously and want to discuss your experience with it love to hear it as well.
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