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Weve tested out many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method it is wise to 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 give you unreal interest prices.
What these sites actually do is take money from new users and use that money to pay off old users. This procedure creates a lot of buzz around the site that is apparently legit and solvent.
On top of this, they nearly always have some sort of referral app so that consumers can bring their friends on board.
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This is the way a Ponzi scheme functions. This can 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 great deal of people may get mad that they got scammed.
We have reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a site that we can say is safe to invest in. Any website that guarantees you something that is too good to be true is probably only a facade for individuals trying to steal your coins. .
How can you find out whether a website is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire a fair 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 from the existing Bitcoin. Every person who held Bitcoin before 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 procedure for claiming forked coins (aka forkcoins) is standard but requires an above basic 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 most non technical users it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which claim see it here the coins for you personally and take a commission but that may easily turn into a scam that runs away with you money. .
Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense which you get coins out of 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 some situations some conditions can employ.
By way of example, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
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To conclude, forks and airdrops could possibly be the highest value for time method you can use to create money from the Bitcoins but they can be SUPER insecure. I'd advise you to use these approaches only after considerable research and a fantastic understanding of the claiming process.
Weve covered a great deal of ways in which you can earn Bitcoin or earn money with cryptocurrencies. In the end each approach has its pros and cons, some are more risky while others require a greater amount of work.
In order to make it easier for you to review what weve only covered we made a table that illustrates the different methods (you can see on top of this post). As you can see theres no simple, risk free way to generate money with Bitcoin. The good news is that it is possible, and if you put some effort into it you can find a lot of creative strategies to make new income streams. .
You may still have any questions. If so, simply leave them in the comment section below. And when youve tried out one of the approaches previously and want to discuss your own experience with it Id love to hear it as well.
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