8 Easy Facts About X11 Coins Explained
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 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 few legit sites on the market, the money youd cover them to mine Bitcoin is probably 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 very popular way of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest rate. As these loans are ultra risky the interest rates are pretty high that initially seems like a good thing. .
Well, since there is no actual collateral that retains the borrower liable for your loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out several loans here at 99Bitcoins, and they 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 websites that promise to double your coins every few days or give you unreal interest prices.
What these sites really do is take money from new customers and use that money to pay off older users. This method creates a great deal of buzz around the site that seems to be untrue and solvent.
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On top of this, they almost always have some kind of referral program so that users 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 the website will only go offline and the money will be gone. No longer payments will be made and a great deal of people will get angry that they got scammed.
We've reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a site which we can say is  secure to invest in. Any site that guarantees you something that's too good to be true is probably only a facade for scammers trying to steal your coins. .
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How can you find out if a site is a scam for yourself Easy, use our Bitcoin scam evaluation 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 prior to the fork can now claim the new coin too.
The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard however demands an above fundamental understanding of the way 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 customers it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that claim the coins for you and take a commission but this could 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 it has a market.
Airdrops are similar to forks in the sense that you get coins out of thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although helpful hints 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 maximum significance of time method you can use to create money from your Bitcoins but they can be SUPER insecure. I would advise you to utilize these methods only after considerable research and a good understanding of the claiming process.