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Weve tested out many loans at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this particular method.
Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every few days or provide you unreal interest rates.
What these sites really do is take money from new users and use that money to pay off older users. This procedure makes a lot of buzz around the site that seems to be untrue and solvent.
On top of this, they nearly always have some kind of referral app so that consumers can bring their friends on board.
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This is how a Ponzi scheme works. This can go on for around 3-4 months until one day the site will just go offline and the money will be gone. No longer payments will be produced and a lot of people may get mad that they got scammed.
We have reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a site that we can state is safe to invest in. Any site that promises you something that is 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 fair assumption about a websites legitimacy.
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 before 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 but demands an above fundamental understanding of how 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 many non technical users it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that assert the coins for you and have a commission but that could easily turn into a scam which runs off with you money. .
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 which you get coins from thin air. Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can employ.
By way of instance, 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 maximum significance of time method you can use to create money from your Bitcoins however they can be SUPER risky. I'd recommend that you utilize these methods only after considerable research and a good understanding of the claiming process.
Weve covered a great deal of ways in which you can earn Bitcoin or make money with cryptocurrencies. In the end each approach has its pros and cons, some are more insecure while others require a greater amount of work.
In order to make it much easier for you to review what weve just covered we created a table which illustrates the different approaches (you can view at the top of this post). As you can see theres no simple, risk free way to make money with Bitcoin. The good news is that it's possible, and if you put some effort into it you can find a great deal of creative ways to create new income streams. .
You may still have any questions. If this is the case, simply leave them in the comment section below. And if youve tried out one of the methods above and want to share your experience with it Id love to hear it as well.
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