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Weve tested out several loans at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this particular method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites which claim to double your coins every few days or provide you unreal interest rates.
These sites really do is take money from new customers and use that money to pay off old users. This process makes a great deal of buzz around the website which seems to be legit and solvent.
On top of that, 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 the site will only go offline and the money will be gone. No longer payments will be made and a lot of people may get mad that they have scammed.
We have reviewed several Bitcoin investment websites in the past 3 years and have yet to find a site which we can say is safe to invest in. Any website that promises you something that's too good to be true is likely only a facade for scammers trying to steal your coins. .
How can you find out if a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to get a fair assumption about a sites 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 branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The procedure for claiming forked coins (aka forkcoins) is standard however demands an above basic understanding of the way Bitcoin works. You can view our fork claiming guide .
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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you could end up losing your Bitcoins. So find more information for most non technical customers it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that assert the coins for you personally and have a commission but this could easily turn into a scam that runs away with you money. .
Once you claimed a forkcoin you try this website can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense that you get coins out of thin air. Airdrops are usually used to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some cases 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 highest significance of some time method you can use to create money from the Bitcoins however they can be SUPER risky. I would advise you to use these methods only after considerable research and a good understanding of the claiming process.
Weve covered a great deal of ways you can earn Bitcoin or earn money with cryptocurrencies. In the end each approach has its own pros and cons, some are far more risky while others require a larger 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 view 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 great deal of creative ways 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 these methods previously and want to discuss your own experience with it Id love to hear it as well.
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