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Weve tested out several loans 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 higher Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every few days or provide you unreal interest rates.
These websites 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 seems to be legit and solvent.
On top of this, they nearly always have some sort of referral program so that users can bring their friends on board.
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This is how a Ponzi scheme functions. This can go on for around 3-4 months until one day that the site will only go offline and the money is going to 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 past 3 decades and have yet to find a website which we can say is safe to invest in. Any site that promises you something that's too good to be true is probably just a facade for scammers trying to steal your coins. .
How can you find out whether a website is a scam for yourself Easy, use our Bitcoin scam evaluation 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 prior to 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 process 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 .
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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 for many non technical users it'd better to pass on a fork see it here and keep your Bitcoins secure. Other alternatives include companies which claim the coins for you personally and have a commission but this may easily turn into a scam which runs away with you money. .
Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense which you get coins out of thin air. Airdrops are often utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can apply.
By way of instance, 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 some time method you can use to create money from your Bitcoins but they can be SUPER risky. I'd advise you to use these approaches 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 each method has its pros and cons, some are far more insecure while others take a greater amount of work.
In order to make it much easier for you to review what weve only covered we made a table that illustrates the different approaches (you can see on top of this post). As you can see theres no simple, risk free way to generate money with Bitcoin. The fantastic news is that it's possible, and if you put some effort into it you can find a lot of creative strategies to create new income streams. .
You might still have some questions. If so, simply leave them in the comment section below. And if youve tried out one of the approaches previously and want to share your own experience with it love to hear it as well.
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