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Weve tested out many loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every few days or give you unreal interest prices.
What these websites really do is take money from new users and use that money to pay off older users. This procedure makes a great deal of buzz around the site that seems to be legit and solvent.
On top of this, they almost always have some kind of referral app so that users can bring their friends on board.
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This is the way a Ponzi scheme works. This will go on for around 3-4 months until one day that the site 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 have reviewed many Bitcoin investment websites in the past 3 decades and have yet to find a website that we can say is secure to invest in. Any site that promises you something that is too good to be true is probably just a facade for scammers trying to steal your coins. .
How can you find out whether a site is a scam for yourself Easy, use our Bitcoin scam test tool to get 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 emerges from the existing Bitcoin. Every person who held Bitcoin before 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 process for claiming forked coins (aka forkcoins) is standard however requires an above basic 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 might end up losing your Bitcoins. So for most non technical customers it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that claim the coins for you personally and take a commission but this could easily turn into a scam which runs away with you money. .
Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it's a market.
Airdrops are similar to forks in the sense that you get coins from thin air. Airdrops are often 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 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 time method you can use to make money from your Bitcoins but they can be SUPER insecure. I'd advise you to use these approaches only after ample research and a good understanding of the claiming process.
Weve covered a lot of ways in which you can earn Bitcoin or even make money with cryptocurrencies. In the end each approach has its pros and cons, some are more risky while others take a greater amount of effort.
In order to make it much easier for you to review what weve just covered we made a table which illustrates the different approaches (you can view on top of this post). As you can see theres no simple, risk free way to make 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 flows. .
You might still have some questions. If this is the case, simply leave them in the comment section below. And if youve tried out More hints one of these approaches previously and want to discuss your experience with it love to hear it as well.
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