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Weve tested out many 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 High Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every couple of days or give you unreal interest prices.
What these sites actually do is take money from new users and use that money to pay off older users. This process creates a great deal of buzz around the site that seems to be untrue and solvent.
On top of that, they almost always have some kind of referral app so that consumers can bring their friends on board.
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This is the way a Ponzi scheme works. 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 great deal of people will get angry that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a site which we can say is secure to invest in. Any site that guarantees you something that is too good to be true is likely only a facade for scammers trying to steal your coins. .
How can you find out whether a site is a scam to get yourself Easy, utilize our Bitcoin scam test tool to acquire 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 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 demands an above fundamental understanding of how 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 might end up losing your Bitcoins. So for most non technical customers it would better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that claim the coins for you personally and take a commission but this could easily turn into a scam that runs away with you money. .
Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.
Airdrops are similar to forks in the sense that 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 general public, although in some 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 may be the highest value for time method you can use to create money from your Bitcoins but they can be SUPER risky. I'd advise you to utilize 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 make money with cryptocurrencies. In the end each method has its pros and cons, some are far more insecure while others require a greater amount of effort.
In order to make it much easier for you to review what weve just covered we created a table that illustrates the different methods (you can see at the peak of the 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 approaches previously and want to discuss your experience with it love to hear it also.
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