What Does Legit Bitcoin Mining Sites Do?
Weve tested out many loans here 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 websites that claim to double your coins every couple of days or give you unreal interest rates.
What these sites actually do is take money from new customers and use that money to pay off older users. This process creates a great deal of buzz around the site that is apparently legit and solvent.
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This is how a Ponzi scheme functions. This will go on for around 3-4 months until one day the website will only go offline and the money will be gone. No longer payments will be made and a great deal of people will get mad that they have scammed.
We've reviewed several Bitcoin investment sites in the previous 3 decades and have yet to find a website which we can say is  secure to invest in. Any website that guarantees you something that's too good to be true is likely just a facade for individuals trying to steal your coins. .
How can you find out whether a site is a scam for yourself Easy, utilize our Bitcoin scam evaluation tool to get a reasonable assumption about a sites legitimacy.
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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 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 fundamental understanding of how Bitcoin works. You can view our fork claiming guide .
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 would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that assert the coins for you personally and take a commission but that could easily turn into a scam which runs off with you money. .
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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 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 example, 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 make money from your Bitcoins however they can be SUPER risky. I'd advise you to utilize these methods only after considerable research and a fantastic understanding of the claiming process.
Weve covered a great deal of ways in which 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 take a larger amount of work.
In order to make it much easier for you to review what weve just covered we made a table which illustrates the different methods (you can view on peak of this post). As you can see additional reading theres no simple, 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 make 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 methods previously and want to share your own experience with it Id love to hear it as well.
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Each and every single day, Bitcoin the cryptocurrency and Bitcoin the technology becoming more popular. When in 2011 you needed to write a person from the other continent to purchase a pizza for you with Bitcoins, now you can certainly do something like that in a number of important cities. In some countries such as the Netherlands, the entire towns are Bitcoin-friendly (such as Arnhem, often called the Bitcoin town ) now with a range of services available for those that are willing to pay with BTC.