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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 High 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 old users. This procedure creates a lot of buzz around the website which is apparently 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 that the website will just go offline and the money will be gone. No more payments will be produced and a great deal of people may get mad that they got scammed.
We've reviewed several Bitcoin investment websites in the past 3 years and have yet to find a site that we can say is secure to invest in. Any site that guarantees you something that's too good to be true is likely just a facade for scammers trying to steal your coins. .
How can you find out if a site is a scam for yourself Easy, use our Bitcoin scam test tool to acquire a reasonable assumption about a sites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone emerges in the existing Bitcoin. Every person who held Bitcoin before the fork can now also claim the new coin too.
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 however requires an above basic understanding of the way Bitcoin works. You can see our fork claiming guide here.
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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 many non technical users 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 have a commission but that may easily turn into a scam that runs off with you money. .
Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense which you get coins from 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 employ.
For example, Byteball was distributed you could try these out 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 significance of some time method you can use to create money from your Bitcoins but they can be SUPER insecure. I would recommend that you utilize these approaches only after considerable research and a fantastic understanding of the claiming process.
Weve covered a lot of ways you can earn Bitcoin or make money with cryptocurrencies. In the end each approach has its pros and cons, some are far more insecure while others require a greater amount of work.
In order to make it easier for you to review exactly what weve just covered we made a table which illustrates the different methods (you can see at the peak of this post). As you can see theres no easy, risk free way to make money with Bitcoin. The good news is that it is possible, and if you put some effort into it you can find a great deal of creative strategies to create new income flows. .
You might still have any questions. If this is the case, just leave them in the comment section below. And when youve tried out one of these methods previously and want to discuss your experience with it Id love to hear it as well.
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