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Weve tested out several loans here at 99Bitcoins, and they all 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 websites that promise to double your coins every few days or provide you unreal interest prices.
These websites really do is take money from new users and use that money to pay off old users. This process makes a lot of buzz around the website which is apparently legit and solvent.
On top of that, they almost always have some sort of referral program so that consumers can bring their friends on board.
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This is how a Ponzi scheme functions. This will 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 lot of people may 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 that we can say is safe to invest in. Any website that guarantees you something that's too good to be true is probably just a facade for individuals trying to steal your coins. .
How can you find out whether a website is a scam to get 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 in the existing Bitcoin. Every person who held Bitcoin before the fork can now claim the new coin too.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard however requires an above fundamental 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 users it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that claim the coins for you and have a commission but that may 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 has a market.
Airdrops are much like forks in the sense which you get coins out of thin air. Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can apply.
For 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 maximum significance of time method you can use to create money from your Bitcoins however they can be SUPER insecure. I'd advise you to use these methods only after considerable research and a good understanding of the claiming process.
Weve covered a lot of click to find out more ways you can earn Bitcoin or make money with cryptocurrencies. In the end each approach has its pros and cons, some are far more risky while others require a larger amount of effort.
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 view at the peak of the post). As you can see theres no simple, risk free way to generate money with Bitcoin. The good news is that it's possible, and if you put some effort into it you can find a great deal of creative strategies 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 these approaches previously and want to share your experience with it love to hear it also.
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