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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 specific method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites that promise to double your coins every few days or provide you unreal interest rates.
These websites really do is take money from new customers and use that money to pay off older users. This procedure creates a lot of buzz around the website which seems to be legit and solvent.
On top of that, they almost always have some kind of referral program so that users 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 just go offline and the money will be gone. No longer payments will be produced and a lot of people may get angry that they have scammed.
We've reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a site which we can state is safe to invest in. Any website that promises 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 if a site is a scam for yourself Easy, use our Bitcoin scam evaluation tool to get a fair assumption about a sites validity.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone originates 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 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 .
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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 many non technical customers it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies which assert the coins for you and take a commission but this 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 other cryptocurrencies assuming it has a market.
Airdrops are similar to forks in the sense that 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 some cases some conditions can apply.
For example, Byteball was distributed publicly 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 some time method you can use to make money from your Bitcoins but they can be SUPER risky. I'd advise you to utilize these methods only after ample research and a good understanding of the claiming process.
Weve covered a great deal of ways you can earn Bitcoin or even make money with cryptocurrencies. In the end each approach has its pros and cons, some are more insecure while others take a greater amount of work.
In order web to make it easier for you to review exactly what weve only covered we created a table which illustrates the different approaches (you can view on peak of this post). As you can see theres no easy, risk free way to generate money with Bitcoin. The good news is that it is possible, and if you put some effort into it you can find a lot of creative strategies to create new income streams. .
You might still have any questions. If so, simply leave them in the comment section below. And when youve tried out one of the methods above and want to discuss your experience with it Id love to hear it as well.
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