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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 claim to double your coins every few days or give you unreal interest prices.
What these sites actually do is take money from new customers and use that money to pay off old users. This procedure creates a great deal of buzz around the website which seems to be legit and solvent.
On top of this, they nearly always have some kind of referral app so that users can bring their friends on board.
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This is how a Ponzi scheme functions. 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 longer payments will be made and a lot of people may get angry that they have scammed.
We have reviewed several Bitcoin investment websites in the previous 3 years and have yet to find a site which we can state is safe to invest in. Any site 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 acquire 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 prior to 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 more. The procedure for claiming forked coins (aka forkcoins) is standard but requires an above fundamental understanding of the way Bitcoin works. You can view 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 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 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 alternative cryptocurrencies assuming it's a market.
Airdrops are similar to forks in the sense that you get coins from thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in some situations 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 highest significance of some time method you can use to make money from your Bitcoins however they can be SUPER insecure. I would recommend that you utilize these methods only after ample research and a fantastic understanding of the claiming process.
Weve covered a great deal of ways you can earn Bitcoin or even earn money with cryptocurrencies. In the end each method has its own pros and cons, some are far more risky while others take a larger amount of effort.
In order to make it much easier for you to review exactly what weve discover here just covered we made a table that illustrates the different methods (you can see at the peak of this post). As you can see theres no simple, risk free way to make money with Bitcoin. The fantastic 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 flows. .
You may still have any questions. If this is the case, just leave them in the comment section below. And when youve tried out one of the methods previously and want to share your experience with it love to hear it as well.
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