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Weve tested out many loans at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this specific method.
Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are sites which claim to double your coins every couple of days or provide you unreal interest prices.
These websites actually do is take money from new customers and use that money to pay off older users. This process creates a lot of buzz around the site that is apparently legit and solvent.
On top of this, they almost always have some kind of referral program so that users 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 site will only go offline and the money is going to be gone. No more payments will be made and a great deal of people will get angry that they got scammed.
We have reviewed many Bitcoin investment websites in the previous 3 decades and have yet to find a website which we can say is safe to invest in. Any website that guarantees you something that's too good to be true is likely only a facade for scammers trying to steal your coins. .
How can you find out if a site is a scam for yourself Easy, utilize 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 originates in the existing Bitcoin. Every person who held Bitcoin prior to the fork can now claim the new coin as well.
The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of how Bitcoin works. You can view 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 could end up losing your Bitcoins. So for many non technical users it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which assert the coins for you and take a commission but this could easily turn into a scam which runs away with you money. .
Once you maintained 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 that you get coins from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can apply.
By way of 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 highest significance of time method you can use to make money from your Bitcoins however they can be SUPER insecure. I would recommend that you use these approaches only after considerable research and a good understanding of the claiming process.
Weve covered a lot of ways in which you can earn Bitcoin or earn money with cryptocurrencies. In the end each approach has its pros and cons, some are far more risky while others require a greater amount of effort.
In order to make it much easier for you to review what weve only covered we created a table that illustrates the different approaches (you can view on top 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 lot 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 when youve tried out one of the methods above and want to discuss your own experience with it Id love to hear it also.
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