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Weve tested out many loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this particular method.
Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are sites that promise to double your coins every couple of days or give 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 great deal of buzz around the site that is apparently legit and solvent.
On top of this, they nearly 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 will go on for around 3-4 months until one day the website will only go offline and the money will be gone. No more payments will be made and a lot of people may get angry that they have scammed.
We've reviewed many Bitcoin investment sites in the past 3 years and have yet to find a site that we can say is secure to invest in. Any site that promises 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, use our Bitcoin scam test tool to get a reasonable 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 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 but requires an above fundamental understanding of how 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 could end up losing your Bitcoins. So for many non technical users it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that claim the coins for you personally and take a commission but that could easily turn into a scam which runs away with you money. .
Once you claimed a forkcoin you can sell it on click an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense that you get coins out of thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain 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 maximum significance of some time method you can use to create 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 you can earn Bitcoin or earn money with cryptocurrencies. In the end each method has its pros and cons, some are more risky while others take a larger amount of work.
In order to make it easier for you to review exactly what weve just covered we made a look here table which illustrates the different approaches (you can view on top of the post). As you can see theres no simple, risk free way to more generate money with Bitcoin. The fantastic news is that it's possible, and if you put some effort into it you can find a great deal of creative strategies to create new income flows. .
You may still have some questions. If so, just leave them in the comment section below. And if youve tried out one of these approaches previously and want to discuss your experience with it Id love to hear it as well.
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