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Weve tested out many loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites which promise to double your coins every few days or provide you unreal interest prices.
What these websites really do is take money from new users and use that money to pay off older users. This procedure creates a great deal of buzz around the site that seems to be legit and solvent.
On top of that, they almost always have some kind 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 the website will only go offline and the money is going to be gone. No longer payments will be made and a lot of people will get mad that they got scammed.
We've reviewed several Bitcoin investment sites in the previous 3 decades and have yet to find a website that we can say is secure to invest in. Any website that promises you something that's too good to be true is probably just a facade for scammers trying to steal your coins. .
How can you find out whether a site is a scam for yourself Easy, utilize our Bitcoin scam evaluation 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 as well.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much 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 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 most non technical customers it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which claim the coins for you personally and take a commission but that may easily turn into a scam that runs off with you money. .
Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it's a market.
Airdrops are much like forks in the sense which you get coins from 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 some situations some conditions can employ.
By way of instance, 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 value for some time method you can use to create money from your Bitcoins however they can be SUPER risky. I'd advise you to utilize these approaches only after ample research and a fantastic 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 own pros and cons, some are more insecure while others take a larger amount of work.
In review order to make it easier for you to review exactly what weve only covered we made a table which illustrates the different methods (you can view on top of the 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 make new income streams. .
You may still have any questions. If this is the case, simply leave them in the comment section below. And if youve tried out one of the methods previously and want to share your own experience with it love to hear it also.
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