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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 specific method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every couple of days or provide you unreal interest prices.
What these sites really do is take money from new customers and use that money to pay off old users. This process makes a great deal of buzz around the site that seems to be untrue 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 that the website will just go offline and the money will be gone. No longer payments will be produced and a lot of people will get mad that they got 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 safe to invest in. Any site that promises you something that is too good to be true is probably only 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 legitimacy.
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 fork 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 demands an above fundamental understanding of the way Bitcoin works. You can see 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 might end up losing your Bitcoins. So for most non technical customers it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which claim the coins for you personally and have 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 which you get coins out of thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in some situations some conditions can employ.
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 could possibly be the highest value for time method you can use to make money from the Bitcoins however they can be SUPER risky. I'd recommend that you use these methods only after considerable research and a fantastic understanding of the claiming process.
Weve covered a lot of ways you can earn Bitcoin or earn money with cryptocurrencies. In the end each approach has its pros and cons, some are far more insecure while others take a greater amount of work.
In order to make it easier for you to review what weve only covered we created a table that illustrates the different approaches (you can view on peak of this post). As you can see theres no easy, risk free way to make 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 might still have any questions. If so, simply leave them in the comment section below. And if youve tried out one of these approaches previously and want to share your own experience with it love to hear it also.
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