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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 websites that claim to double your coins every few days or give you unreal interest rates.
These websites actually do is take money from new customers and use that money to pay off old users. This process creates a great deal of buzz around the website which is apparently untrue and solvent.
On top of this, they almost always have some sort of referral app so that consumers 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 more payments will be produced and a lot of people may get mad that they have scammed.
We have reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a website which we can say is secure to invest in. Any site that promises you something that's too good to be true is likely just a facade for scammers trying to steal your coins. .
How can you find out whether a website is a scam to get yourself Easy, use our Bitcoin scam evaluation tool to acquire a reasonable assumption about a sites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking means a new Bitcoin clone emerges in the existing Bitcoin. Every person who held Bitcoin before the fork can now also claim the new coin as well.
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 requires an above basic 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 might end up losing your Bitcoins. So for most non technical site link customers it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that assert the coins for you and take a commission but this may easily turn into a scam that 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 similar to 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 general public, although in certain 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 maximum significance of some time method you can use to create money from your Bitcoins but they can be SUPER risky. I would recommend that you use these methods only after ample research and a good understanding of the claiming process.
Weve covered a lot of ways you can earn Bitcoin or make money with cryptocurrencies. In the end each method has its pros and cons, some are more risky while others take a greater amount of effort.
In order to make it easier for you to review what weve just covered we created a table which illustrates the different approaches (you can view on top article 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 ways to make new income flows. .
You might still have any questions. If so, simply leave them in the comment section below. And when youve tried out one of the approaches previously and want to share your experience with it love to hear it as well.
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