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Weve tested out several loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method I suggest you 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 actually do is take money from new customers and use that money to pay off older users. This process 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 how a Ponzi scheme works. This can go on for around 3-4 months until one day the site will only 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 have reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a site which 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 whether a site is a scam to get yourself Easy, utilize our Bitcoin scam test tool to get 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 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 more. The procedure for claiming forked coins (aka forkcoins) is standard but demands an above basic understanding of the way Bitcoin works. You can you can check here 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 customers it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which claim the coins for you and take a commission but this may easily turn into a scam which runs off with you money. .
Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.
Airdrops are similar to forks in the sense which you get coins from thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the general 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 could possibly be the highest value for some time method you can use to create money from the Bitcoins however they can be SUPER risky. I'd advise you to use these approaches only after considerable 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 pros and cons, some are far more risky while others take a greater amount of effort.
In order to make it much easier for you to review what weve just covered we made a table that illustrates the different methods (you can see on peak of the post). As you can see theres no simple, risk free way to 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 ways to create new income flows. .
You may still have any questions. If so, just leave them in the comment section below. And if youve tried out one of these methods above and want to share your own experience with it Id love to hear it also.
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