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NOTE: Also, there’s no such thing as “free bitcoins”. It will always cost you something to get Bitcoins. It may not always be money, but something needs to be spent, whether it’s time, your email address, viewing ads or anything else.

 

Bitcoin Mining

You can’t “mine a bitcoin”. What you can mine is a block, which is rewarded with bitcoins (plus the fees of included transactions). Not only mining on non-specialized hardware is ridiculously slow, but it is not even profitable.

Bitcoin mining is not a way to earn Bitcoin fast or free. It takes a lot of time, research and money that you’ll need to invest into mining equipment. If you’re a newbie, then you probably shouldn’t be pursuing this. If you’re a veteran, then you probably already know this.

Sure, you’ll be able to generate Bitcoins even if you use your own PC at home, but if you use a mining calculator, you’ll see that you’ll be making 0.00000968 BTC a day ($0.0043) and spending perhaps 100x that on electricity bills or cooling down your computer (in hopes it doesn’t get ruined in the process).

Some of you may say “but I saw some cloud-mining websites that allow me to profit without the need to pay the expenses involved in mining”. Well, most, if not all, Bitcoin cloud mining websites are ponzi schemes that rarely actually use your investment to mine Bitcoins.

Don’t mine. Just buy the bitcoins.

 

Bitcoin Doubler/Duplicator/Investment sites (AVOID AT ALL COSTS!)

There are hundreds of sites around the web that claims they can multiply your Bitcoin, give you super high daily interest on your coins or do all sorts of other “magical” stuff if you just send them your coins. These sites are known as HYIPs (High Yield Investment Programs) and they are 100% scam.

What the site generally does is pay members using new member deposits that come in. This continues until one day the site decides to completely disappear from the web with the majority of their investors money.

We can’t emphasis enough how dangerous these sites are – AVOID THEM AT ALL COSTS! They are not a way to earn Bitcoins, they are a way to lose Bitcoins.

Never invest in any program paying high amount that seem to be “too good to be true”.

Charles Ponzi (wikipedia) promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage. In reality, Ponzi was paying early investors using the investments of later investors. This type of scheme is now known as a “Ponzi scheme”. His scheme ran for over a year before it collapsed, costing his “investors” $20 million.

High Yield Investment Programs (HYIP) are nothing new. Schemes which promise fast returns on your investments have been around since the 16th century. These days, scammers are using Bitcoin as a medium for running these scams – and many people are still falling for them.

How High Yield Bitcoin Investments operate?

You’ll find a number of very professional looking websites out there with names like Bitcoin Financial or Hex Trader. These explain to you that you can get a return on your investment of between 1% and 10% every day on your BTC deposits. Starting limits are often low enough for people to forgo detailed background checks and give the schemes a try.

Next your balance will go up each day, and the scheme will appear to be working. You’ll often be pressured to deposit more BTC, and with the “proof” (including smaller withdrawals if needed) that the investment is working. You will also be pressured to invite friends, family or co-workers to get involved.

In reality, there is no investment scheme at all on many of these sites. All of your gains are coming from people who join the scheme later. If everyone wanted their Bitcoins back at the same time, the schemes would crash immediately. These are pure Ponzi schemes – at some point down the line the number of “greater fools” who invest late will dry up, and the scheme will go broke, taking your Bitcoins and “profits” with them.

Bitcoin Doubler/Duplicator site is a totally obvious Ponzi scheme. Do not put any BTC into it. You have been warned.

 

Gambling

This part doesn’t need a lot of explanation. There are a lot of Bitcoin gambling websites out there that will gladly take your money for the chance of winning a bigger pot. The upside about gambling is that it doesn’t take any specific skill to start doing it; the downside is that it’s much more likely that you’ll lose all of your Bitcoins than actually win anything.

 

Bitcoin binary options

Bitcoin binary options are a form of trading in which you predict if the price of Bitcoin will rise or fall in a certain amount of time. If you’re correct, you earn the option’s payoff; if you’re incorrect, you lose your investment. They are called “Binary Options”, because the outcome is either win or lose; there’s nothing in between.

Basically, it’s a form of gambling that’s covered up with a pretty name. No one can predict precisely what will happen with Bitcoin’s price. If that were possible, we would all be billionaires. We suggest you stay away from Bitcoin binary options unless you like to gamble, and if you do, that’s fine.

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