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Mining altcoins (e.g. Ethereum mining) is cheaper than what youd need in order to mine Bitcoin. However, this only means that the hardware will probably cost less. The other hassles of electricity expenses, configurations, maintenance and so on are basically exactly the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds ideal, the majority of the cloud mining websites today are just pretending to use your money for mining operations, they are in scams.
What's more, while there are a couple of legit sites on the market, the money youd pay them to mine Bitcoin is likely better invested just buying Bitcoin. Obviously we always urge you to do your own market research since in the end, its your money.
A very common way of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest fee. As such loans are ultra insecure the interest rates are high which initially seems like a fantastic thing. .
Well, since there's absolutely no true collateral which retains the debtor liable for your loan more often than not these loans default and lenders are left with no money.
Weve tested out many loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from this specific method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites that claim to double your coins every couple of days or provide you unreal interest prices.
These websites really do is take money from new users and use that money to pay off old users. This process makes a great deal of buzz around the website which seems to be legit and solvent.
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On top of this, they almost always have some kind of referral app so that users can bring their friends on board.
This is how a Ponzi scheme functions. click for more info This will go on for around 3-4 months until one day the site will only go offline and the money will be gone. No more payments will be produced and a great deal of people will get angry that they got scammed.
We have reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a website that we can say is safe to invest in. Any website that guarantees you something that's too good to be true is likely only a facade for individuals trying to steal your coins. .
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How can you find out whether a website is a scam for yourself Easy, utilize our Bitcoin scam evaluation tool to get a fair assumption about a websites validity.
Starting around August 2017 Bitcoin began More Info forking into other coins. In a nutshell, forking means a new Bitcoin clone emerges from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now also claim the new coin as well.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard however requires an above basic understanding of the way Bitcoin works. You can view 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 users it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies which claim the coins for you and have a commission but that may easily turn into a scam that runs away with you money. .
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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense that 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 public, although in certain cases some conditions can employ.
For example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the highest value for time method you can use to make money from your Bitcoins but they can be SUPER insecure. I would advise you to use these methods only after considerable research and a good understanding of the claiming process.