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Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. However, this only means that the hardware will cost less. Another hassles of electricity costs, configurations, maintenance and so on are essentially the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, the majority of the cloud mining websites nowadays are just pretending to use your money for mining operations, they are in fact scams.
What's more, while there are a few legit sites on the market, the money youd pay them to mine Bitcoin is likely better invested just buying Bitcoin. Of course we always urge you to do your own market study since in the end, its your money.
A very common way of growing your Bitcoin riches is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins to get an interest fee. As these loans are ultra insecure the interest rates are pretty high that initially seems like a good thing. .
Well, since there's absolutely no true collateral which retains the borrower liable for the loan more often than not these loans default and lenders are left without their money.
Weve tested out several loans 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 High Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every couple of days or give you unreal interest rates.
What these sites 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 site that seems to be untrue and solvent.
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On top of that, they almost always have some kind of referral app so that consumers can bring their friends on board.
This is how a Ponzi scheme works. 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 will get mad that they got scammed.
We've reviewed several Bitcoin investment sites in the previous 3 decades and have yet to find a website which we can state is safe to invest in. Any website that guarantees you something that is too good to be true is likely only a facade for scammers trying to steal your coins. .
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How can you find out whether a website is a scam for yourself Easy, use our Bitcoin scam evaluation tool to get a reasonable assumption about a sites validity.
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 branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The process for claiming forked coins (aka forkcoins) is standard however demands an above fundamental understanding of the way Bitcoin works. You can see our fork claiming guide .
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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 would better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that claim the coins for you and have a commission but that may easily turn into a scam which runs read the full info here off with you money. .
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Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it's a market.
Airdrops are similar to forks in the sense that you get coins out of thin air. Airdrops are usually used to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain situations some conditions can apply.
By way of example, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins read this article they owned.
To conclude, forks and airdrops could possibly be the highest value for some time method you can use to make money from your Bitcoins however they can be SUPER risky. I'd recommend that you use these approaches only after considerable research and a good understanding of the claiming process.