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Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. But this only means that the hardware will cost less. Another hassles of power costs, configurations, maintenance and so on are essentially exactly the same.

Sometimes youll encounter a web site or cellular program that tells you they will mine coins for you. The majority of these services are pretty much useless and will often consume your devices computing power and battery simply to give you a few cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, the majority of the cloud mining sites nowadays are just pretending to use your money for mining operations, they're in scams.

What's more, while there are a couple of legit sites on the market, the money youd cover 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 method of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins to get an interest rate. Because such loans are ultra risky the interest rates are high which initially seems like a fantastic 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 many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this particular 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 couple of days or give you unreal interest rates.

These websites really do is take money from new customers and use that money to pay off older users. This method creates a great deal of buzz around the website which seems to be legit and solvent.

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On top of that, they nearly always have some kind of referral program so that users can bring their friends on board.

This is the way a Ponzi scheme works. 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 mad that they have scammed.

We've reviewed several Bitcoin investment websites in the past 3 years and have yet to find a site which we can state is  safe to invest in. Any site that guarantees you something that is too good to be true is likely only a facade for scammers trying to steal your coins. .

The 8-Minute Rule for Scrypt Coins

How can you find out whether a website is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire a fair assumption about a sites legitimacy.

Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking  means a new Bitcoin clone originates 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 demands 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 could end up losing your Bitcoins. So for many non technical customers it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that claim the coins for you personally and take a commission but that may easily turn into a scam which runs away with you money. .

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Once pop over to this site you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it's a market.

Airdrops are much like forks in the sense which you get coins from thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in some cases some conditions can apply.

By way of instance, Byteball was distributed freely 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'd advise you to use these methods only after considerable research and a good understanding of the claiming process.