How Best Alt Coins can Save You Time, Stress, and Money.
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 cost less. The other hassles of power 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 ideal, the majority of the cloud mining websites nowadays are just pretending to use your money for mining operations, they are in scams.
What's more, while there are a few legit sites on the market, the money youd cover them to mine Bitcoin is likely better invested just buying Bitcoin. Of course we always urge you to do your own market research since in the end, its your money.
A remarkably common method of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins to get an interest rate. As such loans are ultra insecure the interest rates are high which initially looks like a good thing. .
Well, since there is no actual collateral that retains the debtor liable for your loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out many loans here at 99Bitcoins, and they 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 which promise 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 old users. This method makes a great deal of buzz around the website which is apparently 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 can go read here on for around 3-4 months until one day the site will just go offline and the money will be gone. No more payments will be produced and a great deal of people may get angry that they got scammed.
We have reviewed many Bitcoin investment websites in the past 3 years and have yet to find a website that we can go to these guys state is  safe to invest in. Any website that promises you something that is too good to be true is probably only a facade for scammers trying to steal your coins. .
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How can you find out if a website is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire a fair assumption about a websites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking  means a new Bitcoin clone originates from the existing Bitcoin. Every person who held Bitcoin before the fork can now claim the new coin as well.
The first popular branch 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 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 users it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that claim web the coins for you and have a commission but that may easily turn into a scam which 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's 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 about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can apply.
By way of example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the maximum significance of some time method you can use to create money from your Bitcoins however they can be SUPER insecure. I'd recommend that you utilize these methods only after considerable research and a good understanding of the claiming process.