The 8-Minute Rule for Best Alt Coins
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 power 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 sites nowadays are just pretending to use your money for mining operations, they're 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 probably better invested just buying Bitcoin. Obviously we always urge you to do your own market study since in the end, its your money.
A remarkably popular way of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest rate. Because these loans are ultra insecure the interest rates are pretty high which initially looks like a good thing. .
Well, since there is no true collateral that holds 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 steer clear of this particular method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites which promise to double your coins every few days or give you unreal interest rates.
These websites really do is take money from new users and use that money to pay off old users. This method makes a great deal of buzz around the site that is apparently next legit and solvent.
The Buzz on Cpu Mining Coins
On top of this, they almost always have some kind of referral program so that consumers can bring their friends on board.
This is how a Ponzi scheme functions. This will go on for around 3-4 months until one day that the website will only go offline and the money will be gone. No longer payments will be made and a great deal of people will get angry that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a website that we can state is  safe to invest in. Any website that promises you something that's too good to be true is likely just a facade for individuals trying to steal your coins. .
The Facts About Cloud Mining Free Uncovered
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 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 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 but demands an above basic understanding of the way Bitcoin works. You can see our fork claiming guide here.
Multi Coin Wallet for Beginners
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'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that assert the coins for you and take a commission but that could easily turn into a scam that runs away with you money. .
Not known Incorrect Statements About Best Alt Coins
Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are similar to forks in the sense that 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 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 significance of some time method you can use to make money from your Bitcoins but they can be SUPER risky. I'd advise you to use these methods only after ample research and a good understanding of the claiming process.