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

Sometimes youll encounter a website or mobile app that tells you they'll mine coins to you. The majority of these providers are pretty much useless and will often consume your apparatus computing power and battery just to give you a couple of cents in return.

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

Furthermore, 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 study since in the end, its own money.

A remarkably common method of growing your Bitcoin wealth is via Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins for an interest fee. Because these loans are ultra risky the interest rates are pretty high that initially looks like a good thing. .

Well, since there's absolutely no true 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 at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this specific method.

Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every couple of days or provide you unreal interest prices.

These sites really do is take money from new customers and use that money to pay off old users. This process makes a great deal of buzz around the site that is apparently untrue and solvent.

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

This is the way a Ponzi scheme functions. This can go on for around 3-4 months until one day the website will only go offline and the money will be gone. No longer payments will be produced and a lot of people will get angry that they have scammed.

We have reviewed several Bitcoin investment sites in the previous 3 years and have yet to find a website that we can state is  secure to invest in. Any website that promises you something that's too good to be true is probably just a facade for scammers trying to steal your coins. .

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

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 also claim the new coin as well.

The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard but requires an above fundamental understanding of the way Bitcoin works. You can view our fork claiming guide here.

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Keep in mind that if youre not sure what youre doing when claiming a forkcoin you could end up losing your Bitcoins. So for most non technical customers it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which assert the coins for you personally and have a commission but this could easily turn into a scam that runs off 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 similar to forks in the sense which you get coins out of thin air. Airdrops are usually utilized 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 instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins 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 insecure. I would recommend that you use these approaches only after considerable research and a fantastic understanding of the look at more info claiming process.