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 probably cost less. The other hassles of power expenses, configurations, maintenance and so on are basically the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds perfect, the majority of the cloud mining websites today are simply pretending to use your money for mining operations, they are in fact scams.
Furthermore, while there are a few legit sites on the market, the money youd cover them to mine Bitcoin is probably 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 remarkably common way of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins for an interest rate. As such loans are ultra risky the interest rates are pretty high that initially looks like a fantastic thing. .
Well, since there is no actual collateral that retains the debtor liable for the loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out many loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this particular method.
Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every few days or give you unreal interest prices.
What these sites really do is take money from new customers and use that money to pay off older users. This method makes a great deal of buzz around the website which is apparently untrue and solvent.
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On top of that, they nearly always have some sort of referral app so that users can bring their friends on board.
This is how a Ponzi scheme works. This will go on for around 3-4 months until one day the site will just go offline and the money will be gone. No longer payments will be made and a lot of people will get mad that they got scammed.
We've reviewed many Bitcoin investment websites in the previous 3 years and have yet this contact form to find a site which we can say is  secure to invest in. Any site that promises you something that is too good to be true is likely just a facade for individuals trying to steal your coins. .
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How can you find out whether a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire 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 before the fork can now 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 procedure for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of the way Bitcoin works. You can view our fork claiming guide here.
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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for many non technical users it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that assert the coins for you personally and have a commission but that could easily turn into a scam that runs 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 much like forks in the sense that you get coins from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some cases some conditions can apply.
For 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 value for some time method you can use to create money from the Bitcoins however they can be SUPER risky. I would recommend that you use these methods only after considerable research and a good understanding of the claiming process.