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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 cost less. Another 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. When this sounds ideal, the majority of the cloud mining websites nowadays are simply pretending to use your money for mining operations, they are in fact scams.
What's more, while there are a few legit sites out there, the money youd pay 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 own money.
A remarkably common way of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest rate. As such loans are ultra insecure the interest rates are pretty high that initially looks like a good thing. .
Well, since there's absolutely no true collateral that holds the debtor liable for your loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from this specific method.
Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites which claim to double your coins every few days or provide you unreal interest rates.
These sites really do is take money from new customers and use that money look at this site to pay off older users. This process makes a lot of buzz around the website which is apparently untrue and solvent.
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On top of that, they almost always have some sort of referral program so that consumers can bring their friends on board.
This is the way a Ponzi scheme works. This can go on for around 3-4 months until one day the website will just go offline and the money is going to be gone. No longer payments will be produced and a lot of people will get mad that they have scammed.
We've reviewed many Bitcoin investment sites in the past 3 years and have yet to find a site that we can say is secure to invest in. Any website that promises you something that's 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 whether a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to get a reasonable 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 from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now claim the new coin too.
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 requires an above fundamental 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 might end up losing your Bitcoins. So for many non technical users it would 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 that could easily turn into a scam that runs away 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 which you get coins from thin air. Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain situations 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 could possibly be the highest significance of some time method you can use to make money from the Bitcoins but they can be SUPER insecure. I would advise you to utilize these methods only after considerable research and a good understanding of the claiming process.