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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. Another hassles of electricity 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 perfect, most of the cloud mining sites today are just pretending to use your money for mining operations, they're in scams.
What's more, while there are a couple of legit sites out there, 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 way of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest fee. Because such loans are ultra risky the interest rates are pretty high that initially looks like a fantastic thing. .
Well, since there's absolutely no actual 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 several loans here at 99Bitcoins, and they all 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 provide you unreal interest rates.
These sites actually do is take money from new users and use that money to pay off older users. This process creates a lot of buzz around the site that is apparently legit and solvent.
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On top of this, 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 functions. This can go on for around 3-4 months until one day that the website will just go offline and the money is going to be gone. No longer payments will be made and a great deal of people will get angry that they got scammed.
We have reviewed several Bitcoin investment websites in the past 3 years and have yet to find a site that we can say is safe to invest in. Any website that guarantees you something that's too good to be true is probably only a facade for individuals trying to steal your coins. .
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How can you find out if a site is a scam to get yourself Easy, utilize our Bitcoin scam test tool to acquire 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 before the fork can now also claim the new coin too.
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 however demands an above basic understanding of the way Bitcoin works. You can view our fork claiming More about the author 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 customers it would better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that assert the coins for you personally and take a commission but this may easily turn into a scam which runs off with you money. .
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Once you maintained 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 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 employ.
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 the Bitcoins but they can be SUPER risky. I'd recommend that you utilize these methods only after considerable research and a good understanding of the claiming process.