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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. Another hassles of electricity expenses, configurations, maintenance and so on are basically exactly the same.

Occasionally youll encounter a web site or mobile app that tells you they'll mine coins to you. The majority of these services are basically useless and will often consume your devices computing power and battery simply to give you a couple of cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds perfect, 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 few legit sites on the market, the money youd pay them to mine Bitcoin is likely better invested just buying Bitcoin. Of course we always urge you to do your own market research since in the end, its own money.

A very popular method 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 these loans are ultra insecure the interest rates are pretty high that initially seems like a fantastic thing. .

Well, since there's absolutely no actual collateral which retains the borrower liable for your loan more often than not these loans default and lenders are left without their money.

Weve tested out several 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 High Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every few days or give you unreal interest rates.

These sites actually do is take money from new users and use that money to pay off older users. This method creates a great deal of buzz around the site that is apparently legit and solvent.

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On top of that, they almost 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 will go on for around 3-4 months until one day that the site will only go offline and the money is going to be gone. No longer payments will be made and a great deal of people will get mad that they have scammed.

We have reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a site which we can state is  safe to invest in. Any site that guarantees you something that is too good to be true is likely just a facade for scammers trying to steal your coins. .

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How can you find out if a site is a scam to Read Full Article get yourself Easy, utilize our Bitcoin scam evaluation tool to get a fair assumption about a websites legitimacy.

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 too.

The first popular branch 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 fundamental understanding of how Bitcoin works. You can view our fork claiming guide .

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Keep 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 customers it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which claim the coins for you and have a commission but this could easily turn into a scam that runs away with you money. .

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Once you claimed 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 used to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can employ.

By way of great post to read 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 maximum significance of some time method you can use to make money from the Bitcoins however they can be SUPER insecure. I'd advise you to utilize these methods only after ample research and a good understanding of the claiming process.