Scrypt Coins Things To Know Before You Buy
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. Another hassles of electricity costs, 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 ideal, the majority of the cloud mining sites nowadays are simply pretending to use your money for mining operations, they're in 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 your money.
A very popular method 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. Because these loans are ultra insecure the interest rates are pretty high that initially looks like a good thing. .
Well, since there is no true collateral that holds the debtor liable for the 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 eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every few days or give you unreal interest prices.
What these sites really do is take money from new users and use that money to pay off older users. This method makes a lot of buzz around the website which seems to be untrue and solvent.
The Facts About Multi Coin Wallet Uncovered
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 functions. This can go on for around 3-4 months until one day the site will only go offline and the money is going to be gone. No longer payments will be produced and a great deal of people may get mad that they have scammed.
We have reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a site that we can state is  secure to invest in. Any see page site that promises you something that is too good to be true is likely just a facade for individuals trying to steal your coins. .
The Greatest Guide To Cloud Mining Free
How can you find out if a site is a scam for yourself Easy, use our Bitcoin scam test 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 prior to the fork can now also claim the new coin as well.
The first popular branch 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 demands an above basic understanding of how Bitcoin works. You can see our fork claiming guide .
The Best Strategy To Use For Best Alt Coins
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 customers it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies which claim the coins for you personally and have a commission but that could easily turn into a scam that runs off with you money. .
The Greatest Guide To Cpu Mining Coins
Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense that you get coins out of thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain situations some conditions can employ.
For instance, 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 value for time method you can use to create money from your Bitcoins however they can be SUPER insecure. I'd advise you to use these methods only after considerable research and a good understanding of the claiming process.