Best Alt Coins Can Be Fun For Everyone
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 essentially the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, most of the cloud mining sites nowadays are just pretending to use your money for mining operations, they are in fact scams.
What's more, while there are a couple of legit sites on the market, 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 remarkably popular method of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who 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 which retains the debtor liable for your loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out many loans at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this specific method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every few days or provide you unreal interest prices.
What these sites really do is take Website money from new customers and use that money to pay off old users. This process makes a great deal of buzz around the website which seems to be legit and solvent.
The Buzz on Multi Coin Wallet
On top of that, they almost always have some sort of referral program so that users 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 that the website will just go offline and the money will be gone. No more payments will be produced and a lot of people will get mad that they have scammed.
We've reviewed many Bitcoin investment websites in the previous 3 years and have yet to find a site which we can say is  safe to invest in. Any site that promises you something that is too good to be true is likely only a facade for individuals trying to steal your coins. .
Fascination About Scrypt Coins
How can you find out if a website is a scam to get yourself Easy, use 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 in 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 but demands an above fundamental understanding of how Bitcoin works. You can view our fork claiming guide here.
The 8-Minute Rule for Scrypt Coins
Keep in mind that if youre not sure what youre doing when claiming a forkcoin you could end up losing your Bitcoins. this So for most non technical customers it would better to pass on a fork and keep your Bitcoins safe. 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. .
Litecoin Cloud Mining - An Overview
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 which you get coins from thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can apply.
For 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 time method you can use to create money from the Bitcoins but they can be SUPER risky. I'd advise you to use these methods only after considerable research and a fantastic understanding of the claiming process.