The 8-Minute Rule for Best Alt Coins
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. The other hassles of power 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, most of the cloud mining websites today are just 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 likely 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 riches is through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest rate. Because such loans are ultra risky the interest rates are high which initially seems like a good thing. .
Well, since there is no actual collateral which retains the borrower 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 I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites which promise to double your coins every couple of days or provide you unreal interest rates.
These sites really do is take money from new users and use that money to pay off old users. This process makes a lot of buzz around the site that seems to a knockout post be untrue blog here and solvent.
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On top of this, they almost always have some kind 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 website will just go offline and the money will be gone. No longer payments will be produced and a great deal of people will get angry that they got scammed.
We've reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a website useful site that we can state is  safe to invest in. Any website that guarantees you something that is too good to be true is likely just a facade for scammers trying to steal your coins. .
What Does Litecoin Cloud Mining Mean?
How can you find out if a website is a scam for yourself Easy, utilize our Bitcoin scam evaluation tool to acquire a reasonable assumption about a websites validity.
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 as well.
The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard however demands an above fundamental understanding of the way Bitcoin works. You can see 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 most non technical customers it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that assert the coins for you personally and take a commission but that could easily turn into a scam which 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 has a market.
Airdrops are similar to forks in the sense which you get coins from thin air. Airdrops are often utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some cases some conditions can apply.
For 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 value for time method you can use to make money from your Bitcoins but they can be SUPER risky. I'd advise you to use these approaches only after considerable research and a good understanding of the claiming process.