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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 cost less. The other hassles of power 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. While this sounds ideal, the majority 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 out there, the money youd cover them to mine Bitcoin is probably better invested just buying Bitcoin. Obviously we always urge you to do your own market research since in the end, its your money.
A remarkably common method of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins to get an interest fee. As these loans are ultra insecure the interest rates are pretty high which initially looks like a fantastic thing. .
Well, since there's absolutely no actual collateral that retains the borrower liable for the 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 all eventually defaulted. Thats why I recommend to stay away from this specific method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites that claim to double your coins every few days or give you unreal interest prices.
What these sites actually 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 website which is apparently legit and solvent.
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On top of that, they almost always see have some sort of referral app so that consumers 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 the site will just go offline and the money is going to be gone. No more payments will be made and a great deal of people will get angry that they have scammed.
We've 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 website that promises you something that's too have a peek at this website good to be true is probably only 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 get yourself Easy, utilize our Bitcoin scam evaluation tool to acquire a fair assumption about a sites 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. click over here now Every person who held Bitcoin prior to the fork can now also claim the new coin too.
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 requires an above basic understanding of how Bitcoin works. You can view our fork claiming guide here.
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Keep 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 users it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that assert the coins for you and take a commission but that could easily turn into a scam that runs away 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 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 freely 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 recommend that you utilize these approaches only after considerable research and a fantastic understanding of the claiming process.