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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 costs, configurations, maintenance and so on are basically the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, the majority of the cloud mining websites today are simply pretending to use your money for mining operations, they are in fact scams.
Furthermore, while there are a couple of legit sites out there, the money youd pay 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 own money.
A remarkably common method of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners that lend their coins for an interest rate. Because these loans are ultra insecure the interest rates are pretty high which initially seems like a good thing. .
Well, since there is no true collateral which holds the debtor 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 all eventually defaulted. Thats why I recommend to stay away from this specific method.
Another method it is wise to 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 prices.
These websites really do is take money from new users and use that money to pay off old users. This method makes a lot of buzz around the website which seems to be untrue and solvent.
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On top of that, they nearly always have some kind of referral app so that users can bring their friends on board.
This is how a Ponzi scheme works. This will go on for around 3-4 months until one day that the website will just go offline and the money will be gone. No longer payments will be made and a lot of people will get angry that they got scammed.
We've reviewed many Bitcoin investment websites in the past 3 decades and have yet to find a website which we can say is  secure to invest in. Any site that promises you something that is too 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, use our Bitcoin scam evaluation tool to acquire 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 originates in the existing Bitcoin. Every person who held Bitcoin before my company the fork can now 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 procedure for claiming forked coins (aka forkcoins) is standard however requires an above basic understanding of the way Bitcoin works. You can see our fork claiming guide .
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Bear 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 would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that assert the coins for you and have a commission but that could easily turn into a scam which runs away with you money. .
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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it's a market.
Airdrops are much like forks in the sense which you get his response coins out of thin Discover More air. Airdrops are often utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in some cases some conditions can apply.
By way of instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the maximum significance of some time method you can use to make money from your Bitcoins however they can be SUPER insecure. I would recommend that you use these approaches only after considerable research and a fantastic understanding of the claiming process.