Best Alt Coins for Dummies

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 probably cost less. Another hassles of power expenses, configurations, maintenance and so on are basically exactly the same.

Sometimes youll encounter a website or cellular program that tells you they will mine coins to you. Most of these services are basically useless and will usually consume your apparatus computing power and battery simply to give you a couple of cents in return.

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 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 research since in the end, its your money.

A remarkably common 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 fee. Because these loans are ultra risky the interest rates are pretty high that initially looks like a fantastic thing. .

Well, since there's absolutely no actual collateral which holds 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 couple of days or provide 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 creates a great deal of buzz around the website which is apparently untrue and solvent.

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On top of that, they almost always have some sort of referral program so that users can bring their friends on board.

This is how a Ponzi scheme works. This can go on for around 3-4 months until one day that the site will only go offline and the money will be gone. No more payments will be made and a great deal of people may get angry that they got scammed.

We have reviewed many Bitcoin investment websites in the past 3 years and have yet to find a site which we can state is  secure to invest in. Any site that promises you something that's too good to be true is likely just a facade for scammers trying to steal your coins. .

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How can you find out whether a website is a scam to get yourself Easy, utilize our Bitcoin scam test tool to get a fair assumption about a sites 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 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 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 most non technical users 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 have a commission but that may easily turn into a scam which runs off 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 that you get coins out of thin air. Airdrops are often used to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in certain situations some conditions can employ.

By way of instance, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.

To conclude, forks and airdrops may be the highest value for time method you can use to make money from the Bitcoins however they can be SUPER insecure. I would recommend that you use these methods only after why not try here ample research and a fantastic understanding of the claiming process.