Some Known Incorrect Statements About 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 expenses, configurations, maintenance and so on are essentially the same.

Sometimes youll encounter a website or mobile app that tells you they'll mine coins to you. The majority of these services are pretty much useless and will often consume your apparatus computing power and battery life just to give you a few cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds perfect, most of the cloud mining sites today are simply pretending to use your money for mining operations, they're 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. Obviously we always urge you to do your own market study since in the end, its your money.

A very common method of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest fee. As these loans are ultra risky the interest rates are pretty high which initially seems like a good thing. .

Well, since there is no actual collateral which retains the borrower liable for the loan more often than not these loans default and lenders are abandoned without their money.

Weve tested out many loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this particular method.

Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every couple of days or give you unreal interest rates.

These sites actually do is take money from new users and use that money to pay off older users. This process makes 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 consumers 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 the site will just go offline and the money will be gone. No more payments will be made and a great deal of people will get mad that they have scammed.

We've reviewed many Bitcoin investment websites in the previous 3 decades and have sites yet to find a website which we can say is  safe to invest in. Any site that guarantees you something that is too good to be true is probably 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 for yourself Easy, use our Bitcoin scam test tool to acquire 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 emerges in the existing Bitcoin. Every person who held Bitcoin before the fork can now claim the new coin as well.

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 basic understanding of how 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 most non technical users it would better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that assert the coins basics for you and have a commission but that may easily turn into a scam which runs off with you money. .

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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it's a market.

Airdrops are similar to forks in the sense which you get coins from thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain 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 highest significance of some time method you can use to make money from your Bitcoins however they can be SUPER insecure. I would advise you to utilize these approaches only after ample research and a fantastic understanding of the claiming process.