Multi Coin Wallet for Dummies
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 probably cost less. Another hassles of electricity expenses, 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. When this sounds perfect, most of the cloud mining sites nowadays are simply pretending to use your money for mining operations, they're in fact scams.
Furthermore, while there are a couple of legit sites on the market, the money youd cover 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 own money.
A remarkably common way of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest fee. Because these loans are ultra insecure the interest rates are high which initially seems like a good thing. .
Well, since there is no true collateral that holds the borrower liable for the loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out several loans 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 High Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every few days or provide you unreal interest rates.
These websites really do is take money from new customers and use that money to pay off older users. This process creates a lot of buzz around the site that is apparently untrue and solvent.
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On top of that, they almost always have some sort of referral app so that consumers 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 site will just go offline and the money is going to be gone. No more payments will be produced and a lot of people may get mad that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a website that we can state is  safe to invest in. Any website that promises you something that is too good to be true is likely just a facade for individuals trying to steal your coins. .
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How can you find out if a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to get 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 originates from the existing Bitcoin. Every person who held Bitcoin before the fork can now claim the new coin as well.
The first popular branch was Bitcoin Cash, website link but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The process for claiming forked coins get more (aka forkcoins) is standard however requires an above basic understanding of how Bitcoin works. You can view our fork claiming guide here.
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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'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 this may easily turn into a scam that 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 much like forks in the sense that you get coins from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can employ.
For example, 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 some time method you can use to make money from your Bitcoins but they can be SUPER insecure. I would recommend that you utilize these methods only after ample research and a fantastic understanding of the claiming process.