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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. Another hassles of electricity 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. When this sounds ideal, most of the cloud mining websites today are simply pretending to use your money for mining operations, they are in scams.
What's more, while there are a couple of legit sites out there, the money youd cover them to mine Bitcoin is likely 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 popular method of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest rate. As these loans are ultra insecure the interest rates are high that initially looks like a fantastic thing. .
Well, since there's absolutely no true 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 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 higher Yield Investment Programs also known as HYIPs. These are websites which claim to double your coins every few days or provide you unreal interest prices.
These websites actually 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 seems to be untrue and solvent.
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On top of that, they nearly always have some sort of referral app so that consumers can bring their friends on board.
This view it now is how a Ponzi scheme works. This can go on for around 3-4 months until one day the website will just go offline and the money will be gone. No longer payments will be made and a great deal of people will get mad 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 my sources 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 evaluation tool to get a reasonable 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 from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now also 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 fundamental understanding of the way 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 might end up losing your Bitcoins. So for many non technical users it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that claim the coins for you and have a commission but that could easily turn into a scam that 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 has i was reading this a market.
Airdrops are much like forks in the sense that you get coins out of thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can employ.
For instance, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the highest significance of time method you can use to create money from your Bitcoins however they can be SUPER risky. I would recommend that you use these approaches only after ample research and a good understanding of the claiming process.