Our Multi Coin Wallet Ideas

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. The other hassles of power costs, configurations, maintenance and so on are essentially exactly the same.

Occasionally youll encounter a website or mobile app that tells you they will mine coins to you. The majority of these services are pretty much useless and will usually consume your devices computing power and battery just to offer you a couple of cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, the majority of the cloud mining sites nowadays are just 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 pay them to mine Bitcoin is probably better invested just buying Bitcoin. Of course we always urge you to do your own market study since in the end, its your money.

A remarkably popular method of growing your Bitcoin wealth is via Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins for an interest fee. As such loans are ultra risky the interest rates are high which initially seems like a good thing. .

Well, since there's absolutely no actual collateral which 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 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 higher 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 rates.

What these websites really do is take money from new customers and use that money to pay off old users. This process creates a lot of buzz around the website which is apparently untrue and solvent.

6 Easy Facts About Litecoin Cloud Mining Explained

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

This is the way a Ponzi scheme works. This will go on for around 3-4 months until one day the site will only go offline and the money is going to be gone. No more payments will be produced and a lot of people will get angry that they got scammed.

We've reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a site which we can say is  safe to invest in. Any website that guarantees you something that is too good to be true is likely only a facade for scammers trying to steal your coins. .

The Buzz on Scrypt Coins

How can you find out if a website is a anonymous scam for 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 emerges in the existing Bitcoin. Every person who held Bitcoin prior to 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 procedure for claiming forked coins (aka forkcoins) is standard but requires an above fundamental understanding of how Bitcoin works. You can view our fork claiming guide here.

The Definitive Guide for X11 Coins

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 customers it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which claim the coins for you personally and have a commission but this could easily turn into a scam that runs away with you money. .

Some Of Cloud Mining Free

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

Airdrops are much like forks in the sense which you get coins out of thin air. Airdrops are usually used to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can apply.

By way of example, 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 value for time method you can use to create money from the Bitcoins but they can be SUPER risky. I would recommend that you use these methods only after considerable research and a good understanding of the claiming process.