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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. The other hassles of power expenses, configurations, maintenance and so on are essentially exactly the same.
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 nowadays are just pretending to use your money for mining operations, they're in scams.
Furthermore, while there are a few legit sites on the market, the money youd pay 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 own money.
A remarkably popular way 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. As these loans are ultra insecure the interest rates are high that initially seems like a good thing. .
Well, since there is no true collateral that retains the borrower liable for your loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out several loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method it is wise to avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites which promise to double your coins every couple of days or give you unreal interest rates.
What these sites actually do is take money from new users and use that money to pay off old users. This method creates a great deal of buzz around the website which is apparently untrue and solvent.
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On top of this, they nearly always have some kind of referral app so that consumers can bring their friends on board.
This is the way a Ponzi you can find out more scheme functions. This can go on for around 3-4 months until one day that the site will only go offline and the money is going to be gone. No longer payments will be produced and a great deal of people may get angry that they have scammed.
We've reviewed many Bitcoin investment websites in the past 3 decades and have yet to find a website that we can say is  secure to invest in. Any site 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 website is a scam to get yourself Easy, utilize our Bitcoin scam test tool to acquire 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 claim the new coin as well.
The first popular fork was Bitcoin Cash, but soon after great post to read followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard but requires an above fundamental understanding of the way Bitcoin works. You can see our fork claiming guide .
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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 many non technical customers it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which assert the coins for you personally and take a commission but this could 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's a market.
Airdrops are similar to forks in the sense that you get coins out of thin air. Airdrops are usually used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in certain situations some conditions can employ.
For example, Byteball was distributed freely to Bitcoin check this users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the highest significance of some time method you can use to make money from the Bitcoins but they can be SUPER insecure. I'd advise you to utilize these approaches only after considerable research and a good understanding of the claiming process.