The Definitive Guide to 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 electricity expenses, configurations, maintenance and so on are essentially exactly the same.

Occasionally youll encounter a web site or cellular app that tells you they will mine coins to you. The majority of these services are basically useless and will often consume your devices computing power and battery simply to offer you a few cents in return.

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 just pretending to use your money for mining operations, they are in fact scams.

Furthermore, while there are a couple of legit sites out there, the money youd cover them to mine Bitcoin is probably 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 method of growing your Bitcoin riches is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest fee. Because these loans are ultra risky the interest rates are pretty high that initially seems like a fantastic thing. .

Well, since there's absolutely no true collateral which holds the debtor liable for the loan more often than not these loans default and lenders are left without their money.

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

Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites which claim to double your coins every few days or give you unreal interest prices.

These websites actually do is take money from new users and use that money to pay off older users. This method makes a great deal of buzz around the site that seems to be untrue and solvent.

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

This is how a Ponzi scheme functions. This can go on look at this web-site for around 3-4 months until one day that the site will just go offline and the money is going to be gone. No longer payments will be produced and a lot of people may get mad that they got scammed.

We've reviewed many Bitcoin investment sites in the past 3 years and have yet to find a site that we can say is  safe to invest in. Any site that promises you something that is too 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 site is a scam for yourself Easy, use our Bitcoin scam evaluation tool to acquire 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 emerges from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now claim the new coin too.

The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process 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.

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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you could end up click here for more losing your Bitcoins. So for most non technical users it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that assert the coins for you personally and take a commission but this could easily turn into a scam which runs off with you money. .

10 Easy Facts About Best Alt Coins Shown

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 which you get coins from 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 cases some conditions can apply.

For example, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.

To conclude, forks and airdrops may be the maximum value for some time method you can use to make money from your Bitcoins however they can be SUPER risky. I would advise you to utilize these approaches only after ample research and a fantastic understanding of the claiming process.