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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 electricity expenses, configurations, maintenance and so on are essentially exactly the same.

Sometimes youll encounter a website or mobile program that tells you they'll mine coins to you. Most of these providers are basically useless and will usually consume your devices computing power and battery just to give 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 simply pretending to use your money for mining operations, they're in fact 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 study since in the end, its your money.

A remarkably common method of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins for an interest rate. Because such loans are ultra insecure the interest rates are pretty high which initially seems like a fantastic thing. .

Well, since there is no actual collateral that holds 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 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 High Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every couple of days or provide you unreal interest rates.

These sites actually do is take money from new customers and use that money to pay off old users. This process makes a great deal of buzz around the website which is apparently untrue and solvent.

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

This is the way a Ponzi scheme functions. This can go on for around 3-4 months until one day the website 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 my site the past 3 decades and have yet to find a site that we can say is  secure to invest in. Any site that guarantees you something that is too good to be true is probably only a facade for individuals trying to steal your coins. .

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How can you find out if a website is a scam for yourself Easy, utilize our Bitcoin scam evaluation 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 originates from the existing Bitcoin. Every person who held Bitcoin before 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 much more. The procedure for claiming forked coins (aka forkcoins) is standard however requires an above fundamental understanding of how Bitcoin works. You can see our fork claiming guide here.

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Keep in mind that if youre not sure what youre doing when claiming a forkcoin you might end up 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 which assert the coins for you personally and take a commission but that may easily turn into a scam that runs away 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 from thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in some situations 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 significance of some time method you can use to make money from your Bitcoins but they can be SUPER risky. I would advise you to use these methods only after ample research and a fantastic understanding of the claiming process.