Cloud Mining Free for Dummies

Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. However, this only means that the hardware will probably cost less. The other hassles of electricity costs, configurations, maintenance and so on are essentially the same.

Occasionally youll encounter a website or mobile app that tells you they'll mine coins to you. Most of these services are basically useless and will often consume your devices computing power and battery life just to give 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 websites 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 on the market, 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 study since in the end, its your money.

A very popular way of growing your Bitcoin wealth is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins to get an interest rate. As 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 which retains the borrower liable for the loan more often than not these loans default and lenders are left with no money.

Weve tested out several loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this particular method.

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

These sites really do is take money from new users and use that money to pay off old users. This method makes a great deal of buzz around the site that is apparently legit 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 works. This can go on for around 3-4 months until one day the site will only go offline and the money will be gone. No longer payments will be produced and a lot of people will get mad that they have scammed.

We've reviewed several Bitcoin investment websites in the past 3 years and have yet to find a website which we can state is  safe to invest in. Any site that promises 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 whether a website is a scam for yourself Easy, use our Bitcoin scam test tool to get a fair assumption about a sites validity.

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 before the fork can now claim the new coin as well.

The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard however requires an above basic 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 many non technical customers it'd better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies which claim the coins for you and take a commission but that could easily turn into a scam that runs off with you money. .

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Once you claimed a forkcoin you can sell it on official statement an exchange for Bitcoin or alternative cryptocurrencies assuming it's a market.

Airdrops are similar to 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 general 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 significance of time method you can use to make money from the Bitcoins but they can be SUPER risky. I'd advise you to use these approaches only after ample research and a fantastic understanding of the claiming process.