Cpu Mining Coins 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 cost less. The other hassles of power expenses, configurations, maintenance and so on are basically the same.

Occasionally youll encounter a website or mobile app that tells you they'll mine coins to you. Most 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 simply pretending to use your money for mining operations, they're in fact scams.

Furthermore, while there are a couple of 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 very popular method of growing your Bitcoin riches is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest rate. Because such loans are ultra risky the interest rates are pretty high that initially seems like a good thing. .

Well, since there's absolutely no true collateral that holds the borrower liable for your loan more often than not these loans default and lenders are abandoned with no money.

Weve tested out many 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 High Yield Investment Programs also known as HYIPs. These are sites that claim to double your coins every couple of days or give you unreal interest prices.

These sites actually do is take money from new customers and use that money to pay off old users. This process makes a lot of buzz around the site that seems to be untrue and solvent.

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On top of that, they almost always have some kind 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 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 got scammed.

We have reviewed several Bitcoin investment sites in the past 3 decades and have yet to find a website which we can say is  secure 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. .

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How can you find out whether a site is a scam to get 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 originates from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now also claim the new coin too.

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 but demands an above basic understanding of the way Bitcoin works. You can view our fork claiming guide .

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Bear 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 maintain your Bitcoins secure. Other alternatives include companies which assert the coins for you personally and have a commission but that could easily turn into a scam that runs away with you money. .

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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.

Airdrops are much like forks in the sense that you get coins from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general 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 may be the maximum value for some time method you can use to make money from the Bitcoins however they can be SUPER risky. I'd advise you go to these guys to utilize these methods only after considerable research and a fantastic understanding of the claiming process.