Litecoin Cloud Mining Things To Know Before You Get This

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

Sometimes youll encounter a website or cellular app that tells you they will mine coins to you. Most of these providers are pretty much useless and will often consume your devices computing power and battery life just to offer you a few cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds perfect, the majority of the cloud mining websites nowadays are just pretending to use your money for mining operations, they are in fact scams.

What's more, 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 study since in the end, its your money.

A very popular method of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins for an interest rate. As such loans are ultra insecure the interest rates are high that initially seems like a fantastic thing. .

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

Weve tested out several loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from this specific 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 provide you unreal interest rates.

These sites really do is take money from new users and use that money to pay off older users. This process makes a great deal of buzz around the website which seems to be legit and solvent.

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

This is the way a Ponzi scheme functions. This will go on for around 3-4 months until one day that the site will just go offline and the money will be gone. No longer payments will be made and a great deal of people will get mad that they have scammed.

We've reviewed several Bitcoin investment sites in the past 3 years and have yet to find a site which 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 individuals trying to steal your coins. .

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How can you find out if a site is a scam to get yourself Easy, utilize our Bitcoin scam evaluation tool to get a fair assumption about a websites validity.

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 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 demands an above fundamental understanding of how 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 most non technical users it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that claim the coins for you and have a commission but this could 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 has a market.

Airdrops are much like forks in the sense which you get coins out of thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can apply.

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

To conclude, forks and airdrops could possibly be the maximum significance of time method you can use to make money from the Bitcoins however they can be SUPER risky. I'd advise you to use these methods only after considerable research and a good understanding of the claiming process.