The Ultimate Guide To Litecoin Cloud Mining
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. Another hassles of electricity expenses, configurations, maintenance and so on are basically exactly the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, most of the cloud mining sites today are simply 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 pay them to mine Bitcoin is probably better invested just buying Bitcoin. Obviously we always urge you to do your own market study 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. As such loans are ultra insecure the interest rates are pretty high that initially seems like a fantastic thing. .
Well, since there's absolutely no actual collateral that retains the debtor liable for the loan more often than not these loans default and lenders are abandoned with no money.
Weve tested out several loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method it is wise to 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 provide you unreal interest rates.
What these sites actually do is take money from new users and use that money to pay off old users. This process makes a great deal of buzz around the site that seems to be legit and solvent.
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On top of that, they learn the facts here now nearly always have some kind of referral program so that consumers can bring their friends on board.
This is the way a Ponzi scheme works. This can go on for around 3-4 months until one day the website will only go offline and the money will be gone. No longer payments will be produced and a lot of people may get mad that they have scammed.
We have reviewed several Bitcoin investment websites in the past 3 decades and have yet to find a site which we can say is  secure to invest in. Any website that guarantees you something that's too good to be true is probably only a facade for individuals trying to steal your coins. .
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How can you check that find out whether a website is a scam to get yourself Easy, use our Bitcoin scam test tool to get 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 originates from 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 the way 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 losing your Bitcoins. So for many non technical customers it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that claim the coins for you personally and have a commission but that may easily turn into a scam that runs off with you money. .
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Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or alternative cryptocurrencies assuming it has a market.
Airdrops are similar to forks in the sense that 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 general public, although in some cases some conditions can apply.
For example, additional info Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops may be the highest significance of time method you can use to create money from your Bitcoins however they can be SUPER risky. I would recommend that you use these approaches only after considerable research and a fantastic understanding of the claiming process.