Litecoin Cloud Mining Fundamentals Explained

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 probably cost less. The other hassles of electricity expenses, configurations, maintenance and so on are basically the same.

Occasionally youll encounter a website or cellular program that tells you they will mine coins to you. Most of these services are pretty much useless and will usually 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. When this sounds perfect, most of the cloud mining sites nowadays are just pretending to use your money for mining operations, they're in 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 study since in the end, its own money.

A remarkably popular method of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest fee. As these loans are ultra insecure the interest rates are pretty high which initially looks like a good thing. .

Well, since there is no actual collateral that holds the borrower liable for the loan more often than not these loans default and lenders are left with no money.

Weve tested out many loans here 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 higher Yield Investment Programs also known as HYIPs. These are websites that promise to double your coins every few days or give you unreal interest rates.

These websites actually do is take money from new customers and use that money to pay off older users. This method makes a lot of buzz around the site that is apparently untrue and solvent.

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On top of this, they almost 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 the website will just go offline and the money is going to be gone. No longer payments will be made and a lot of people will get angry that they got scammed.

We've reviewed several Bitcoin investment sites in the past 3 years and have yet to find a website which we can state is  safe Continue to invest in. Any website 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 for yourself Easy, utilize our Bitcoin scam evaluation 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 emerges 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 much more. The process for claiming forked coins (aka forkcoins) is standard but 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 Visit Website you might end up losing your Bitcoins. So for many non technical users it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that assert the coins for you 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 which you get coins out of thin air. you could look here Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can employ.

For instance, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.

To conclude, forks and airdrops could possibly be the maximum value for time method you can use to create money from your Bitcoins however they can be SUPER insecure. I'd advise you to utilize these approaches only after ample research and a good understanding of the claiming process.