8 Easy Facts About Litecoin Cloud Mining Described

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 costs, configurations, maintenance and so on are basically the same.

Sometimes youll encounter a web site or mobile app that tells you they will mine coins to you. Most of these providers are pretty much useless and will usually consume your devices computing power and battery just to give you a couple of cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds ideal, the majority of the cloud mining sites today are simply pretending to use your money for mining operations, they are in scams.

Furthermore, while there are a few 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 remarkably popular method of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest rate. As these loans are ultra risky the interest rates are high which initially looks like a fantastic thing. .

Well, since there is no actual collateral which retains the debtor liable for your loan more often than not these loans default and lenders are abandoned without their money.

Weve tested out many loans at 99Bitcoins, and they 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 that claim to double your coins every few days or give you unreal interest rates.

These sites really do is take money from new customers and use that money to pay off old users. This process creates a great deal 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 sort of referral app so that users 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 website will just go offline and the money will be gone. No more payments will be made and a lot of people will get mad that they got scammed.

We have reviewed many Bitcoin investment websites in the past 3 decades and have yet to find a website that we can state is  secure to invest in. Any website that promises you something that is too good to be true is likely only a facade for scammers trying to steal your coins. .

Fascination About Scrypt Coins

How can you find out if a website is a scam to get yourself Easy, utilize our Bitcoin scam evaluation tool to get 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 process for claiming forked coins (aka forkcoins) navigate to this site is standard however demands an above fundamental understanding of the way Bitcoin works. You can view our fork claiming Check This Out guide .

About X11 Coins

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 customers it would better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that claim the coins for you and take a commission but that may easily turn into a scam that runs off with you money. .

Litecoin Cloud Mining for Beginners

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

Airdrops are much like forks in the sense that 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 general public, although in some situations some conditions can apply.

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

To conclude, forks and airdrops may be the highest value for some time method you can use to create money from the Bitcoins but they can be SUPER insecure. I would advise you to utilize these methods only after ample research and a good understanding of the claiming process.