The Facts About Litecoin Cloud Mining Uncovered

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

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Occasionally youll encounter a web site or mobile app that tells you they will mine coins for you. The majority of these services are basically useless and will often consume your devices computing power and battery simply to give 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 perfect, the majority of the cloud mining websites nowadays are just pretending to use your money for mining operations, they are in fact scams.

Furthermore, while there are a couple of legit sites on the market, the money youd pay them to mine Bitcoin is probably better invested just buying Bitcoin. Of course we always urge you to do your own market research since in the end, its your money.

A very common method of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest fee. Because these loans are ultra risky the interest rates are pretty high which initially seems like a good thing. .

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

Weve tested out many loans at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to stay away from 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 which promise to double your coins every couple of days or give you unreal interest prices.

What these websites really do is take money from new customers and use that money to pay off older users. This process creates a lot of buzz around the site that is apparently legit and solvent.

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On top of that, they nearly always have some sort of referral program so that users 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 site will just go offline and the money will be gone. No longer payments will be produced and a lot of people may get angry that they have scammed.

We have reviewed many Bitcoin investment sites in the previous 3 decades and have yet to find a website which we can state is  safe to invest in. Any website that promises you something that's too good to be true is likely only a facade for individuals trying to steal your coins. .

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How can Discover More you find out if a website is a scam for yourself Easy, utilize our Bitcoin scam test 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 in 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 however requires an above fundamental understanding of the way Bitcoin works. You can view 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 many non technical users it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that assert the coins for you personally and have a commission but this 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 alternative cryptocurrencies assuming it's a market.

Airdrops are much like forks in the sense their explanation that you get coins out of 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 certain cases some conditions can employ.

By way of 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 time method you can use to create money from the Bitcoins but they can be SUPER insecure. I would advise you to use these approaches only after considerable research and a fantastic understanding of the claiming process.

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