How Litecoin Cloud Mining can Save You Time, Stress, and Money.
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. Another hassles of power expenses, configurations, maintenance and so on are basically the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, most of the cloud mining websites today are simply pretending to use your money for mining operations, they're in fact scams.
Furthermore, while there are a few legit sites on the market, the money youd cover them to mine Bitcoin is likely 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 wealth is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins for an interest fee. As such 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 retains the debtor liable for the loan more often than not these loans default and lenders are left with no 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 I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites which claim to double your coins every few days or give you unreal interest rates.
What these websites really do is take money from new users and use that money to pay off older users. This method makes a great deal of buzz around the site that seems to be untrue and solvent.
The Only Guide to Litecoin Cloud Mining
On top of that, they nearly always have some sort of referral app 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 only go offline and the money will be gone. No longer payments will be made and a great deal of people will get angry that they got scammed.
We have reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a site that we can state is  safe to invest in. Any site that guarantees you something that is too good to be true is likely just a facade for scammers 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 additional info 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 too.
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 fundamental understanding of how Bitcoin works. You can view our fork claiming guide .
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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for most non technical users it would better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies that claim the coins for you and take a commission but this could easily turn into a scam that runs away with you money. .
What Does Cloud Mining Free Mean?
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 from 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, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the highest significance of time method you can use to create money from the Bitcoins but they can be SUPER risky. I'd recommend that you use these methods only after considerable research and a good understanding of the claiming process.