Litecoin Cloud Mining - The Facts
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 probably cost less. Another hassles of power costs, 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 ideal, the majority of the cloud mining sites today are just pretending to use your money for mining operations, they are in scams.
Furthermore, while there are a couple of legit sites out there, 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 your money.
A remarkably common 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 to get an interest fee. Because these loans are ultra risky the interest rates are pretty high which initially seems like a fantastic thing. .
Well, since there's absolutely no true collateral that retains the borrower liable for your loan more often than not these loans default and lenders are left without their 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 I suggest you 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.
What these sites actually do is take money from new users and use that money to pay off old users. This process creates a lot of buzz around the site that Source seems to be legit and solvent.
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On top of that, they nearly always have some sort of referral app so that consumers can bring their friends on board.
This is the way a Ponzi scheme works. This will go on for around 3-4 months until one day that the website will only go offline and the money is going to be gone. No longer payments will be made and a great deal of people will get angry that they got scammed.
We've 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 site that guarantees 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 whether a website is a scam for yourself Easy, use our Bitcoin scam evaluation tool to acquire 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 in the existing Bitcoin. Every person who held Bitcoin prior to the fork can now claim the new coin too.
The first popular branch was Bitcoin Cash, i thought about this but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The procedure for claiming forked coins (aka forkcoins) is standard however demands an above fundamental understanding of the way Bitcoin works. You can see our fork claiming guide .
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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 most non technical customers it would better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that assert the coins for you and have a commission but this may easily turn into a scam which 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 similar to forks in the sense which you get coins from thin air. Airdrops are often used to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can employ.
By way of 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 significance of time explanation method you can use to make money from your Bitcoins but they can be SUPER risky. I'd recommend that you use these methods only after ample research and a good understanding of the claiming process.