How Litecoin Cloud Mining can Save You Time, Stress, and Money.

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

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Sometimes youll encounter a website or mobile app that tells you they'll mine coins for you. The majority of these services are pretty much useless and will often consume your devices computing power and battery simply to give you a few cents in return.

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 nowadays are simply pretending to use your money for mining operations, they're in scams.

What's more, 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 research since in the end, its your money.

A remarkably common way of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners that lend their coins for an interest rate. Because such loans are ultra insecure the interest rates are pretty high that initially looks like a fantastic 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 rates.

What these sites really do is take money from new customers and use that money to pay off older users. This method makes a great deal of buzz around the website which 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 how a Ponzi scheme functions. This can go on official website 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 made and a great deal of people will get Continued angry that they got scammed.

We've reviewed several Bitcoin investment websites in the previous 3 years and have yet to find a website that we can state is  safe to invest in. Any site that guarantees you something that is too good to be true is probably only 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, use our Bitcoin scam test tool to acquire a reasonable assumption about a websites validity.

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 before the fork can now also claim the new coin as well.

The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The process for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of how Bitcoin works. You can view our fork claiming guide here.

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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 many non technical users it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that claim the coins for you personally and have a commission but that may easily turn into a scam that runs off with you money. .

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

Airdrops look at here are much like forks in the sense that you get coins from thin air. Airdrops are often used to spread the word in a certain cryptocurrency. The currency is distributed freely to the general 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 may be the highest significance of some time method you can use to create money from the Bitcoins however they can be SUPER risky. I would recommend that you use these methods only after ample research and a fantastic understanding of the claiming process.

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