Unknown Facts About Litecoin Cloud Mining

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 cost less. The other hassles of power costs, configurations, maintenance and so on are basically exactly the same.

Sometimes youll encounter a website or mobile app that tells you they will mine coins to you. Most of these services are basically useless and will often consume your devices computing power and battery just to offer 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, most of the cloud mining sites today are simply pretending to use your money for mining operations, they're in fact scams.

What's more, 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 study since in the end, its own money.

A very common method of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest fee. Because these loans are ultra risky the interest rates are high which initially looks like a fantastic thing. .

Well, since there's absolutely no true collateral which retains the debtor liable for your loan more often than not these loans default and lenders are left with no money.

Weve tested out several loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to stay away from this particular method.

Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites which promise to double your coins every few days or give you unreal interest rates.

These websites really do is take money from new users and use that money to pay off old users. This process makes explanation a great deal of buzz around the site that seems to be untrue 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 functions. 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 more payments will be produced and a great deal of people will get angry that they got scammed.

We've reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a website that we can say is  secure to invest in. Any site that guarantees you something that's too good to be true is probably just a facade for individuals trying to click here now steal your coins. .

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How can you find out if a website is a scam for yourself Easy, use our Bitcoin scam test tool to get a fair assumption about a sites 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 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) is standard however demands 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 could end up losing your Bitcoins. So for most non technical users it would better to pass on a fork and keep your Bitcoins safe. Other alternatives include companies that assert the coins for you and take a commission but this could 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 similar to forks in the sense which you get coins from thin air. Airdrops are usually 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.

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

To conclude, forks and airdrops could possibly be the maximum value for time method you can use to create money from your Bitcoins however they can be SUPER insecure. I would advise you to utilize these approaches only after ample research and a good understanding of the claiming process.