The Ultimate Guide To Litecoin Cloud Mining
Mining altcoins (e.g. Ethereum mining) is cheaper than what youd need in order to mine Bitcoin. However, this only means that the hardware will probably cost less. The other hassles of electricity expenses, configurations, maintenance and so on are basically exactly the same.
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 sites nowadays are simply pretending to use your money for mining operations, they are in scams.
Furthermore, while there are a few legit sites out there, the money youd cover 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 very common method of growing your Bitcoin riches is via Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest fee. As such loans are ultra insecure the interest rates are pretty high which initially looks like a good thing. .
Well, since there is no true collateral that holds the debtor 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 stay away from this specific method.
Another method it is wise to 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 provide you unreal interest prices.
What these websites really do is take money from new customers and use that money to pay off old users. This process creates a great deal of buzz around the site that seems to be untrue and solvent.
A Biased View of Litecoin Cloud Mining
On top of that, they nearly always have some kind 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 the site will only go offline and the money is going to be gone. No longer payments will be made and a great deal of people may get angry that they got scammed.
We have reviewed several Bitcoin investment sites in the previous 3 years and have yet to find a website which we can say is  safe to invest in. Any site that guarantees you something that's too good to be true is probably only a facade for individuals trying to steal your coins. .
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How can you find out whether you can try this out a website is a scam for yourself Easy, use our Bitcoin scam test tool to acquire 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 emerges in 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 process for claiming forked coins (aka forkcoins) is standard but requires an above fundamental understanding of how Bitcoin works. You can see our fork claiming guide here.
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Keep in X11 Coins 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 would better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies that claim the coins for you and take a commission but this may easily turn into a scam which runs away with you money. .
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Once you claimed a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.
Airdrops are much like forks in the sense which you get coins out of 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 this link some conditions can apply.
For example, 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 time method you can use to create money from the Bitcoins however they can be SUPER risky. I'd recommend that you utilize these approaches only after considerable research and a fantastic understanding of the claiming process.