Litecoin Cloud Mining Fundamentals Explained
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 cost less. The other hassles of electricity expenses, configurations, maintenance and so on are essentially exactly the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds ideal, most 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 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 research since in the end, its own money.
A very common way of growing your Bitcoin riches is through Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins for an interest rate. As these loans are ultra insecure the interest rates are pretty high that initially looks like a good thing. .
Well, since there is no true collateral which holds the borrower liable for the loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out many loans here at 99Bitcoins, and they all eventually defaulted. Thats why I recommend to steer clear of 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 that promise to double your coins every few days or provide you unreal interest prices.
These sites really do is take money from new users and use that money to pay off older users. This method creates a great deal of buzz around the site that seems to be legit and solvent.
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On top of that, they nearly always have some sort of referral app pop over to these guys so that consumers can bring their friends on board.
This is how a Ponzi scheme functions. This will go on for around 3-4 months until one day the website will only go offline and the money will be gone. No longer payments will be made and a great deal of people will get mad that they have scammed.
We've reviewed several Bitcoin investment sites in the past 3 years and have yet to find a site which we can state is safe 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 steal your coins. .
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How can you find out whether a website is a scam for yourself Easy, utilize our Bitcoin scam evaluation 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 originates in the existing Bitcoin. Every person who held This Site Bitcoin prior to the fork can now claim the new coin too.
The first popular fork was Bitcoin more information Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The process for claiming forked coins (aka forkcoins) is standard but demands an above fundamental 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 could end up losing your Bitcoins. So for most non technical users it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which assert the coins for you and take a commission but that may easily turn into a scam that runs away with you money. .
What Does Scrypt Coins Do?
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 that 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 public, although in some cases some conditions can employ.
By way of example, Byteball was distributed freely 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 your Bitcoins however they can be SUPER insecure. I would advise you to use these methods only after ample research and a good understanding of the claiming process.