Litecoin Cloud Mining Things To Know Before You Buy

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 cost less. Another hassles of electricity expenses, configurations, maintenance and so on are basically exactly the same.

Sometimes youll encounter a website or mobile program that tells you they will mine coins to you. Most of these providers are pretty much useless and will often consume your devices computing power and battery life just 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, most of the cloud mining sites nowadays are simply pretending to use your money for mining operations, they are in fact scams.

What's more, while there are a couple of legit sites out there, the money youd pay them to mine Bitcoin is probably 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 popular 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 to get an interest fee. Because these loans are ultra risky the interest rates are pretty high that initially seems 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 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 High Yield Investment Programs also known as HYIPs. These are websites which claim to double your coins every few days or give you unreal interest rates.

These websites actually do is take money from new customers and use that money to pay off older users. This process creates a great deal of buzz around the website which is apparently legit and solvent.

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On top of this, they nearly always have some sort of referral app so that users can bring their friends on board.

This is how a Ponzi scheme works. This can go on for around 3-4 months until one day the site will just go offline and the money will be gone. No more payments will be produced and a great deal of people may get angry that they have scammed.

We have reviewed several Bitcoin investment websites in the previous 3 decades and have yet to find a website that we can state is  safe to invest in. Any website that guarantees you something that is too good to be true is likely 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 evaluation tool to get a fair 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 in the existing Bitcoin. Every person who held Bitcoin before the fork can now claim the new coin as well.

The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The procedure for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of the way Bitcoin works. You can see our fork claiming guide .

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Keep in mind that if youre not sure what youre doing when claiming a informative post forkcoin you might end up losing your Bitcoins. So for most non technical customers it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies which assert the coins for you and have a commission but this could 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 similar to forks in the sense which you get coins from thin air. Airdrops are often utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can apply.

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 some time method you can use to make money from your Bitcoins however they can be SUPER risky. I would recommend that you utilize these methods only after ample research and a good understanding of the claiming process.