Litecoin Cloud Mining Fundamentals Explained

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

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Occasionally youll encounter a website or cellular app that tells you they'll mine coins to you. Most of these services are basically useless and will often consume your devices computing power and battery life simply to offer you a couple of cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. While this sounds ideal, most of the cloud mining websites today are simply pretending to use your money for mining operations, they are in scams.

Furthermore, while there are a couple of legit sites on the market, 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 very popular method of growing your Bitcoin wealth is via Bitcoin lending platforms. These sites connect borrowers that need crypto with crypto owners who lend their coins for an interest fee. As such loans are ultra risky the interest rates are high that initially looks like a fantastic thing. .

Well, since there's absolutely no actual collateral that holds the borrower liable for your loan more often than not these loans default and lenders are abandoned with no money.

Weve tested out many loans at 99Bitcoins, and they 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 sites that claim to double your coins every couple of days or give you unreal interest prices.

These websites actually do is see this here take money from new users and use that money to pay off older users. This method creates a lot of buzz around the site that is apparently untrue and solvent.

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On top of that, they almost always have some sort of referral program so that consumers 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 website will just go offline and the money is going to be gone. No more payments will be made and a lot of people may get angry that they got scammed.

We have reviewed many Bitcoin investment websites in the previous 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 likely just a facade for scammers trying to steal your coins. .

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How can you find out if a website is a scam to get yourself Easy, use our Bitcoin scam test tool to acquire a reasonable assumption about a sites 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 prior to the fork can now also claim the new coin too.

The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond click this link and more. The procedure 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 .

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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 customers it'd better to pass on a fork and maintain your Bitcoins safe. Other alternatives include companies that claim the coins for you and have a commission but that may easily turn into a scam which runs off with you money. .

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Once you maintained 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 out of thin air. Airdrops are usually 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.

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

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