Litecoin Cloud Mining for Dummies

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 electricity costs, configurations, maintenance and so on are basically the same.

Sometimes youll encounter a website or mobile app that tells you they will mine coins to you. The majority of these providers are pretty much useless and will often consume your devices computing power and battery life just to give you a couple of cents in return.

Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds ideal, the majority of the cloud mining sites nowadays are simply pretending to use your money for mining operations, they are in fact scams.

Furthermore, while there are a few legit sites on the market, 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 study since in the end, its own money.

A remarkably common way 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 rate. As such loans are ultra risky the interest rates are high that initially seems like a good thing. .

Well, since there's absolutely no actual collateral which retains the borrower liable for your loan more often than not these loans default and lenders are left without their money.

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

What these sites really do is take money from new customers and use that money to pay off old users. This process makes 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 kind of referral program so that consumers can bring their friends on board.

This is the way 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 will be gone. No longer payments will be produced and a lot of people will get angry that they got scammed.

We have reviewed several Bitcoin investment websites in the previous 3 years and have their website yet to find a website that we can say is  secure to invest in. Any website that promises you something that is too good to be true is likely just a facade for individuals trying to steal your coins. .

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How can you find out if a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire a reasonable assumption about a websites validity.

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 prior to the fork can now claim the new coin as well.

The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and more. The procedure for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of how Bitcoin works. You see here now 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 keep your Bitcoins secure. Other alternatives include companies which assert the coins for you and have a commission but this may easily turn into a scam which runs away 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 Cpu Mining Coins much like forks in the sense that you get coins out of thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in certain cases some conditions can employ.

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 some time method you can use to create money from the Bitcoins however they can be SUPER risky. I'd recommend that you use these approaches only after considerable research and a fantastic understanding of the claiming process.