Our Litecoin Cloud Mining Statements
Mining altcoins (e.g. Ethereum mining) is more affordable than what youd need in order to mine Bitcoin. But this only means that the hardware will cost less. The other hassles of power 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 websites nowadays are simply pretending to use your money for mining operations, they're in fact scams.
What's more, while there are a few legit sites out there, 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 study since in the end, its your money.
A very 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. Because such loans are ultra risky the interest rates are pretty high which initially looks like a fantastic thing. .
Well, since there's absolutely no actual collateral that holds the borrower liable for the loan more often than not these loans default and lenders are left with no money.
Weve tested out many loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this specific method.
Another method I suggest you avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are websites which promise to double your coins every couple of days or give you unreal interest prices.
What these sites actually do is take money from new customers and use that money to pay off old users. This process makes a lot of buzz around the site that is apparently legit and solvent.
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On top of that, they almost always have some kind 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 that the website will just go offline and the money is going to be gone. No longer payments will be made and a lot of people may get angry that they have scammed.
We've reviewed many Bitcoin investment sites in the past 3 decades and have yet to find a site that we can state is  secure to invest in. Any site that promises 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 if a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire a reasonable assumption about a websites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking  means a new Bitcoin clone originates from 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 and more. The process for claiming forked click over here now coins (aka forkcoins) is standard however requires an above basic understanding of how Bitcoin works. You can view our fork claiming guide .
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Keep 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 that assert the coins for you personally and take a commission but this may easily turn into a scam that runs away with here are the findings you money. .
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Once you claimed 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 which you get coins from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in some cases 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 could possibly be the maximum significance of time method you can use to create money from the Bitcoins however they can be SUPER insecure. I would recommend that you use these methods only after ample research and a fantastic understanding of the claiming process.