Litecoin Cloud Mining - The Facts

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 expenses, configurations, maintenance and so on are essentially exactly the same.

Occasionally youll encounter a website or cellular app 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 offer 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, the majority of the cloud mining websites today are simply pretending to use your money for mining operations, they are in scams.

What's more, while there are a few legit sites on the market, the money youd cover 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 own 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 that lend their coins to get an interest rate. As such loans are ultra risky the interest rates are pretty high that initially seems like a good thing. .

Well, since there's absolutely no actual collateral that retains the debtor liable for the loan more often than not these loans default and lenders are left 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 I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are websites that claim to double your coins every few days or give you unreal interest prices.

These sites actually do is take money from new customers and use that money to pay off older users. This method makes a great deal of buzz around the site that is apparently untrue and solvent.

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On top of this, they almost always have some kind of referral program so that consumers can bring their friends on board.

This is how a Ponzi scheme functions. This will go on for around 3-4 next months until one day that the website will only go offline and the money is going to be gone. No more payments will be produced and a lot of people may get mad that they have scammed.

We've reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a site which we can say is  secure to invest in. Any website 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 whether a website is a scam to get yourself Easy, use our Bitcoin scam test tool to acquire a fair assumption about a websites legitimacy.

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 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 coins (aka forkcoins) is standard however requires an above basic understanding of the way 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 might end up losing your Bitcoins. So for many non technical customers it'd better to pass on a fork and maintain your Bitcoins secure. Other alternatives include companies which assert the coins for you personally and have a commission but that 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 alternative cryptocurrencies assuming it has a market.

Airdrops are much like forks in the sense that you get coins from thin air. Airdrops are often 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 apply.

For instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.

To conclude, forks and airdrops may be the maximum value for time method you can use to make money from the Bitcoins however they can be SUPER risky. I would recommend that you use these methods only after considerable research and a fantastic understanding of the claiming process.