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The Only Guide to Litecoin Cloud Mining


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 essentially the same.

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Sometimes youll encounter a web site or cellular app that tells you they'll mine coins for you. The majority 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 sites 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 on the market, the money youd pay them to mine Bitcoin is likely better invested just buying Bitcoin. Of course we always urge you to do your own market study since in the end, its your money.

A very common method of growing your Bitcoin wealth is via Bitcoin lending systems. These sites connect borrowers that need crypto with crypto owners that lend their coins for an interest rate. As these loans are ultra insecure the interest rates are high which initially seems like a fantastic thing. .

Well, since there is no actual collateral which holds the borrower liable for your 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 all eventually defaulted. Thats why I recommend to steer clear of this particular method.

Another method I suggest you avoid are coin doublers and higher Yield Investment Programs also known as HYIPs. These are sites that promise to double your coins every couple of days or give you unreal interest rates.

What these sites really do is take money from new users and use that money to pay off X11 Coins old users. This process makes a great deal of buzz around the site that seems to be legit and solvent.

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

This is how a Ponzi scheme works. This will 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 more payments will be made and a great deal of people may get angry that they have scammed.

We've reviewed many Bitcoin investment sites in the previous 3 years and have yet to find a website which we can state is  secure to invest in. Any website that guarantees you something that is too good to be true is probably just a facade for scammers trying to steal your coins. .

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How can you find out if a site is a scam to get yourself Easy, use our Bitcoin scam test tool to acquire a reasonable assumption about a sites legitimacy.

Starting read 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 as well.

The first popular fork was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The process 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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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you might 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 claim the coins for you personally and have a commission but this could easily turn into a scam which runs off with 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 has a market.

Airdrops are much like forks in the sense that you get coins out of thin air. Airdrops are often utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can apply.

By way of 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 create money from the Bitcoins however they can be SUPER risky. I would recommend that you utilize these approaches only after ample research and a good understanding of the claiming process.

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