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

Sometimes youll encounter a web site or mobile app that tells you they'll mine coins to you. Most of these providers are pretty much useless and will often consume your apparatus computing power and battery simply to give 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, most of the cloud mining websites today are simply pretending to use your money for mining operations, they're in fact scams.

What's more, while there are a couple of legit sites out there, 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 research since in the end, its own money.

A remarkably popular method of growing your Bitcoin wealth is through Bitcoin lending systems. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest fee. Because these loans are ultra insecure the interest rates are pretty high that initially looks like a good thing. .

Well, since there is no true collateral which retains the debtor liable for the 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 specific method.

Another method I suggest you 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 provide 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 creates a great deal of buzz around the website which seems to be legit and solvent.

The Buzz on X11 Coins

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 months until one day the site will just go offline and the money is going to be gone. No more payments will be produced and a great deal of people will get angry that they have scammed.

We have reviewed several Bitcoin investment sites in the past 3 years and have yet to find a website that we can say is  safe to invest in. Any website that promises you something that's too good to be true is likely only a facade for scammers trying to steal your coins. .

The Best Strategy To Use For Litecoin Cloud Mining

How can you find out whether a site is a scam for yourself Easy, utilize our Bitcoin scam evaluation tool to get a fair assumption about a Home Page sites validity.

Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking  means a new Bitcoin clone emerges from the existing Bitcoin. Every person who held Bitcoin prior to the fork can now claim the new coin as well.

The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The procedure for claiming forked coins (aka forkcoins) is standard however requires an above basic understanding of how Bitcoin works. You can see our fork claiming guide .

What Does Litecoin Cloud Mining Mean?

Keep in mind that if youre not sure what youre doing when claiming a forkcoin you could end up losing your Bitcoins. So for many non technical users it would 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 that may easily turn description into a scam which runs off with you money. .

5 Simple Techniques For Scrypt Coins

Once her response you maintained a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.

Airdrops are much like forks in the sense which 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 general public, although in some situations some conditions can employ.

By way of example, Byteball was distributed publicly to Bitcoin users depending on the amount of Bitcoins they owned.

To conclude, forks and airdrops may be the maximum significance of time method you can use to make money from your Bitcoins but they can be SUPER insecure. I'd advise you to use these approaches only after considerable research and a good understanding of the claiming process.