Litecoin Cloud Mining - An Overview
Mining altcoins (e.g. Ethereum mining) is cheaper than what youd need in order to mine Bitcoin. However, this only means that the hardware will probably cost less. Another hassles of electricity costs, configurations, maintenance and so on are basically exactly the same.
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 today are just 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 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 way of growing your Bitcoin riches is via Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins for an interest fee. Because such loans are ultra insecure the interest rates are high which initially seems like a good thing. .
Well, since there's absolutely no true collateral which 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 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 sites that claim to double your coins every few days or provide you unreal interest rates.
These sites actually do is take money from new customers and use that money to pay off older users. This method creates a lot of buzz around the site that is apparently legit and solvent.
Litecoin Cloud Mining for Beginners
On top of that, they nearly 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 the website will only go offline and the money is going to be gone. No longer payments will be produced and a lot of people will get mad that they have scammed.
We've reviewed many Bitcoin investment websites in the previous 3 decades and have yet to find a website which 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 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 evaluation tool to get a fair assumption about a sites 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 before the fork can now also claim the new coin as well.
The first popular next page branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and much more. The process for claiming forked coins (aka forkcoins) is standard however demands an above basic understanding of how 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 could 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 claim the coins for you personally and take a commission but that could easily turn into a scam that runs away 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 which you get coins from thin air. Airdrops are usually utilized to spread the word in a certain cryptocurrency. The currency is distributed freely to the general public, although in certain cases some conditions can apply.
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 highest value for time method you can use to create money from your Bitcoins however they can be SUPER risky. I'd advise you to use these approaches only after considerable research and a fantastic understanding of the claiming process.