If you are new to the Bitcoin arena or are just looking to make some money without investing, below are some ideas and tips to help.
Of all the Bitcoin wallets out there, I chose to use Coinbase. At the time of this writing, they have never been breached or hacked. Another thing that I like is the fact that they offer a two stage verification system to prevent theft of your bitcoins.
Faucets are a free way to earn bitcoin with little or no investment. The only requirement to profiting with them is that you log in daily (some may require multiple log ins daily) to claim your daily (or hourly) earnings.
Some of these offer ways to multiply your bitcoin earnings by referral programs, completing offers or playing games. It’s a win-win for all.
Bit coin mining operations can be great ways to generate bitcoin earnings. It depends on how much you’re willing to spend. Each person that is asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.
Some of these factors include, the price of electricty, hash rate, pool fees, and cost of mining equipment.
Before even starting out with Bitcoin mining you need to do your due diligence. This means you will need to find out if Bitcoin mining is even profitable for you. Doing so can mean the difference in profitability to financial ruin.
The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning to buy and see how long it will take you to break even or make a profit. However, I can tell you from the out set that if you don’t have a few hundred to a couple of thousand dollars to spare you probably won’t be able to mine any Bitcoins profitably.
Beware the BitCoin Mining scams:
There are those that profit from the ignorance of others. In this particular case they are offering bit coin mining “contracts” and promise high returns. A number of them offer free accounts and allow you to upgrade to more powerful mining with even better returns.
There are two ways to save your self alot of money and heartache from these scammers. First, do your due diligence!! Check these offers out. A good first step is to google the website and look for reviews on them. You won’t have to look hard to find out whether or not they are scams.
Another way to save yourself from scammers is to educate yourself on bitcoin. Still another way to look at it is to ask yourself a few questions:
Is it too good to be true?
Is it offering get rich quick (I.E. high profits)?
Are they pushing you to upgrade to get paid (or get paid faster?)
Are they pushing you to refer other (I.E. to enable you to get paid faster?)?
Taking the steps mentioned above and applying a certain level of caution can save yiur hard earned money from being taken by these hucksters. As with any opportunity, always check it out first. doing so can save you lots of pain and loss.
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