For the past few years mining Bitcoin is only profitable if done at large scales. This means you will need to get expensive mining equipment and hopefully have access to free electricity. Some of you may have heard of all sorts of sites that allow you to mine Bitcoins through them. This is known as cloud mining and these sites fall into one out of two categories: If you want to learn more about my take on cloud mining read this post.
These sites can be categorized mostly as scams or HYIPs high yield investment programs. What these sites usually do is they take money from people around the web and promise to give them good returns. They will then start off by paying these returns through money they get from new sign ups and create a big buzz around the site. Usually they will also have some sort of referral program so that users can bring in their friends.
So should you invest in Bitcoin?
No more payments will be made and a lot of people will get mad that they got scammed. I have reviewed many Bitcoin investment sites in the past 3 years e. Any site that promises you something that is too good to be true is probably just a facade for scammers trying to steal your coins. Developed countries have more options and more liquidity. You can use our exchange finder to find a place to buy bitcoins in your country.
Find a Bitcoin Exchange How to Secure Bitcoins As with anything valuable, hackers, thieves, and scammers will all be after your bitcoins, so securing your bitcoins is necessary. Ledger Nano S — Ledger is a Bitcoin security company that offers a wide range of secure Bitcoin storage devices.
Read more about the Ledger Nano or buy one.
How Can You Invest in Bitcoin (Crypto)
It generates your Bitcoin private keys offline. Bitcoins should only be kept in wallets that you control. Because Bitcoin is on the internet, they are even easier to steal and much harder to return and trace.