A lot of people most likely know this already, but new people that comes into the world of crypto is not that lucky. The websites i will be talking about in this post are the big reason a lot of people leave the market or lose a lot of money trying again and again.
There is only one way to fight these sites and its by teaching people the real way to use the crypto market and stop using the scam sites all together so we can make it less appealing for scam artists to make these sites because no one will sign up for them.
Even tho not all cloud mining sites are a scam, but there is an easy way to see if a Cloud mining is a scam or not. 99% of the scam sites will always over sell the so called hash rate and give out an insane amount of hash rate for just a few dollars investment and do not limit the selling, where legit places actually limit them self to sell what they have because they can’t sell more hash rate than their stock allow them to do.
Lets just take a site like HashFlare.io they have been out of stock for a while now and actually giving a possible amount of hash rate per dollar in their mining farm for a yearly contract.
I wouldn’t lie if i said 100% of these sites are scam. They are so called HYIP sites that promise the most insane deals if you invest with them like 1% daily or 200% after 1 day, but to be fair all they are doing is giving you what other people have invested and at some point when they are happy run with the rest.
Lets just take a company that was called Westland Storage, they where paying for a years time, but when they reached about the end they stopped paying out and told people that there was a problem with the payment system and they worked on it, while collecting investments into their own so called private island that wasn’t real and ended up running with almost 40 million dollars worth of crypto and fiat.
What you should do
When you just start the best you can do is really just to HODL and buy low and sell high to be fair. There is nothing get rich quick over crypto unless you happen to invest your money into a coin that just sky rocket.
I wouldn’t put my money into bitcoin because it could lose you a lot of money fast when everything goes to shit, but would recommend you to look into coins like Nimiq and Tezos that you both can buy with crypto or master or visa card from Changelly.
Tezos that have grown over 10% the past 24 hours from writing this post allow staking so you can stake even without having the 8000 Tezos needed to stake because they allow you to join in on the people that have that can ask for a % of your reward for using his staking “pool” That said a lot of wallets let you stake Tezos, like coinbase and atomic wallet.
Nimiq is a browser based coin that focus on making paying easier, they do not allow staking yet, but wants to add it in the near future and this could make the coin grow a lot and you could stake a ton of coins that you got while the price wasn’t too high. about 50 USD can get you around 100k nimiq at the time of writing.
Do you know other smaller coins that could be a good investment, feel free to leave a comment with the coin to help readers find a good investment.