Should You Invest in Bitcoin Cloud Mining?

When the Bitcoin protocol was first introduced, the first and only method to get some bitcoins was to mine them, using your own computer, as the mining difficulty was very low. Then, Bitcoin mining difficulty grew, and people started using GPUs, and then FPGAs & ASICs to mine.

People started to gather into mining pools, to have more chance together to mine some bitcoins. However, and while mining pools still exists and are going strong, it’s not the ideal situation. You still need to own your own hardware, pay the electricity bill and try to sell the hardware again when your mining efficiency starts to go down.

Cloud mining proposes to solve all these problems, by allowing people to buy Bitcoin mining power from some piece of dedicated hardware that is hosted remotely. Is it a good investment vector? That’s what we are going to see in this article.

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My Investment Strategy On Bitcoin P2P Lending Sites

Peer-to-Peer (P2P) Bitcoin lending is my favorite way to invest my bitcoins. P2P lending is when you give somebody money, and expect to get it back over a given period of time with interests. Compared to investing in cloud mining for example, you can know exactly how much you can expect to get back from your investment, and over which period of time. You also have the possibility to talk directly to the people you are investing in, talk about their projects and drive in life, and even make some friends in the process.

However, lending money always comes with risks, whereas it’s with bitcoins, dollars, or any other currency. People can have problems paying back the loan, they can just disappear suddenly, the website where you lend money can go bankrupt … In this article, I will share with you the strategy that I use to reduce the risk that comes with Bitcoin lending.

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How To Use BTCJam to Invest Your Bitcoins

One of my favorite way to invest my bitcoins is using peer-to-peer (P2P) lending, which means lending money directly to individuals. Basically, it means you are playing the bank to help people realise their projects. In return, people pay you back on a given schedule, and you earn interests at each payment. Many of this kind of lending websites already exist for more traditional currencies, for example LendingClub or Prosper for dollars.

But it’s also possible to do so using Bitcoins, and in this article I will show you how to do that using a website called BTCJam. There are some of these bitcoin lending websites out there, but BTCJam is my favorite by far. We’ll see what it is exactly, how to get you started, and how to make your first investment over there. Let’s get started!

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