There are a lot of different ways to make money on cryptocurrency.
But are all of them worth your time?
Even more importantly, are they even legitimate to begin with?
Some of the more popular ways of profiting in the cryptocurrency sphere include trading, , as well as mining.
The second option is often one that only the most dedicated explore.
It is not only the most resource intensive, but also it is the most time consuming and offers little guarantee of return. ( in the case of Bitcoin given the current market trend )
So, how exactly does it work?
Well, mining cryptocurrency involves advanced processors working in tandem to solve complex algorithms to unlock new “coins.” By doing this the miners help verifying transactions and adding the newly generated block to digital ledger. The miners are rewarded with the new coins for their efforts. Coins later bought and sold by traders are typically first discovered through this process.
Though both cost money, mining cryptocurrency is very different from buying or selling it. This is because your investment in equipment and utility usage can fluctuate alongside your success rate at finding new coins when you mine it yourself. When you buy cryptocurrency from an exchange, the price is fixed and any fees associated with the transaction impact your take-home value.
For most people, buying and selling cryptocurrency is the only option because of the high overhead. And that probably makes sense for the most part.
Yet if you want to get in on the cryptocurrency mining boom but don’t want to sink a ton of money into new tech then a cloud cryptocurrency mining service might be right for you.
In this article we’re going to tell you about, and review, just such a service.
One of the biggest concerns people have about things like cloud cryptocurrency mining and services is that it might be a scam.
Because, let’s be realistic, anything that promises you guaranteed returns or any kind of secured compensation is often too good to be true.
Is that the case with Bits2U?
First, Bits2U.com is an old domain with a long history though the current incarnation is not what first hit the web so long ago. It’s always worrying when a service piggybacks onto an older domain.
Bits2U offers both a free and deposit option. How it works is that free users sign up and earn cryptocurrency for doing nothing at all or for completing certain types of actions. Paid users can deposit money to earn more currency daily. Both types of users earn in Satoshi ( One Satoshi= 0.00000001 Bitcoins )
If this all sounds strange, it is because it is. But the concept is not completely novel and, in fact, is somewhat similar to the concept introduced by other bitcoin faucets.
Owned by Peruvian Victor Luis Nieto Carrera, Bits2U is a cloud-based cryptocurrency mining service first and foremost but also a growing community of users that businesses can target through special offers.
And this is probably the main way that free users will earn cryptocurrency on the website. It does this by encouraging passive actions such as watching a video or more active things such as referring friends to the website or clicking on advertisements. This isn’t a novel thing and is a business model that has been replicated across many other services.
There are also simple games that users can play to earn Satoshis. Ranging from simple number picker games to slot machines, these all have the goal of keeping the user on the website for as long as possible to increase engagement metrics. Bits2U really seems to thrive off of users interacting with its website and a lot of the free virtual currency is geared towards growing the website and spending more time on it.
Bits2U Earnings Withdrawal
Though Bits2U makes it incredibly easy for users to withdraw their earnings, does the company actually pay out when they say they will?
The answer is “Yes” but it is a qualified yes at that. This is because a lot of the user reviews with Bits2U have emphasized that payouts seem to be larger and higher based upon how much people put in initially but it isn’t clear if these are actual returns on mining or just your own money being returned to you.
Is Bits2U a Scam?
Like many multi-level marketing schemes, Bits2U relies upon bringing in new people on a continuous basis to grow. Sure, the service offers free accounts but this might be to lure in the few people who will deposit and invest large sums of money. Think of it like the smartphone mobile app economy. Many of these games are ostensibly free to get people to download them. And, for the most part, they are. But the few users who do purchase microtransactions or what have you are what support it moving forward. This doesn’t make the app a scam, per se, but it does make its tactics quite identifiable once you learn how to spot them.
Bits2U works on the same principle as a free app. You can choose to invest or you can choose not to do so. The main point will be whether or not you think it is worth your time. A free account is free after all but actually putting money into Bits2U is something that we can’t recommend across the board for all users.
It really boils down to your ability to tolerate risk. If it is quite high, then Bits2U under a paid account might be worth your time. But a free account is relatively riskless and could be the better way to go for most users. You have to trust your instincts when it comes to these things. There’s nothing to prevent you from trying out a free account and we recommend most people start there. ( if you really want to )