March 13th, 2018
Since bitcoins came onto the scene in 2009, Bitcoin has grabbed the attention of everyone, everywhere. This new online currency has attracted both good and bad attention, mostly due to Bitcoin’s anonymous nature and speculation value. Seeing the demand for Bitcoins, many more individuals are showing interest in Bitcoin mining. Because of this demand, mining apps are becoming available for smartphones. But are these apps legit? Is it safe to mine Bitcoin through these apps?
Android Bitcoin apps are better and worse than what most people would expect. These apps fall into two different categories, mining apps for earning bitcoins and wallets that allow you to access your bitcoins. Most of the apps currently available are scams. This is why it is vital to do research before downloading an app to your phone. Some experts believe that most of the mining apps failed to function entirely. Digital wallets, on the other hand, are safe and it allows you to buy, sell, or store bitcoins in a secure and safe way.
Since there are a huge amount of Bitcoin apps available to the public, Bitcoin enthusiasts and miners can become easily confused. The quality of the Bitcoin app is an important concern and needs to be taken into consideration when selecting it for mining purposes. Many apps are promoted as “Earn Free Bitcoins,” at any time the word “free” means there is something strange going on. Don’t fall into these traps-there are no legit “mining” apps. The best option to mine cryptocurrency is by using ASIC or application specific integrated circuit. These devices may cost you up to a hundred dollars, but you can rest assured that you will get results and rewards
The profitability of mining digital currency on a GPU or CPU, either a mobile or a desktop is next to zero. You won’t make hardly anything using these gadgets. If you are interested in Bitcoin mining, it is a good idea to opt for ASIC, which was created for this purpose. For other digital currencies, such as Ethereum, you can mine those using your smartphone or tablet. Setup a GPU miner using the latest graphics card and start mining. However, there are numerous Bitcoin mining apps available, it’s not worth the risk.
Many app developers are riding the wave for the demand of mining apps that would allow users to “mine for bitcoins”. These apps are hosted by online forums and marketplaces that promise to give money to the users through Bitcoin mining for free when they use their smartphone, tablet or laptop. But cryptocurrency experts from around the world warn that these apps are a scam and to avoid getting involved with them.
Bitcoin mining is about creating new Bitcoins through processing or computing work into the system. Miners can get a financial incentive (a kind of payment for the transaction that encourages them to keep the blockchain up to date).
Despite the numerous advertisements that are popping up in the market that claim to facilitate Bitcoin mining by using smartphone apps-none of them are legit. Do not fall into this trap. If you want to mine Bitcoin, invest in the specialized mining devices from trusted companies.