Are crypto mining apps really worth the effort?
As we have all seen in the news, and on the internet getting
Crypto currency is the latest rage. Lots of people all over the world are
jumping on this band wagon.
There are so many questions people have, like Is it all a
big scam, is it a fad? There are Facebook groups and meetups to talk about
Bitcoin and Cryptocurrency. And there are hundreds of apps in the apple store
and the Google Play store, where you can “mine” crypto. But how many are
legitimate? How many are worth the time it takes to do it.
I have tried a few. My experience so far has been
frustrating at best. The one I found that actually pays out, pays such a tiny
amount each time, I wonder how worth my time it is.
For those that don’t know, Bitcoin is broken down into units
called Satoshi. It takes 1,000,000,000. 1 Billion Satoshi to make a Bitcoin.
These apps pay out in Satoshi.
My account with Coinbase currently has about 8,000 Satoshi,
in US Dollars that is about 1.30 as of the writing of this article. It this
rate it would take years to get to 1 billion.
Again my question is it really worth the effort? I could take my pennies
and start an Acorn account or a Stash account and start investing in EFT’s (I
have one of these accounts too,) again years to make any money.
I am currently running three apps on my phone. One I know
pays out, the other two, I am waiting to see, not sure if they are scams yet.
A way to tell if the apps are scams, first read the
description, if there are a lot of typos, and miss used words, it might be a
scam, if the reviews are all bad, it might be a scam, if there is no developer
info at the bottom of the page, in other words just a Gmail email address, it
might be a scam. They have to have a Gmail address in order to upload the app
to the Google play app store.
Of course I wonder, how many app developers started with
good intentions to pay out, but now the demand is outpacing supply they can’t
keep up. I think that’s why the one app is now paying out in such tiny amounts.
With it I can get so many each day, (my average is about 200 Satoshi a day) I
can cash out every three days. The amount of advertising is insane, but I
understand that is how the developers are making the money to pay out.
So with so many choices of cryptocurrency, what’s your
favorite?
