I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that
I would just like everyones opinion on it if that is ok
So is cloud mining a scam yes or no
Reasons why appreciated
Many Thanks
This is based on my experience so be aware of it. I'm pretty sure that 90%-95% of these cloud mining sites are scam. They are just getting money from the newcomers to provide payouts for the old ones and once they hit their target "profit", they'll just vanish in thin air without any trace leaving their current investors/users without any money. I experienced this first-hand to almost all of the cloud mining sites that I invested in. Lesson learned from those experiences and I will never put my money (BTC) again to those scam sites. Don't get fooled by other people saying that they are legit because more often than not, they are also invested in it and would just want to have an exit as soon as possible.