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Scammed? Here’s How To Get Back Your Bitcoin

Scammed? Here’s How To Get Back Your Bitcoin

Bitcoin is a digital currency invented by Satoshi Nakamoto in 2008, he introduced it in an article. In 2009, it was revealed and then began being used by the general public. The basic purpose of bitcoin is the transactions of money following the peer-to-peer approach which makes the transactions take place faster. The transactions are interlinked which connects one user to another, the investor to another investor. The collections of computers are interconnected and run the business activities. 

It is a pretty approachable and convenient way of generating, investing, exchanging, and saving money. It offers affordable charges for the purpose of transactions which also attracts dozens of users. It is a type of cryptocurrency which is being operated on the blockchain technique, the collections of blocks containing specific codes that differentiate them from each other. The blocks are connected in chronological order by the users utilizing their skills and knowledge. When the blocks are done connecting, they complete a piece of information which then generates the money. The “mining” process takes place for the purpose of providing security to the users’ investments and saving. Mining is basically the verification process utilizing a large number of computer powers. Bitcoin is running very successfully in the market with a high market cap of $1.11 trillion and loads of investors being involved. The immense increase in Bitcoin price return attracted the majority of the investors, it involves high risk yet high returns. 

How do recover money from the scammer?

The Claimers’ company, being aware of the loss its audience could face financially and emotionally after being scammed, has come up with the required knowledge which could assist the users to get back their money from scammers. 

1. Use Legal Approach

A legal approach is always a suitable way of getting things done. Likewise, in the case of a scam, a person can not run enough to catch the criminal unless it has a team to work with him/her. The team is legal authorities or police. The authorities have access to software and technology which could assist in catching the criminal. The victim indeed lacks those benefits. 

2. Withdraw money from your account

The victim should immediately withdraw the amount left in their personal account of cryptocurrency to prevent further loss. Following are the steps to withdraw the money 

  1. On the home screen app, click on “Transfer”
  2. Choose the option of “Withdraw” from the drop-down menu
  3. Choose the “Crypto” option
  4. Click on “External wallet”
  5. Then find the withdrawal address you safe listed and click “ Withdraw”
  6. Enter the amount you want to withdraw and then tap on the “Withdraw” option. 

3. Contact the cryptocurrency company

The cryptocurrency companies have authority and access to each and every transaction detail, they are even verified to exchange money by massive computer powers. Thus, the authorities can trace the scammer and follow the money of the victim. 

5. Contact the bank

The bank should be informed about the scam so that they could protect money from being defaulted. Further, the banks can trace the account to which money was transferred by the hacker, which could help get back the money.