If you’re looking for how to get your Bitcoin back from a scammer, you’re in the right place.
Bitcoin is considered to be secure.
However, some unforeseen circumstances may occur.
Even pro traders have lost their cryptos or had them stolen.
Until recently, it felt as if there was little or nothing anyone could do to retrieve their stolen Bitcoin.
In this article, we will take a look at the proven ways you can use to get your Bitcoin back from a scammer.
We will start by taking a look at what cryptocurrency is and the top 3 cryptocurrencies.
Without further ado, let’s get started.
What is Cryptocurrency?
Cryptocurrency is a type of payment that you can exchange for goods and services online.
Many companies that have embraced cryptocurrency have their currencies, often referred to as tokens.
You can trade these tokens for the goods and services that the company offers.
To have access to the goods or services that the company offers, you will need to exchange real currency for the company’s token.
Cryptocurrencies use a technology known as Blockchain to work.
Blockchain is a decentralized technology that is configured across many computers that oversee transactions.
One of the pros of this technology is its top-notch security.
The Top 3 Cryptocurrencies
The domain name; bitcoin.org, was registered in August 2008.
A paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published on October 31, 2008.
The paper was written by the inventor of Bitcoin; Satoshi Nakamoto.
To date, no one knows who this person is.
The paper discussed a method of using a peer-to-peer network for online transactions without depending on trust.
Bitcoin came into existence on January 3, 2009.
Nakamoto mined block number “0” with 50 Bitcoins.
On July 30, 2015, Vitalik Buterin launched Ethereum.
He was a programmer working on Bitcoin Magazine.
He developed a new platform that has a more general scripting language than Bitcoin.
This development was funded via a crowd sale that took place between July and August 2014.
The platform went live with 11.9 million coins mined for crowd sale.
After the collapse of The DAO project in 2016, Ethereum split into Ethereum (the new version) and Ethereum Classic (the original blockchain).
Ripple was developed by the Ripple company.
Its root can be traced to 2004 when a website developer; Ryan Fugger, conceived the idea to create a decentralized monetary system that would allow people to create their own money.
In 2005, RipplePay.com was launched to provide a secure system for making payments.
How To Avoid Cryptocurrency Scams
Scammers now use cryptocurrency scams to trick people to send money.
Most of the scams appear as emails that want to blackmail someone.
Other forms of scams include online chain referral schemes or investment and business opportunities that are too good to be true.
All cryptocurrency scams have something in common- a scammer will ask you to send money or pay with Bitcoin or any other type of cryptocurrency.
Once you pay, you can kiss your money goodbye.
So, if you come across a text or a post on social media that asks you to pay with cryptocurrency, just know that it is most likely a scam.
Another sign that helps you to spot cryptocurrency scams is they might promise that you will make money or double your money within a short period.
They might even say you will get free money (free money? NEVER!).
3 Proven Ways To Get Bitcoin Back From A Scammer
If you’ve fallen into the traps of cryptocurrency scammers, the following may help you recover your Bitcoin back from them:
- Get legal help
For legal assistance to be effective in your case, you need to know who stole your cryptocurrency.
Although you may be able to freeze funds against the scammer, however, it is challenging.
You can enforce an order that will ask the fraudster to pay damages or return the stolen funds.
But you need to know who the fraudster is.
One of the good features of cryptocurrency is that you can trace where the coins went.
If it’s via an exchange, you have a high chance of finding out who owns the wallet through the KYC system.
You can then get a legal order that will help you know the identity of the fraudster and then get your Bitcoin from the scammer.
- Report to your cryptocurrency wallet provider
When your Bitcoin is stolen, report to your wallet provider and let them know that you’ve been scammed.
This will make your wallet provider aware of the situation and they will be able to save their name from such a relationship.
This will help prevent others from falling into the scammer’s trap.
- Hire a Bitcoin recovery expert
You can get your Bitcoin back from a scammer by hiring a Bitcoin recovery expert.
The expert will be able to trace Bitcoin transactions and also investigate and utilize all applicable technical processes to recover your stolen Bitcoin from investment scams and other forms of cryptocurrency scams.
The service of a Bitcoin recovery expert provides the potential of recovering billions of dollars that have been stolen by cryptocurrency scammers.
This makes it the best option for getting Bitcoin back from scammers.
Before now, there was no means of fighting cryptocurrency fraud.
The early-stage and the complex technology of blockchain have made it difficult for victims and law enforcement agencies to probe cryptocurrency scammers.
A Bitcoin recovery expert will deploy the appropriate approaches to effectively get your Bitcoin back from a scammer.
If you are thinking of how to get Bitcoin back from a scammer, the success rate depends on many factors, such as the amount stolen, the scam techniques used, and where the funds were moved to (whether to a regulated exchange or not).
Apart from using the methods we discussed in this article, you can also increase your chance of recovering your stolen Bitcoin by complaining to the federal government.
Have you been scammed with your cryptocurrency before? Were you able to recover your Bitcoin from the scammer? Let’s hear your thoughts in the comment section below.