Before we jump onto why some individuals hire BitCoin Scam recovery agencies, let’s delve into the existence of BitCoin.
What is A BitCoin?
Since 2009, bitcoin has been a hot topic. Bitcoin was what gave fame to the term ‘cryptocurrency, and it gained popularity in no time.
It is true that initially, not many people wanted to bat an eye toward bitcoin, but they were only oblivious and innocent of what the future beholds. Bitcoin has gained value for ample reasons.
Let’s Go Over Why BitCoin Has Value:
The first answer to this question would be “because we gave it the value,” and while you are not wrong for saying so, bitcoin also has some genuine reasons for holding such value.
1. Bitcoin Mining:
Bitcoin mining back in the day was a strenuous task. It has plenty of requirements do completely; the first one being the need for a personal computer. Those who did not have a personal computer would not be able to mine bitcoin, no matter what other device they would have.
Secondly, bitcoin mining was difficult. You had to solve puzzles in order to gain bitcoin slowly. One of the worst parts was that the most repeated puzzles were mathematic puzzles. And let’s be fair, the majority of us hate maths, so we can just imagine how bad it was to come across maths puzzles every so often.
These two reasons made bitcoin mining difficult, and those who were able to mine it stored it like it was something precious, for it took them a long time to mine the bitcoins.
2. Finite Supply:
We just mentioned above that bitcoin had a difficult mining process, and because not everyone was able to mine bitcoin simply, not everyone had it. There are currently 21 million bitcoins within 8 billion people. We have shown this number to represent bitcoin’s finite supply and to put things in perspective.
Now that we know why bitcoin has so much value;
How Much Value Does It Have?
To answer this question simply, a one-bit coin as of now is 23,000 USD, which is worth a lot of money.
Such value is pasted onto bitcoins, so it is no shock that many hackers ‘strive’ to hack into other people’s online wallets. However, due to the existence of blockchains, it is not possible.
What Is A Blockchain?
A blockchain is essentially a mode of security for cryptocurrency. Though blockchains have existed long before bitcoin or cryptocurrency, they are mainly used to secure other people’s wallets against hackers.
With hackers not being able to access someone’s online wallet illegally, some usually turn to scams.
Now the question is;
What Tactics Do Con Artists Use?
1. Posing As Well-Known and Successful Businesspeople:
We have previously discussed this BitCoin fraud in this post, but it is ideal if most people are familiar with this scam. Due to its greedy character, this fraud is the most prevalent. Because of the promises that these “professional” businesspeople” make to their victims, it draws in its victims.
Money is a crucial necessity in the current state of the world, and individuals would do anything to acquire it.
New victims will come across scammers. Other people will be hacked. Similarly, if they are promised a profit, individuals would invest in everything they can.
Once victims invest in these frauds, their digital wallets are lost forever.
2. Romance Scams:
The digital environment of cryptocurrencies is no stranger to romance frauds. On dating apps like Tinder, these scam artists utilize phony profiles of beautiful people to pique the curiosity of their target.
In order to gain the victim’s trust before attempting to fool them, they start a discussion once they have their attention.
These scams are the worst since the victims frequently develop emotional attachments to the con artist even if they don’t know who they really are. In addition to losing their digital money when they are duped, victims of fraud often experience emotional harm.
Because it is a continuous cycle in which the con artist utilizes compulsion to get you to send them your BitCoins, being deceived is a challenging experience from start to finish.
The victim in these scams is initially asked to send BitCoins to the con artist’s online wallet. Many people don’t fall for it, but others do. The “some” people who do fall for it are those who have sincere emotional commitments to their significant others.
Once the con artist has gained the victim’s trust, he or she will ask the victim to send expensive goods to the con artist if the victim actually rejects to transfer the BitCoin directly.
Because so much faith has been built up, victims sometimes fail to see this as a red flag. The scam artist just deserts the victim after giving them multiple gifts, leaving them with a broken heart and an unfilled digital wallet.
3. Righteous Scams:
Some scam artists create fake companies to profit from people’s charity. Disasters and catastrophes specifically help them.
Since they benefit from other people’s hardships, these fraudsters are by far the lowest and most reprehensible sorts of con artists.
These con artists are by far the most blatant because, let’s be real, who uses cryptocurrency to aid in world famine or the plight of refugees?
These Bitcoin scams are widespread; they either disguise greed or other negative emotions like love or pity.
If you are defrauded, we advise against using bitcoin Scam recovery services. Because there is no assurance that you will receive your BitCoins back, they are typically incredibly costly and not worthwhile.
Be careful to remain cool, and first get in touch with the cryptocurrency security agency if you lose your bitcoins.
After that, you may choose whether to work with a bitcoin Scam recovery firm or not. This is because these bitcoin Scam recovery companies demand a lot of money and spend most of your time interrogating you, with a 0.001 percent probability of recovering your bitcoins.
If you have lost a lot of bitcoins and suffered a significant financial blow, you should go for bitcoin Scam recovery services. However, if you haven’t, it is better to save that same finance you used on the bitcoin Scam recovery service.
What To Do If You’ve Lost Your Bitcoins:
Let’s say that you do not want to hire a bitcoin Scam recovery agency and its services because you would rather save that finance, and you do not want to live in anxiety because there is no guarantee for return; here are some things you can do once you’ve lost your bitcoins:
1. Speak With The Cops:
Having a case number or papers isn’t a terrible idea, even if a formal complaint is unlikely to help in the recovery of stolen cryptocurrency. Having evidence that you took the loss seriously might be helpful if you need to prove your case.
2. Please Inform The Bitcoin Exchange:
You must act quickly if you discover that your cryptocurrency has been taken, maybe as a result of an effort to hack into your account.
Keep in mind, though, that using this approach does not ensure that you will receive your money returned in full. However, you might let them know that you will inform the appropriate financial authorities.
With all this information, you can decide whether you want to hire a bitcoin Scam recovery agency or go ahead and try to do something yourself. Keep in mind that it is also an option to leave it alone and save yourself the headache.