Is Crypto a Scam?
Whatever you think of crypto, the one thing everyone can agree on is that digital currencies are controversial. Given the moves towards central bank-issued cryptocurrency and government regulations of crypto, it’s also here to stay.
Crypto has many enthusiasts and adherents. When bitcoin prices tank, they will urge people to buy the decline to make smart investments. Others will cite the currency’s volatility as evidence that crypto is a scam.
Which side is right? Or do they both have a point?
Is Crypto a Scam or Legit?
Given the number of bitcoin scams that hit the headlines, it’s no wonder that people may respond by wondering, “Is crypto a scam?” Some people question the legitimacy of cryptocurrency. They think it’s about simply manufacturing currency that has no underlying value.
On the other hand, most governments around the world realize that cryptocurrency is here to stay. Many nations already have issued central bank cryptocurrencies, and others are planning this move. In addition, the European Union has released proposals to regulate cryptocurrency, and the United States government is creating a policy on making the blockchain safer for consumers.
The Growing Problem of Crypto Scams?
It’s apparent that cryptocurrency itself isn’t a scam nor is it inherently fraudulent. However, given the anonymity of the blockchain, cybercriminals have discovered new ways to launder money and keep identities secret. In addition, the fact that anyone has the technological tools to pass off fake services as real ones and to take crypto payments, the number of bitcoin scams keeps rising.
How to Detect Crypto Scams
In the environment of rising crypto scams, it’s important for everyone involved with cryptocurrency and the blockchain to know how to detect crypto scams. In addition, they should take measures to keep their money safe.
Here are some possible signs of a bitcoin scam:
- Not licensed
- No names of the people who run it
- Poorly written content and low-quality visuals
- Guaranteed returns
- Aggressive marketing
- Hidden fees and charges
- Obstacles to withdrawals
Is a Bitcoin Chargeback Possible?
You may be familiar with a credit card chargeback. This usually happens when the bank that issues your credit card reverses charges that were unauthorized. Although the term bitcoin chargeback is often used, it doesn’t work the same way as credit card chargebacks.
For one thing, charges can’t be reversed on the blockchain. Every transaction is permanent. However, you can get a refund from a recipient. Bitcoin scams, however, are not usually too quick to refund money. That’s why you should contact experts to help with bitcoin chargebacks.
Crypto Recovery: What Steps Should You Take
Crypto recovery involves many steps, but with patience, you can make a successful claim. You’ll want to follow these steps:
- Contact the suspected crypto scam and demand a refund or withdrawal
- Get in touch with CryptoCoinTrace experts
- Discuss your case
- Provide documentation
- Crypto investigation
- Crypto investigation report
- File the report and claim with the authorities
You’ll want to first contact the suspected bitcoin scam even though you don’t think it’s likely they will give you a bitcoin chargeback. Once you have done this and they have refused, talk to CryptoCoinTrace. Give us the details of your case and supporting documentation.
We will then investigate your case using bitcoin forensics methods and advanced technology. After we see patterns and track down your funds, including the names and locations of the people who have them, we will create an investigation report. Present this report to law enforcement who will then take your crypto recovery case to the next level.
What You Should Do If You Have Lost Money to a Crypto Scam?
If you suspect you have lost money to a crypto scam, it’s important to close your account with the broker or the exchange and demand a withdrawal. If you do not receive a withdrawal, contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!
