Do you know Bitcoin is a type of cryptocurrency?Yes, it is the oldest and mostly used cryptocurrency. Therefore, it has the most crime rate reported. Ever since 2016, 312% of complaints have been reported to increase each year, according to a Federal Trade Commission (FTC) report. The ratio of scams is linearly increasing, causing huge damage to the customers. Some people are still unknown to this platform, its operations and its working manner. Therefore, EzChargeback has taken responsibility for spreading awareness and save its customers from scams. Thus, they require a broker, one who has skills and knowledge, to operate their business.
The investors have money but lack skills. Likewise, the brokers have skills but lack investments. Thus, they both work together to double the digits of investments. The broker gets his part of share from the profit made from investment.
Now one might wonder how it works? Bitcoin is a commodity that could be purchased and sold having the same worth as dollars. The worth of bitcoin keeps fluctuating, from time to time, since it is an increasingly popular virtual business platform. So currently, its price is pretty high as well. One bitcoin is worth tens of thousands of dollars. The process is conducted in the form of blockchain, which are codes and mathematical algebraic equations the investor has to solve and at the end of it, they earn a big amount. It is a peer-to-peer transaction, which means no third party like a company or government is involved. Further, each transaction is conducted anonymously. Therefore, it is a pretty risky platform.
Why Does Bitcoin Have The Highest Scam Ratio?
Bitcoin is considered less risky and threatening for scammers, as there is no proper way to track and trace the account amount that has been transferred. Neither investors and brokers or investors and investors conduct face-to-face meetings and discussions, which somehow help one identify whether another party is worth trusting. The old ways of conducting business are not practiced as people find virtual systems more convenient and time-saving. Thus, the identity of the other party remains suspicious and anonymous.
Can Our Funds Be Recovered?
The biggest disadvantage of Bitcoin cryptocurrency is that one can try tracing the identity through accounts, which of course, require higher authorities’ assistance but can not reverse the amount that has been transferred. However, EzChargeback has been working on helping people recover back their financial assets and bitcoins, also, have been successful in the process of fighting against the frauds. Therefore, we EzChargeback it is possible to recover back the bitcoins from the scammers.
How to Identify a Scammer?
Before getting into business on the bitcoin platform, it is crucial to be aware of identifying the scammers so you can save your financial assets and energy.
1. Misspellings in Their Conduct
The past reports and evidence support the fact that scammers’ content contains spellings or grammatical mistakes. A well-known and reputed business has several proof readings and technological advantages which prevent such mistakes, however, scammers don’t have such access.
2. Emphasis on Huge Investments
The fraudulent scammer is most likely to ask you to invest a big amount so you can have big returns on investment. However, regulated brokers do not influence or emphasize on making a certain amount of investment because their intentions are not to run away as soon as possible.
3. Payment in Bitcoins
It is evident that businesses, authorities, and the government are never interested in you making payments through bitcoin. Bitcoin merely benefits the audience using cryptocurrency and not the outside world. Although one bitcoin is pretty expensive, yet, it does not work in real work. So, it is alarming for investors as it indicates that the “scammers are being spotted” who are after your bitcoins.
How to Finally Recover Bitcoin
1. Contact Bitcoin Authorities
The investor should immediately contact the authorities through the support bitcoin website. They make sure the scammer is able to get their account unhack and if possible get back their bitcoins.
2. Report a Complain
The legal procedure is a must to ensure the investor gets justice and the scammer is caught.
3. Backup the Wallet
Investors should transfer money in a cold wallet, which is an offline bitcoin system immediately so scammers can not have access to those assets.
If being scammed then anyone with the backup of the wallet has the authority and he can withdraw the money.
4. Contact Custodians
Custodians are third parties that help in recovering bitcoin. They have private keys which could be another way of retrieving back your assets. Therefore, people prefer hiring custodians to recover their bitcoins.
The Bitcoin scam is reported to be constantly increasing, especially due to the majority of investors being interested in it. EzChargeback can help and guide its customers to be protected from scams which is only possible by having adequate knowledge and awareness.