The invention of bitcoin and other cryptocurrencies has created a new landscape for scammers to invade. Because the cryptocurrency market has seen tremendous gains in recent years, and because it can be difficult to understand for outsiders, it’s very easy for scammers to find innocent victims and lure them in with claims that seem simultaneously too good to be true, but also strangely plausible. Read on to learn the best way to avoid a bitcoin-era scam, and what to do if you’ve fallen victim.
Identifying Cryptocurrency Scams
Cryptocurrency scams take a few forms, most revolving around either trading or investing. Because bitcoin experienced meteoric growth, and a few other cryptocurrencies have as well, creating near-instant millionaires out of people who invested wisely, it is easy for scammers to sell something as “the next bitcoin” and fool people who would never believe such promised gains for a stock or other investment instrument.
It is important to realize that the cryptocurrency market is highly volatile, and while there is the possibility of incredible gains, there’s also the possibility of devastating losses. There is no such thing as “guaranteed profit”, even in the cryptocurrency market, and anyone who promises such is likely running a crypto scam.
Beware of any crypto trading scheme that relies on “FOMO” – fear of missing out – to pressure you into acting fast. Anyone who doesn’t want to give you time to research the offer probably has something to hide.
Bitcoin Scam Help is Available
If you have fallen for a cryptocurrency scam, things may seem hopeless at first. But bitcoin scam help is available. Claim Justice has experience helping victims get their money back. Whether or not you can get your money back will depend on a few factors.
- Can you prove that you were the victim of a crypto investing or bitcoin trader scam, and not just a victim of adverse market conditions? It’s important to be able to backup your claim of a bitcoin scam.
- Did you pay the scammer with a credit or debit card, or bank transfer? It is far easier to track and retrieve money this way than if you paid with cryptocurrency.
- Do you have records of your communication with the scammer? If you have kept your emails and phone call logs, it will go a long way to helping Claim Justice get your money back.
- Have you already tried to get your money back on your own? You have to take this crucial step before enlisting outside help.
Anyone Can Fall for a Bitcoin-Era Scam
The most important thing is to not feel embarrassed or ashamed if you have fallen victim to a crypto investment or bitcoin trader scam. The common bitcoin-era scam is designed to take advantage of the fact that even smart, well-educated people who make good decisions about their money don’t know much about bitcoin.
The best solution to avoid a crypto scam is to make sure that you never agree to invest or trade in something that you don’t understand. Just like a Ponzi scheme and other common trading and investment scam, if the offer involves a lot of confusing terminology, vague explanations, and bold claims of guaranteed profit, you’re probably best off avoiding it. But remember, if you have already fallen victim, hope is not lost. Contact Claim Justice today and we’ll give you a clear picture of whether it’s possible to get your money back.
Have you been the victim of an extortion scam where you were forced to pay a scammer in bitcoin? Visit our guide on How to Recover Scammed Bitcoin.