Bitcoin is generally considered to be one of the safest cryptocurrencies, yet things happen, and then there are scammers who target cryptocurrencies. No one is safe, including the top traders too. Even top and skilled traders got conned, scammed, and lost their precious earnings. Although there has been very little information about scammers and the processes, the recovery options are not completely alien. Let’s learn and discover the best options available to recover lost or scammed bitcoins. Let us also see how to avoid going through painful situations again.
It is not an exaggeration to say that until recently, the probability of retrieving scammed bitcoins is slim. Gratefully, these guaranteed methods of recovering scammed bitcoins are lifesavers. In this article, let us go through these best ways to get back your hard-earned bitcoins after losing them to scamsters.
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Backup your data against losing your bitcoins:
Most of the bitcoin wallets have non-public keys to your visible bitcoin address. If you don’t back up these keys and data, the chances are thin for recovering the lost or scammed bitcoin. Even if it’s a handsome amount, all that you can do is weeping over your lost wealth.
Hence, backing up your bitcoin data with your email address is essential to avoid these situations and save yourself from falling prey to scammers. Always ensure that you backup these non-public keys associated with bitcoin addresses to your email. You have your defense guards up against coning and scamming this way.
Contact the bitcoin platform:
The first thing you need to do is contacting the trading platform where you lost your money. Not that you will get your funds back for sure, but there is still hope, and you can warn them that you will report to relevant financial authorities.
Maybe that can prompt the appropriate parties to take immediate action in your favor. This is one quick step you should take if you observe or even suspect that you have been scammed.
Merely backing up data can do only as much. Even backups are risky online. There is still a chance of hackers breaking into your accounts and before you even realize the damage has already been done. How do you save yourself from this risk? Well, encrypt your backups. That’s going to get you covered from another possible scam of your bitcoins.
Even computers connected to a network may turn out to be vulnerable enough for hackers and scammers. Hence, encrypting your backups is one smart security action you can immediately employ to save your earnings. This way, you can both recover your lost funds and save them from being scammed.
Remember your password:
The last thing you wish to happen to you is forgetting your password. Passwords are security gateways to anything, and it holds ground for bitcoins especially. Never ever forget your password and ensure that your funds are safe and secure. Unlike banks, the password recovery choices for bitcoins are complex.
Hence, a password is crucial to avoid falling victim to scams in the first place. If you intend to save your password somewhere else, wait, your “digital notes” or something of that kind is not safe either. Anything online can be broken into. Hence, pen it down somewhere on a piece of paper, and you can thank us later.
Offline case collectively recognized as cold storage is probably the most high-level security you can give to your bitcoin. Offline storage is nothing but a kind of vault that is not connected to any network. Since the offline case is not connected to the network, it is difficult to break into the offline vault. Hence, an offline case can be your ideal protection against hackers and scammers.
Ensure a robust watchword:
If you are using your name or a random choice of words as your watchword, congratulations! You have made your bitcoin vulnerable to scams, and you may probably get scammed. Random choice of words is not a wise watchword, and you must be really clever and selective about your watchword. Watchwords like names are simple, weak, and are easy to break.
A robust password contains a combination of letters, capitals, numbers, and special symbols and must be of a minimum of sixteen characters. Another clever way of securing your bitcoins with robust watchwords is to use program-generated passwords. The process of recovering your lost bitcoin becomes easy with a robust password and saves your funds from scammers in the first place.
Hardware wallets are another clever solution for simple use and robust defense mechanism against scammers and hackers. Hardware wallets are little devices in the shape of a wallet. They also permit backups. Hence you can recover your funds even if you lose them some way or the other. Hardware wallets also provide a robust safety mechanism against your computer vulnerabilities too. Thus, it is indeed a wise investment in a hardware wallet as it saves you in the first place and makes it easy to recover your lost funds.
Besides being repeatedly warned by experts and top traders, beginners and other people are still committing the same mistakes. If you are someone who has lost their funds and if the question is how to recover lost funds and avoid such situations, this article answers all your questions. Besides the above-mentioned steps, you can also utilize bitcoin recovery tools to retrieve your scammed wealth. Don’t waste your precious time brainstorming about the process and scams involved. Take actions right away and make use of the information in a wise manner to become one of the examples of the victim stories.
As scams involving cryptocurrency and bitcoins have become more common, the information regarding the recovery methods and ways to avoid falling victims to such scams is an essential thing first to educate and empower yourself and avoid falling victim to such scams. If you got scammed with your bitcoins, there is still hope through the ways mentioned above.