Though we believe that you aren’t, if you are unaware of what cryptocurrency is, we truly suggest getting a new internet connection and then refreshing your search engines. The existence of cryptocurrency has currently been engulfing our entire globe. Everyone on the internet knows about the existence of cryptocurrency. The cryptocurrency was first introduced in 2009 through ‘bitcoin.’ At the time, people were oblivious and unaware of the value bitcoin held and how cryptocurrency would go.
To understand the value of cryptocurrency, we need first to figure out why the cryptocurrency is given value. To debunk this entire aspect, let us start from the first page.
What is Cryptocurrency?
A cryptocurrency is a string of encrypted data used to represent a unit of money. A peer-to-peer system called a blockchain, which also functions as a dependable ledger of transactions, such as buying, selling, and transferring, is in charge of organizing and managing it. In contrast to actual money, cryptocurrencies are decentralised, implying that neither governments nor other financial organizations issue them.
By a process known as mining, where a network of computers or specialized hardware, such as application-specific integrated circuits (ASICs), verify and validate the transactions, cryptocurrencies are produced (and safeguarded) through cryptographic methods. The procedure rewards the bitcoin miners who power the network.
Cryptocurrencies like Bitcoin, Ether, Lite coin, and Monero are well-known.
Now that we know what cryptocurrency truly is, we need to establish the reasoning why the cryptocurrency is so valuable.
Here is Why Cryptocurrency Holds Much Value:
To simply put the description, cryptocurrency has value because we give it value. Does a piece of paper hold value? Why does a 1 dollar bill hold such unbreakable value? Can’t many countries feel the value a 1 dollar bill has? Why does not 1 yen, 1 won, 1 renminbi, or 1 rupee hold as much power as 1 dollar? We’ve given dollars that power. That value of being one of the – if not – most powerful currencies. The same ideology comes to play here.
Cryptocurrency is essentially like gold. Cryptocurrency has a limited supply, with bitcoin (the most well-known cryptocurrency) only having 21 million duplicates within almost 8 billion people. Gold, too, is limited. Hence both of them have great value. Mining for gold used to be a very strenuous task, it is now too, but with technology, difficult tasks are becoming easier. Similarly, mining cryptocurrency back in 2009 was a very difficult task that only some could do.
So due to their difficulty in attaining and finite supply, cryptocurrency and gold have accumulated a lot of value. Gold has had value amply for centuries, yet cryptocurrency has been on the internet for not even 2 decades, yet it holds utmost significance. Why? Because people give it that value.
Now that we understand cryptocurrency’s high significance, worth and value, it is easier to understand why scammers exist in greed for cryptocurrency. Scamming naïve victims is, and it is, an easy and lazy way to earn a lot of money because cryptocurrency is worth so much money. 1 bitcoin is like 19,000 USD, which is worth A LOT.
How Crypto Tracing Can Help if You Get Scammed:
Getting you up to date with today’s technology crypto tracing is not impossible. You can absolutely trace your cryptocurrency, but there is a way to do so.
So let us say you got scammed.
Here Are A Few Things To Note Down To Fasten Up The Crypto Tracing Process:
1. Note Down The Transaction ID:
As trivial as this step may sound, noting down the transaction ID will help the investigators figure out which ID numbers they should focus on while looking through the blockchain. It’ll help them save time.
2. Memorize or Jot Down The Time, Day and Date When You Got Scammed:
For the same reason of saving time, this detail can make crypto tracing so much easier. It helps the investigator and eases you.
3. Keep in Mind That You Cannot Trace Your Cryptocurrency Alone:
Crypto tracing requires quite a huge team of experts to work together. You cannot do it yourself, so spare yourself the effort and headache.
Now that we’ve figured out that alone; you are helpless,
What Should You Do?
This is where crypto tracing agencies play their importance. These crypto tracing companies help you break into a blockchain. But why is it important to break into a blockchain? That is because blockchains ensure that every bitcoin or cryptocurrency transaction goes anonymously. If the expert breaks the blockchain, that anonymity will vanish, and they can figure out the scammer’s name and digital wallet address.
Now, if it is arguable when you should get a Cryptocurrency Scam Recovery agency’s services, we absolutely agree. If the cryptocurrency you have lost is not too much, and you have not suffered a heavy blow, we recommend not going after it. However, if the situation is bad and you’re going into a heavy loss, you can hire a crypto tracing agency’s services. We have given these two circumstances because, generally, crypto tracing is expensive, and crypto tracing does not guarantee the return of your cryptocurrency.
However, with the growing value of cryptocurrency, and the profit you could gain from recovering your cryptocurrency, we believe that you indeed should go after your cryptocurrency. If the window of opportunity is barely open, you have the power to open it completely, so why not go for it?