What is Bitcoin?

Before we go into the intricacies of Bitcoin tracing, it is crucial to go over the concept of cryptocurrency and its relation to Bitcoin. A cryptocurrency is a decentralized digital currency in which a unit of account is pegged to a tangible object. For example, Bitcoin is currently the world’s most popular currency used to pay for goods and services. Coins or Bitcoins are stored on a blockchain that maintains a public ledger of every Bitcoin transaction that has ever taken place since the system was established in 2009. A blockchain database is a public ledger of all transactions, and can contain complex and unending amounts of data. Bitcoin and other cryptocurrencies work and function the same way as the dollar in your bank account does – through a process known as double-spending.

How does Bitcoin work?

The cryptocurrency system is nothing but a global digital currency. A group of people decide the rules and the way in which the money would be managed. There is no need for a central authority, like a bank or government, in order for it to be managed and spent effectively and efficiently. The money can be transferred from one person to another simply using an internet connection and a smartphone. The transactions happen instantaneously. You can always get your funds back.

Bitcoin tracing can bring you the money that was stolen from you, no matter the type of scam that took place. You can always get your money back. Bitcoin tracing can help you receive money that was stolen from you, no matter the type of scam that took place.

Is it safe to store your funds on sites like Coinbase, etc.?

The safe way to store your bitcoins is to do so in cold storage. This means you are only storing the private keys that you can access in the event that you lose your wallet. Cold storage is a process of storing your bitcoins in a vault-like safe or storage space that cannot be accessed by anyone else other than you.

Cold storage makes your bitcoins more difficult to steal by keeping the private keys to your wallet offline. If someone breaches your home, and locks you inside, they would be unable to access your bitcoins without a key. This way, the danger is gone, since the theft would have to be done through your home network.

A cold storage wallet is protected by multiple layers of security. By encrypting your wallets in various ways, only the owner has access to their wallet.

Why should you transfer your funds to a company that specializes in bitcoin tracing?

There are certain factors that determine how quickly you recover funds you have lost to a scammer or criminal. The first thing to consider is, if the culprit really does exist and wants to make you pay for something you didn’t even know about, then the recovery process will take time. It is easier to trace a hacker or scammer if they have your credentials. With that, I would recommend choosing a bitcoin tracing service that also specializes in Bitcoin.

If there’s a person or company that holds onto your stolen Bitcoin without actively selling them or on the black market, they will also have access to your wallet and private keys (ownership of your Bitcoin) and can also put a stop to the transfer to a fraudster.

What are the steps of bitcoin tracing?

Criminals may not have access to a computer with a stable internet connection, so tracing bitcoin transactions is a lengthy process. First, the victim must create an online account with a tracking service. This will allow them to have an app installed on their smartphone and follow the money flow through the bitcoin blockchain. And when the user wants to track the trail, they simply have to open the app on their phone and follow the red-colored chain to its end.

The bitcoins you purchase using your credit card will be sent to a payment address that you may give the tracking service. With the bitcoin trace you’ll receive a list of every bitcoin address associated with the cryptocurrency.

Conclusion

Using an investment advisor to manage your funds is the best thing to have if you want to protect yourself from any investment scams. Investment advisors are legally required to carefully research any investment or company that they choose to work with. If it seems like too good to be true, it’s probably too good to be true.