How do you get money back from bitcoin
One of the biggest trending topic in the Crypto space right now is the fall of Bitconnect. Majority of its users including top promoters are left scratching their heads while many are demanding a refund for their money.
Now the main question people are asking is "How do we get our money back? Unfortunately if you have sold your tokens at the crash rate then I have bad news for you. But for the many who held there tokens, there still might be hope. Firstly we should analyse the situation we are in. Yes i do say "we" as I myself have fallen victim to this.
Taking responsibilities for our actions is definitely the first step. But like i have stated above, there is still hope. Many Bitconnect users have stated that what they did was an exit scam. You have to ask yourself, if Bitconnect did an exit scam then why is the site still up and why did they pay us with their BCC tokens instead of BTC.
Although the communication was not transparent with its users, you have to try and put yourself in their shoes. This was not an exit scam by Bitconnect but it was definitely market manipulation. They have a supply that is close to the amount of bitcoins in supply which is relatively low and their transaction fees are low.
I personally believe that Bitconnect is trying to become the next Bitcoin so holding your coins and hoping the price goes up is the best thing to do. Now to answer the question "How to get your Bitconnect Money Back! Stake your coins - This will enable the price to go up as the more people that stake their coins, the more demand goes up and supply of coins are reduced. I believe by staking the coins, you are paid a percentage which also reduces the supply and increases the demand which drives the price up.
At this stage, these are our best option. I tried to write this article as unbiased as I can. Just like everyone I was also affected by the market manipulation by Bitconnect, how ever I do not believe it is an exit scam.
Being angry about the situation and worrying will not help. Blaming top promoters will not help as they are also affected by this. How ever sticking strong as a community to try and drive the price of these coins back up definitely will help. Lastly, we must try and keep a positive outlook in order to gains positive results.
If you enjoyed this article, feel free to give an up vote and I will return the favour. I will also be writing more articles about how to generate more income with my most unbiased views so feel free to follow and I will also follow you back. If you would like to donate, I would really appreciate that as everything will help me grow this page: It almost sounds like your justifying what they did and trying to get people to stake their coins back into bitconnect.
Maybe I miss read that. If you really haven't realized yet that bitconnect was a ponzi scheme then you're definitely in denial and need to wake up. Market manipulation is a cop out and just a way they used to cover there tracks. They did not close the exchange so they could cover themselves legally if they get arrested or sued they could quickly refund their customers to avoid prosecution.
That's also why they keep telling people on their site they're gonna pay them back and honor the price of BCC that's it been holding in the last few months. And still here we how do you get money back from bitcoin are with nothing to show for our how do you get money back from bitcoin.
There was billions of dollars in their lending system paid by the customer in bitcoin. They violated the terms of their contract by not reimbursing everybody. Yes they knew by closing the lending platform and paying everybody back in their coin that the price would fall and be worth nothing. Even an amateur investor would know that. But I think you're missing the fact that they did this on purpose to scam everybody's money And we're talking about money in the billions.
Now I do agree with you that people should not sell their coins. But I how do you get money back from bitcoin think people should take legal action Because that's the only real way to make them pay. There's actually already a legal team Considering filing a class action lawsuit.
When the lawsuits bankrupt their company and the governments sends there ass to prison their coin and their company will be worthless. I know a bunch of us will be happy to watch them burn.
And legal action could definitely force them to pay us back. So we know for a fact they've lied to us more than once and we know for a fact they did not refund our money.
I mean you can even open a support request on their website. Why would a person even remotely trust bitconnect after that or how do you get money back from bitcoin the hole new scam there trying to sell. Now I still respect your opinion. And I'm glad you're trying to help people.
I just don't agree with a lot of your opinions. Firstly I want to thank you for your opinion how do you get money back from bitcoin taking the time to comment on this post. Secondly I agree with you how do you get money back from bitcoin the fact that they should be brought to justice for what they have done. I did not want anybody to think that I am trying to justify what they did. I could have written more about the negatives of this situation but I just wanted to focus more on how we can get our money back from the whole situation.
You are correct though where you say they lied to us but we also must understand that the system was never sustainable to begin with and that keeping a positive outlook on the whole situation is a must.
Yes they did fuck us over but if we sell our coins at the low price then we have decided to take a loss. Keeping and holding the coins so that it can increase in value will be the better option. Yeah I'm not selling my coins either. Only because I think they maybe forced legally to refund their customers some day. But personally I don't have much confidence that BCC will ever be worth anything near what it was without the how do you get money back from bitcoin platform or their reputation.
Thanks for posting about your personal experience. Rest assured that I am in the same boat as you. If you do some research we can see there are people taking legal action against the top promoters and Bitconnect which may have a positive outlook for us.
Hopefully Bitconnect can pull their socks up and help the price of BCC tokens to go back up and we can get our money back. It's the moral thing to do after shilling for a ponzi. You are at fault for anyone you suggested to join Bitconnect.
Thanks for the advice, actually I have considered this as a loss since i first initially invested into the platform. I saw it as money that's already gone. However I never how do you get money back from bitcoin anyone.
From this point I am more skewed towards bitconnect being how do you get money back from bitcoin scam but I know there are people taking legal action which I hope causes a positive outlook for us. Thanks for the post! Hey SunWu and dear other readers, My frankness here will help and it is not just glaze over wording lacking slogan and traditional common sense how do you get money back from bitcoin. This entire first sentence I wrote only for sharing my gladness for your existence, genuinely.
Here with your comment you write acting as the wise one after it has already exposed. You may be intelligent, yet you blame the people robbed and consider yourself higher for it not happening to you. Yet by doing nothing, unless you did actually commit to claiming bitconnect. However, there was never a way to know if the company was fraudulent before. At most it was speculative to say either. I understand avoiding opportunities like these is the easy minded choice to engage.
Primordial cognition always experiences much more reality than money, and from a miss perspective others are commonly viewed unwelcomed and incompetent. So yes your accurrate historic interpretation must be right. This seems to be a rip off of the general public's money in plain sight. Yet, even then I find multiple cases lacking of empathy from you, both in seeing joy innocent and unknowing members believed with as they finally cashed in online, significantly.
Besides you disregard these abused individuals intelligent understanding of computer software. You gave no thoughtfulness to the formidable argument against the ponzi scheme which held a logical idea behind bitconnect.
For a tech minded individual with perspective of teamwork, could you not agree this was a very appealing and logical scenario. If now, you still won't perceive the many involved perceptions, you even complain about the ones who were stolen from? Ok, we all know thieves chosen wrong doers and rare, but so you go further against the victims and write they should have never suggested to others.
They had no idea it was bad this is like taking a guess when all the water in a river runs good and the people using the waters should keep it hidden to themself. Morality is subjective and I do hope you can relate to both sides without flaking one for another because the moral your expressing seems polar from anything righteous. SunWu, a horrible way to see the world as if every profitable opportunity is a scam.
I hope to see Bitconnect justified by the first global effort of managing such transparent fraud. The funds earned by unaware holders really should be paid in full even if the money need be printed. Morally I only say this because in the scale of the world the earning for individuals like me were 30 grand which a subtle payment to root out global corruption and finally appeasing the distraught in process.
This perspective is mine and will be read surely helping the offended parties holding shares of bitconnect coin. I do add this must be a court case with evidence of the theft committed upon public masses. I have noted always there is a chance the model just broke under the sudden growth.
Bitcoin can be coldly unforgiving of mistakes, and nowhere is this better demonstrated than with change addresses. Although change addresses provide a key privacy tool, they can also lead to confusion, loss, or theft when not understood. It ends with a list of common pitfalls and ways to avoid them. This article was first published in March Since then, wallet software has improved, eliminating some of the threats described below. Specifically cases 1 and 4 should only be encountered when using older, unsupported software.
Imagine paying for groceries with a debit card. The checker totals the amount due and you swipe your card as usual. However, you notice the payment terminal is asking for all of the money in your account.
You have three options: Many Bitcoin users are surprised to find eerie similarities between this diabolical debit card and the way transactions seem to work. Thinking about Bitcoin in terms of past experiences with online banking and debit cards can lead to problems. Fortunately, an older payment method offers better insights into how Bitcoin works. The similarities between Bitcoin and cash run deep.
Imagine needing to track different pools of paper bills, maybe as part of a collection drive. Like a cash envelope, an address can hold zero or more units of electronic cash. Instead of paper bills, Bitcoin uses the electronic equivalent: To find the balance of any address, we sum the values of each associated unspent output.
In a similar way, the amount held in a cash envelope can be found by totaling the values of all its bills. A Bitcoin transaction transfers the ownership of one or more unspent outputs. To continue with the paper example, a transaction would teleport one or more bills from one or more envelopes into one or more envelopes. A more accurate statement would be to say that bills can be rematerialized in any set of denominations provided that the sum of their values is less than or equal to the value of the dematerialized bills.
A more detailed explanation may be helpful when reading this article. Imagine that Alice, who controls an address containing one unspent output worth 10 bitcoin BTCwants to pay Bob 10 bitcoin.
After the transaction, Bob can give the unspent output he received from Alice to someone else. However, Alice will neither be allowed to take back the unspent output she transferred, nor will she be able to spend it again. How do you get money back from bitcoin has how do you get money back from bitcoin problem: To resolve this dilemma, Alice uses a transaction that splits her payment, a feature fully supported by Bitcoin.
In the previous examples, Alice directed change into the same address she spent from. Any observer capable of linking Bitcoin addresses to personal identities can begin to draw conclusions about money transfers between people.
Users make this job more difficult by sending change to newly-created addresses. To see why, imagine a transaction that sends funds from Address A to Address B. If change is returned to Address A, the block chain reveals that the person controlling Address A paid the person controlling Address B.
The same reasoning holds if two or more addresses are involved. Any transaction involving Address A as a sender reveals the receiving address unambiguously. Should the identity of the person controlling either receiving or payment addresses become known, the identities of the other parties could become known as well. Now imagine that Address A initiates a payment to B, but this time directs change to a newly-generated change address C.
The identity of the person controlling Addresses B or C may or may not be the same as the identity of the person controlling Address A. Given another transaction from Address C, the picture becomes even murkier.
Which of the transfers represent payments and which represent the receipt of change? An observer trying to link personal identities to addresses must gather more secondary information and expend more resources when all parties send change to newly-created addresses. Coordinating multiple addresses is a complicated task. Wallet software frees the user from the need to do this manually.
Although change addresses play a key role in improving privacy, wallet developers can implement this feature in a number of ways. Four strategies are currently in use, each with its own implications for privacy and security. Incorrect use of Bitcoin change addresses account for many cases of loss or theft of funds. Here how do you get money back from bitcoin some disaster scenarios and ways to avoid them. Alice uses an old version of Bitcoin-Qt. Understanding the importance of backups, she created an encrypted how do you get money back from bitcoin backup long ago and stored it in a safe place.
Alice bought a new hard drive and then re-installed Bitcoin-Qt on it. She then restored her wallet backup. To her horror, Alice discovered the restored wallet was empty.
Alice generated enough change addresses to overflow the original pool of Restoring the backup only restored empty addresses. Using data recovery tools, Alice may be able to salvage the Bitcoin-Qt wallet from the faulty hard drive, and with it her lost funds. Bob uses Electrum to send infrequent bitcoin payments. Worried about possible theft, he wanted a way to keep an eye on his bitcoin balance from one of his many devices.
Bob decided on blockchain. A few weeks later, Bob made a 0. After receiving his merchandise, Bob decided to check his balance with blockchain. Disturbingly, Bob discovered that part of his Overstock payment was transferred to an unknown address.
How do you get money back from bitcoin that his computer running Electrum had been compromised, Bob re-formated the hard drive. This cleared the balance from the sending address, the only one Bob was monitoring.
Electrum encourages the storage of its word address generation seed in a safe location. Should Bob still have access to the seed, he can re-generate his old wallet and recover the change from the Overstock transaction. Carlos is a saver. One day Carlos noticed a deal on new laptops at Overstock and decided to pay using one of his saved bitcoins.
But Carlos had a problem: After paying Overstock, he exited the program. Carlos was worried about leaving any trace of his private key on his computer, so he securely deleted MultiBit and its data directory. He then returned his paper wallet to its safe location. To his shock, the balance read zero. Nineteen bitcoins how do you get money back from bitcoin sent to an unfamiliar address on the same day as the Overstock payment.
The 19 missing bitcoins were sent to a change address, leaving his paper wallet empty. In securely deleting the MultiBit data directory, Carlos lost any chance of recovering the missing funds. Dave runs Bitcoin-Qt on two computers, a laptop and a desktop in his garage. Wanting to use both computers to make payments, Dave copied a clean wallet. After making many payments without a problem from both how do you get money back from bitcoin, Dave noticed something odd one day.
His laptop wallet showed a zero balance, but his desktop wallet showed the correct balance. Instead, his copy of Bitcoin-Qt running on the desktop used the last available pool address held jointly with the laptop.
Back up the wallets on both the laptop and the desktop. Export all private keys from both computers, and sweep them into a new wallet. Frank received a paper wallet containing 2 BTC as a gift at a company event. Not seeing a need to keep the paper wallet, Frank threw it into the recycling bin at his office. Over time, Frank depleted his Bitcoin funds. Shortly thereafter, Frank bought a set of sheets from Overstock for 0. Although this payment confirmed without issue, Frank noticed something odd.
Without his approval, a second withdrawal was made to an unknown address, emptying his wallet of the remaining 1. Although How do you get money back from bitcoin was the victim of theft, the route of attack was not his computer or network. It was the paper wallet he threw into the recycling bin. Unknown to Frank, the paper wallet was taken from the recycling bin by Eve, a dishonest coworker. Eve added the private key to a custom program that automatically detects deposits into a list of watched addresses, and then withdraws them immediately.
MultiBit, working as designed, used the imported paper wallet address how do you get money back from bitcoin receive 1. Frank cannot recover the funds, nor is he likely to determine the identity of the thief. Although the examples in the previous section resulted in complete loss of funds, the same mechanisms also allow for partial loss. These conditions were assumed, which may or may not hold at the time a change address problem arises:.
For example, a single address that receives multiple payments will contain multiple unspent outputs. Likewise, wallet balances can become distributed across multiple change addresses as the user spends funds.
As expected, her wallet balance decreases to 9 BTC.
This digital ID could then be used to register for service, authenticate user accounts and even complete verification procedures. I am certainly not. Credit Card (Visa or Mastercard), Payza, OKPAY, Payeer. Kasi Raju is a Technical Superintendent in the Department of Computer Science and Engineering, Indian Institute of Technology - Madras, India. Forex broker inc demotivational posters Top broker forex.