Bitcoin is verified through encrypted transactions that are permanently recorded in a publicly accessible ledger. This news, coupled with the explosive adoption of the underlying technology, block chain, has drawn new customers, investors and entrepreneurs beyond the financial world to the fledgling cryptocurrency. However, Bitcoin’s rapid rise has not only caught the attention of those looking to profit through legitimate means, but it has also led to a new category of Bitcoin scams. A type of financial fraud involving Bitcoin is actively spreading through social networks. Fraudulent campaigns on social networks targeting users such as bank customers, holiday shoppers and mobile gamers have already been spotted. Bitcoin scam recovery is done by contacting the local authorities to recover the money. REASON FOR BITCOIN Bitcoin has become the payment method of choice for modern scammers. Social media is the primary source of digitally-connected people who are most interested in participating in bitcoin games but also lack the necessary expertise to distinguish between legitimate and illicit offers. Provides access to demographics. Decentralized: Unlike other currencies, Bitcoin is not controlled by financial institutions or governments. It is precisely the lack of a central authority that makes recovery of losses impossible if fraud is committed in the name of Bitcoin. Once the victim is deceived, the money stops there.…
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