Bitcoin, like other cryptocurrencies, is a volatile asset, and the Bitcoin price has a trend to change permanently each and every day. If you often conduct various Bitcoin transactions and they are sometimes tied to the local currency (of the country where you live, for example), you must be aware of different cases when the refund can be difficult. We hope you find this article helpful and understand what options you have in one case or another.
First of all, there are different ways and meanings of “return” that are applicable to various situations.
- Bitcoin Stealing
The worst-case scenario is when someone hacks your virtual currency wallet and completes a Bitcoin transaction that you do not even know about. Unfortunately, in this case, you will probably not be able to track the Bitcoin addresses and understand where your Bitcoin investment money has gone.
Cybercrime and online fraud are extremely popular today, but there are no proven methods that can help to prevent such actions. The law and legal actions cannot help because hackers are usually quicker and smarter. The right thing you can do as a user and Bitcoin investment and funds holder is to protect your identity as much as possible and lessen the risk of stealing your funds by setting complex data (login and password of your account) to enter your wallet and to check your wallet address with every transaction you make at the same time.
- Returning Bitcoins on Online Exchanges
If you want to get a refund of a Bitcoin transaction made on the different exchanges, you shall follow the rules that the exchanges offer. However, many market participants emphasize the fact that all operations that involve Bitcoin payment and any other currency transaction from your wallet are encrypted, and it is not that simple to make a refund directly to your account.
Your wallet address will be transformed to a random combination that will not work if you will ask for a refund: the money will simply return to the exchange.
So, there are various ways of how you can get a specific address and either ask for a refund or return the money to any person:
- By sending the money (or asking for a refund) to the account with the email address registered on the exchange
- Creating a new wallet address on the exchange`s site
- Getting the address offered by the exchange and existing specifically to accept refunds to any user.
Rules vary from one payment processor to another, so you’d better check all the instructions and data carefully to see how to complete the payment or get the Bitcoin refunded correctly. There might be the same way of providing such operations with Bitcoin on different platforms. More information regarding Bitcoin and any other virtual currency return can be found on each platform`s webpage.
- Asking Your Bitcoins back for the Unrendered Services or Undelivered Goods
Suppose you have bought something online and had to pay a certain price for that. As you know, a Bitcoin price itself is volatile, and compared to the Dollar, for instance, it can change dramatically. So, imagine that you have to pay a specific sum on a certain date, you complete the transaction, and a year or two pass, but you still get nothing: neither goods nor Bitcoin or cash (if we speak of fiat currencies).
If you have paid in Bitcoins (or another stable virtual currency with a high value), you, obviously, would love to get your Bitcoin funds back because this currency has started to grow a long time ago and has a great value on the market now. But what if those who have sold you goods and planned to transfer your products have decided not to give your Bitcoin asset back?
The company may tell you that it will pay an equivalent in another currency or deliver goods at some point. Anyway, Bitcoin nowadays is a currency itself, and you have paid the Bitcoin price, not the Dollar or Euro price, to get the goods. The exchange rate of Bitcoin to other currencies constantly changes, and it should not be your problem at all. So, logically, it is in your interest to get paid back in Bitcoin (or any other virtual currency used in the transaction between you and the company). Your property should be returned either in Bitcoin of the same value or with the products you have ordered.
If the business you are dealing with decides not to complete any transactions or other investments in your favor, maybe it is time to turn to professional lawyers. Deals with Bitcoin take place every day, so legal specialists may try to help you and demand the needed transactions from the business to your Bitcoin wallet.
For such cases, to prevent that you lose any Bitcoin stocks and investments in the future while dealing with various companies, we have a recommendation for you. For every deal that you want to conduct, remember to sign a paper with the merchant. It is in your best interest to discuss all the conditions and actions that will happen if the deal is off.
There are some fraudulent sellers online that just want to get their goods sold and income on their accounts without providing any goods to your address. Others work honestly, pay all the taxes, and their income is justified; however, they process data slowly, and your order can take a lot of time. The difference between the first and second types is huge, but in both cases, it would be best if you have protected all your transactions with official documents.
FAQs
What is the return rate on Bitcoin?
The average return rate is considered to be 230%. If you invest a certain amount, you usually get much more back.
How do I cash out my Bitcoins?
There are different ways of cash-out, and you can read about them on the sites of exchanges where you are registered and complete operations. Cashing out may take from one to five business days.
How to claim a refund from a BitPay merchant refund email?
You will get a letter from BitPay where you will have a refund button that you should click. Prepare your wallet address and Shopper ID that was used when you have asked for the refund.
I paid in bitcoin, and now I’m owed a refund. Can I demand it in bitcoin too?
We have discussed it above. It depends on the company or individual who shall return you Bitcoins. Bear in mind that it is vital to accompany your deal with a document signed by both you and another party.
How can I ensure that a seller will render the services I have asked for?
Do not expect that everyone is honest, and people who sell things online cannot lie to you. Anytime you trade, remember to develop a document and sign it with another party before the product or service is sold and payments are provided. You can always consult for more information with lawyers and specialists from the crypto field who face Bitcoin transactions daily. We hope that you will not have any suspicious transactions, and each Bitcoin investment you make will get back as an income! Be careful with the payments you make online and thoroughly check all your online data to avoid scams!
Will tracking of my Bitcoin help if someone has stolen coins from me?
Unfortunately, you can consider your stolen Bitcoin coins an incurred loss because, most likely, you will not be able to get them back. As you can guess, fraudsters protect their crypto address and other data, so be careful with every Bitcoin investment you make and always check your account to see if it is protected enough.
How online crypto exchanging platforms make a refund?
Every platform has its own rules, so we strongly recommend checking them before registering and completing your first transaction.
