Bitcoin is the most popular digital currency for couple of years because of its incredibly high value. Most of the major exchange use bitcoin for trading purposes. Few of the physical and online stores also accepts bitcoin as a legitimate payment option. It is talked about in terms of a future currency that might replace the conventional currencies. But its recent past is full of controversies where it was considered to be a bubble that is gona burst anytime. People have also related it to ponzy schemes because they did not find any grounds for its authenticity. Microsoft, Twitter and Facebook-All Set to Ban Crypto Advertisements.
Nothing destructive happened to this bubble until now!
Nothing so far has dented its repute and fame but the recent announcements from technology giants, Google, Facebook and Twitter has put a serious threat to Crypto tokens in general and Bitcoin specifically.
Microsoft, Twitter and Facebook-All Set to Ban Crypto Advertisements
Let us know what these technology giants say about cryptocurrencies in their recent moves against crypto tokens.
Google’s Move Against Cryptocurrencies
The most disastrous of all such announcement is Google’s declaration of banning all the advertisements promoting crypto currencies of all kinds on its pages. The significance of this statement is huge since Google is the top advertisement platforms in terms of revenue generation.
Google further elaborated in its advertising policies page that it decides to turn away all type of content relating to creptocurrency including crypto exchanges, Initial Coin Offerings, Crypto Wallets and even crypto trading advice. They plan to implement this policy in June this year.
Why Twitter is Moving Against Crypto Advertisements
According to sky news, twitter is all set to ban the advertisement for cryptocurrencies, ICOs, Exchanges, Token sales and Wallets in two weeks. The reason behind this ban is the prevailing scams on the platform. Mostly the ICO advertisements on the platform were found to be manipulative and more than 50% of them disappeared after collecting investments from the people.
Twitter did not do it by itself; this ban is triggered by regulatory authorities who are constantly watching the new Coin offerings. There are several new coins offered in 2017 and most of them just disappeared after collecting investments from the people.
Facebook Blocking Advertisements for Cryptocurrency
After Google and Twiter, Facebook has also decided to block all the advertisements related to crypto products and services. In its advertisement policy, it said that adds containing misleading or deceptive information regarding financial products and services will not be allowed to publish.
They are not against crypto currency but they are making an effort to protect the integrity of their platform. Many such ICOs have done advertisement in a bad faith and ran away after collecting investments from the people.
Twitter and Facebook have similar reasons to ban the advertisement of crypto related stuff. They have no system of screening out the advertisements since their system is automated. Therefore, they decided to disallow all type of advertisement regarding crypto currencies. However, few advertisements passed these restrictions by replacing “o” with Zero “0” in spelling Bitcoin but the remedy of this will be sought out soon.
We can observe that there is no specific reason to blame bitcoin for all these reasons but the impact of such decisions put a negative impact on the price of the currency. Most of the traders don’t bother to go in detail about these news stories and stop trading on the assumption that it has hit another blow to its credibility and legitimacy.