The rise of cryptocurrencies since their breakthrough has somehow been made possible by social media. The numerous platforms which connect over millions of people worldwide to share ideas, have fun and lay out their opinions on matters and discussions around the globe.
Social media is still positively impacting the world and continues to play the vital role in many aspects of our lives in this digital age. Cryptocurrencies owe their popularity to social media or the online world, of which their various communities stem from social media giants such as Twitter, Facebook, Telegram, Slack, and Reddit amongst others have all contributed immensely to the development of cryptocurrencies, spreading the idea and the importance of the innovation everywhere.
Bitcoin’s arrival in the financial world, for example, drew a lot of discussions and attention. The relatively unknown innovation and its underlying technology was the scope of almost every conversation, with a lot of people laying their views on them.
With the involvement of discussion sites, IRC chats and mailing lists, Bitcoin was soon everywhere, indicating the power social media owes in our daily life nowadays.
As cryptocurrencies were blowing up, so where criminals who were lurking to take advantage of any loophole for their various criminal agendas. Just a few days after Facebook, took the step to ban crypto adverts for the numerous fraudulent activities and resulting losses they were causing, Google, a company whose service is synonymous to that of these social media giants and even more, followed in with a ban of their own.
The multi-tech company which provides internet related products and services announced that it had removed over 3.2 billion ‘suspicious crypto ads’ in attempts to secure their company from online fraud as well as their clients from falling victims to them.
The ban comprised of Binary options and synonymous products as well as cryptocurrencies and related content. As a result of that, all ads could not contain any financial advice or information on online digital wallets.
This decision was met with a lot of criticisms by many crypto experts as this caused Bitcoin and many other cryptos to embark on a journey straight into the ground. Some experts even link the current situation in the crypto market to that infamous decision by the search giants.
After a couple of months, Google has now eased up on its initial ban on crypto ads and is giving the green light for some content of the material to go up in the United States and Japan, two cryptocurrency powerhouse.
In the midst of these troubling times, a significant turn in events such as this is crucial to the market as the exposure that cryptocurrencies once enjoyed through ads on the platform, could be back. This at least would give the crypto market a little kick it so much needs right now to rise.
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