Social media has influenced our society in so many ways. Industries are also one sector that has benefited immensely from social media. Their various platforms have made it possible for information to be shared, viewed and consumed in vast quantities in a ready manner at all times. The crypto and blockchain industry is however no different from the other industries that can attribute a part of their success to social media.
The relationship between social media and cryptocurrency together with its blockchain technology has been something positive for years now. Social media has played a vital role when it comes to the popularity and the integration of cryptos into the mainstream media, leading to their growth.
Many networks on the internet have been fully dedicated to the development of cryptos, thus announcements, new offerings, news, new ideas, discussions, new plans for ICOs and digital coins, regulation, hard for and many more.
There’s even been the emergence of blockchain-based social networks on the internet of late. Cryptos and social media have had somewhat of a mutual relationship.
The future for the two was exciting and might still be but social media’s influence has now turn into a scare for cryptocurrencies. Social media now is allowing scams on cryptocurrencies and making it much easier for criminals.
Although scams have been around for as long as one could remember, the rate at which they are happening in the market, through many social media platforms is spiraling out of control.
Facebook was recently flooded with phishing scams and adverts which led to many complains from its users. Some were offering gigantic profits from trading binary options, an example being Cloud Trader and Bitcoin Code, whiles some targeted funds in your digital wallet.
The social media platform was even sued by one individual for scam-related activities, with his image involved. Another social media powerhouse, the Twitter social media platform has also been heavily involved with cryptocurrencies.
Many crypto experts and fanatics are fond of tweeting new information and ideas on their pages from time to time, mostly trading the platform into heated arguments and discussions. However, aside from the good, the social media platform does for the crypto market, crypto scams seem to be abundant there also.
A recent research on the platform revealed that there are more than 15,000 bots, aimed at promoting crypto scams and such bots were designed to escape detection. They normally spoof accounts of high-profile people, steal images and all other shady kinds of stuff, just to trick users into falling into their trap.
Crypto ads and related activities on the various social media platforms are necessary to push the market forward but if tables are turning and the only good social media is now doing for cryptos is to direct scams their way, then the crypto market will be much better off them.