Is the Ban on Cryptocurrency Ads Good or Bad?

By now, it is common knowledge that most of the big internet platforms, like Facebook, have banned the advertisement of cryptocurrencies.

This means that for companies dealing in existing cryptocurrencies, as well as those those considering setting up their own cryptocurrency, new marketing strategies will have to be thought out.

This would for most business be a major cause for alarm, since virtually every industry relies on social media advertisement these days.

Researchers and business people within the crypto-community, however, do not seem to be worried at all. As a matter of fact, many strangely enough even welcome the ban and claim it might work in their favour.

All online giants are banning crypto-ads

It’s not just Facebook that has banned the advertisement of cryptocurrencies. The first major site to ban them was Reddit, who did so already back in 2016.

After Facebook came Twitter and Snapchat, and now even email marketing giant MailChimp has banned them. Perhaps most worryingly, the all-powerful, all-seeing, and all-knowing Google has issued a ban that will come into effect this June.

Short of advertising cryptocurrencies in traditional ways, like magazines, posters and flyers, it would seem that good old fashioned word-of-mouth is the only way for existing and budding cryptocurrency entrepreneurs to get the word about their currency out in the world.

Is the ban on blockchain ads fair?

Many see these bans as unfair. Of course, the cryptocurrency market has been marred by illegal activity and scam artists, but to issue a blanket ban on all cryptocurrencies hurt the honest businesses as well.

What makes it seem even more unfair is that Google themselves are researching blockchain technology. And Google is by no means alone in showing an interest in blockchain – other big tech giants like IBM are investing in the technology, and even political organisations like the UN have found uses for the blockchain technology.

Finally, many cryptocurrency investors are annoyed that while Facebook has banned their businesses form advertising, actual scam businesses are allowed to advertise on the platform.

Honest people have nothing to fear

So why are some people in the blockchain community feeling so positive about it? Arran Stewart, owner of Job.com, thinks that the only people who will suffer from the ban are those dealing with scams and other illegal activities.

The CEO of BlockCypher, Catheryne Nicholson, agrees. She also thinks that there are too many dishonest players on the blockchain market, and that by banning crypto-ads, they will be hurt the most.

Finally, Amanda Gutterman, from ConsenSys, says that her own organisation has been targeted by scammers, and welcomes the move.

It would seem that honest business people in the blockchain market have nothing to fear. They are confident that their businesses will continue to boom, while the corrupt and criminal elements of the market will disappear all the faster with the advertisement ban.

Are you concerned about the advertisement ban? Has it put you off investing in blockchain, or have you personally experienced any setbacks as a result of it? Leave your thoughts in the comments below!

 

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