The World of Cryptocurrency - Social Media Against Crypto?

End of last year, bitcoin skyrocket to its highest mark of 20k dollars and so many businesses and individuals jumped in the wagon of digital currency hoping to earn huge in this kind of game. Hackers and scammers also jumped-in and took advantage to the unaware newbie investors and simply took their money through scammed ICO's and the like. There were also many exchanges that reportedly has been hacked and millions of dollars was lost. Some countries banned crypto for its citizens due to its being too risky to trade and invest. Aside from being risky, crypto is a decentralized currency with anonimity characteristic which can be used for money laudering and illegal activities. The government shuts down many exchanges and intensified the campaign on banning crypto to a point they imprisoned whoever caught trading with bitcoin and other digital currency.

The world of cryptocurrency is in great battle right now and it is fighting for its survival since the onslaught has been widely intensified to a point wherein the big names in the web were also joined the arena in exterminating crypto by banning its advertisement in their respective platforms. This will the great ordeal of cryptoworld and a test that must be overcome. Currently, bitcoin plunges down to 7k+ dollars and it struggles to reach even 10k dollars. I'm adamant that bitcoin will survive all this things and soon it will skyrocket as what we are all hoping for but I just don't have any idea when will it be.

Facebook

In early 2018, Mark Zuckerberg the facebook co-founder, made such a positive statement about cryptocurrency for having a potential benefits in the businesses like of his platform. He pointed out that he is going to study deeper about this interesting technology.

There are important counter-trends to this - like encryption and cryptocurrency - that take power from centralized systems and put it back into people's hands...I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.
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Just recently, Facebook announced that it is prohibited to post advertising related to cryptocurrency to protect its users from fraudelent platforms and scammers:

We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.
^Source

Twitter

In Sunday Times interview that was issued on March 21, the Twitter CEO Jack Dorsey was beaming on bitcoin that one day it could become a single global currency.

The world ultimately will have a single currency. The Internet will have a single currency. I personally believe that it will be Bitcoin, probably over ten years, but it could go faster.

But just recently, he followed the footstep of facebook on banning the cryptocurreny advertisement esp that of the Initial Coin Offering (ICO) that is not yet listed in the stock exchanges. This is to protect the users from scammers who were pretending that their ICO is legit and that soon will be listed in the exchanges and coin market cap but they end up a scam taking the investor's money.

Snapchat

This social media platform also made a move to ban cryptocurrency advertising. Similar to Twitter, it only ban the ICO's since it is not yet listed in the exchanges and having a high risk to end up a scam.

ICO's reputation was very bad for the public eye since the number of scammed ICO were increasing and their victims counting for hundreds of thousands already and this definitely raise a red flag for the cryptoworld.

What's Next for Crypto?

At a first glance, it seems so bad for crypto this bold move from social media since it helps a lot for crypto's exposure for the public to attract more investors and traders. Lack of exposure to the platform and its system will definitely drop the support from the masses and businesses and will eventually put to halt the steaming train of crypto. But on the flip side, it is somehow clean up the mess in the cryptoworld, the scam ICO's will somehow be eliminated since they are using mainly the social media to attract unaware investors. The reputation of crypto will stand again with the support of true blue cyptonians. We don't really know the future of this currency but I'm still optimistic that bitcoin will still rule the market later on. Only time will tell the fate of digital currency.

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