Google Decides to Put a Ban on Ads Promoting Cryptocurrencies

You must be aware of the hype circulating around cryptocurrency if you’ve been following the news ardently. In fact, lately, Bitcoin – the virtual banking currency of the internet gathered a lot of frenzy all around the world. Regardless of the immense popularity that this digital currency has garnered everywhere, Google, the multinational technology company has decided to put a ban on all the ads promoting cryptocurrencies. What made Google take such an integral decision? Let’s start with understanding all about cryptocurrencies.

Understanding Cryptocurrencies

Despite being around for some time, people have only started taking a keen interest in this virtual banking currency recently. Cryptocurrency, being a digital currency, works outside of a central bank and is not backed by any central authority.

The value of the cryptocurrency shot up and encouraged thousands of investors to put their money on it with a hope of reaping a lot of money. However, before investing money in the cryptocurrency, one must understand whether they’re playing the safe move. Undoubtedly, bitcoin investment, which is a virtual investment, is far different from the actual investment.

To sum up, the difference between a virtual investment and actual investment, let us tell you that any investment that can be influenced is called an actual investment. If you’re unable to influence your investment then it’s not an investment. That’s what virtual investment is all about. It is not influenceable and can’t be controlled.

Not a Safe Mode of Investment

While cryptocurrency offers the highest risk as well as highest return, it’s value fluctuates for about thirty percent on a regular basis. Any investment whose rate fluctuates to this extent regularly is not considered a safe mode of investment, thus failing to promise long-term benefits in near future.

Bitcoin could have worked better if it remained only a medium of exchange. Since Bitcoin has turned into a mode of investment – a virtual investment to be precise – it has been playing with investors’ minds.

A virtual investment like that of Bitcoin does not offer any predictability and calculation behind its growth and slump. When an investment can’t be predicted or calculated, it becomes slightly unsafe. The value of a cryptocurrency can come down easily and cause a severe loss to the investors.

Who is Still Investing in Cryptocurrencies?

Though cryptocurrency is not regarded as a safe investment, there are still some people who are plunging their money into it. People who have a large amount of personal disposable income prefer investing in cryptocurrencies. Since this digital currency has the tendency to shoot upwards and also fall downwards really swiftly, people invest their surplus funds into it.

Because of a lower predictability factor, one cannot think of withdrawing funds out of a cryptocurrency. If an investor wants to withdraw his funds out of cryptocurrency after a year, it can be slightly difficult for him to do so as he wouldn’t get a higher return. So, investing in cryptocurrencies should only be considered if you have an extra amount of funds.

Google Bans Cryptocurrency Ads

Just recently, Google has announced to ban all ads related to cryptocurrencies. Yes, you’ve heard that right. All ads promoting cryptocurrencies will be banned by Google. Since people have started taking interest in cryptocurrencies, many scammers have also started using cryptocurrency ads to promote fake online schemes.

Further, Google also explained that the ban will go into effect in June 2018 when they’ll also be updating their financial services policy. Any ads related to cryptocurrency exchanges, initial coin offerings, cryptocurrency wallets and trading advice pertaining to cryptocurrency will also be banned.

Interestingly, Google isn’t the only company to put a ban on ads promoting cryptocurrency. Other social media platforms have also decided to join this bandwagon. Facebook has also announced to ban ads promoting anything related to cryptocurrency. Twitter also did not stay behind, stating that they are working on a solution to prevent cryptocurrency scams.

Though cryptocurrency has gained a lot of popularity over the last few months, online scams and harmful ads are still holding the virtual currency back and spoiling its image in the market. The issues holding cryptocurrency back should be solved at the earliest if cryptos want to remain a significant part of the future of currency in this world.