Though the use of cryptocurrencies like Bitcoin with their blockchain technology have been around for some time now, the majority in the world are still wondering about its legitimacy. Remember, anything that operates mainly on the internet can be hacked and can also scam you.

Following Facebook, Google bans Cryptocurrency Ads

A Cryptocurrency ScammerWith all of the buzz surrounding cryptocurrency and ICOs, Initial Coin Offerings, more and more people are being attracted to jump on the make money bandwagon. Though this can seem like a great thing for the growth of the crypto market, it is also a magnet for hackers and scammers.

Those still on the outside looking in or sitting on the fence not sure if it is safe enough, are probably being tempted from all angles to invest for a “chance” to make back a big return. My advice is to not believe the hype. Treat it more like the stock market but one that is not so secure.

And I am not alone in this thinking. I see crypto as the wild west of new unregulated currency. Many will claim it is safe because of blockchain, the digital ledger technology that helps to keep transactions safe. However it is possible to hack into blockchain and cause problems. Scammers are aware of this too.

Because of that last part and also the potential for people to lose lots of money, Facebook banned all cryptocurrency advertisements in its Facebook Ads. Now starting in June 2018, Google is going to do the same and ban all cryptocurrency-related content across all of their ad platforms.

What is a Cryptocurrency Scam?

Despite what many already invested in cryptocurrencies are claiming, because of its unregulated environment many people have been scammed. Like with all things you invest in, you need to really know what you are doing and not invest more than you are willing to lose.

There will be scammers in any area that promotes the possibility of you becoming wealthy with very little effort. I have yet to find something like that, and cryptocurrency is not that opportunity either. However there have been several big-news crypto scams that have created losses in the millions.

The news article links below explain how scammers are ripping people off and even spreading secret illegal child abuse images within blockchain. This is further proof that though it is a promising technology, blockchain is prone to being hacked, and that cryptocurrency scams are on the rise.

Approximately $490 Million Dollars Lost in 2017 From Hacks & Scams
Hacker Group Steals More Than $50 Million Dollars From Bitcoin Investors
Child Abuse Images & Links to Illegal Content Posted Inside Blockchain

Blockchain is not secure and can be hacked

In order to help prevent more people from losing so much money and cyber criminals getting away with millions, Google like Facebook is banning all cryptocurrency related content from all of its advertisement platforms. Nothing about ICOs, wallets or promotions will be allowed, even if it is a legitimate offer.

What Google is saying about the ban

Being that cryptocurrencies are a far more volatile investment than stocks, bonds and other forms of traditional investing, Google feels very strongly in helping to protect its users. With the lack of regulation associated with crypto, security is left to software programs that in turn can also be hacked.

With even the trusted cryptocurrencies like Bitcoin, Litecoin, Ethereum, and others, Google will place its total advertising ban on all. Even though these are legitimate offerings, they too are subject to hackers and scammers despite what crypto-gurus claim about blockchain and safeguards.

Scott Spenser, Google’s director of sustainable ads recently told CNBC, “We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”

Consider this. Alphabet, the parent company of Google, makes close to 84% of its total revenue from advertisements. With this all-out ban on cryptocurrency related content such as ICOs, wallets, advice on mining and trading, they feel confident that this move will help keep their advertising environment safe.

caution tape

Do not invest more money than you are willing to lose in cryptocurrency

Is Cryptocurrency another Shiny Object Syndrome for entrepreneurs?

Like millions of others all over the world, I make my income from the internet in the legitimate opportunity of Affiliate Marketing with well-known retail companies. I have seen many make money quick fads come and go. I have learned that the only way to make good money is to work hard for it.

I have also learned that it will take time and patience, because no viable business can get up and running smoothly in a matter of weeks, even on the internet. However I am seeing many internet marketers leaning towards crypto for a way to make money and I think this is wrong.

In the case of affiliate marketing, once you have your website set up and indexed into Google, you do not have to work as hard to make your money. As with cryptocurrency your income may not happen at all because it is not a business you are growing. You are in essence, gambling on a dream.

Is Cryptocurrency the New Shiny Object Syndrome? – My Opinion

If you should get into cryptocurrency do not let it be that shiny object that leads you away from the tried and true methods of making money online from anywhere. If Facebook and now Google in June 2018 are taking steps to safeguard their users from the potential of crypto scams, perhaps you need to be careful too.

If you would like to learn more about the time-tested way to make money online from home in affiliate marketing, check out the information on this website. If you have any comments on what you just read or would like to share a recent crypto scam you know of, leave your comments below.

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Though the use of cryptocurrencies like Bitcoin with their blockchain technology have been around for some time now, the majority in the world are still wondering about its legitimacy. Remember, anything that operates mainly on the internet can be hacked and can also scam you. Following Facebook, Google bans Cryptocurrency...