Google Bans Cryptocurrency Ads – Is Blockchain Truly Safe?
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
With 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
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.
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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Thanks for this, Robert. Do Google Ads still have a ban on cryptocurrency-related ads? I think I tried running an ad with FB not too long ago and it was not approved either. Think it’s probably because of the numerous scams that good people (and good opportunities) suffer big time.
Yes. As far as I know the ban is still in effect.
Great article man I’m like seven years late reading this I been doing marketing wrong all this time especially affiliate marketing,
I don’t know why I been so blind there is no fast way to make money online it is easy really easy it just takes some time and work and giving back to others and truly networking help others grow and you will grow as well.
I was going to be one of the one’s thinking about investing in bitcoin using it as a way to make money online but it’s more of a gamble and now thinking about it just makes me seem really lazy just wanting to find an easy way out there is no easy way to make alot of money over night even online.
thank you again for this great article !
My pleasure. I am happy you liked my article.
Yes, the process of making money online in affiliate marketing is easy but it does require commitment and patience to reach your financial goals. There is NO LEGITIMATE way to make a lot of money quickly online, unless you are doing something shady like scamming people out of their money.
Now I am not saying that cryptocurrency like Bitcoin are a way to scam people but they do seem to be a way for people to think that they will become wealthy quickly. That will not happen, at least not often, in the crypto market. Currently the value of these types of currencies are very volatile with many seeing their value at 0.
I feel cryptocurrency is too much of a gamble and would rather focus on something like Affiliate Marketing which is a tried-and-true method of making a lot of money online over the long haul. You definitely want to stop thinking that it is possible to make quick riches. This is a belief that has poisoned this industry by the scammers who promote it.
Thanks for this post. I didn’t know Google bans crypto Ads. I believe it’s not because crypto can be hacked or it’s not safe. Crypto is very safe and impossible to be hacked. But like you’ve said, there are many scams related to cryptocurrencies.
So it’s the same concept that Facebook generally won’t approve Make Money Online Ads. They want to protect their users from falling into scam products.
Correct me if I’m wrong…
Sorry to inform you Jerry but crypto can be hacked and has been hacked several times. Not only can it be hacked and then manipulated by scammers, several people have had their crypto wallets drained.
It is because of this, the lack of regulation and other instabilities that Google, like Facebook before them, and soon Twitter, are banning all cryptocurrency-related content from their advertisement platforms.
Hey Robert,
Wow, I am shocked that Google banned cryptocurrency. I haven’t invested any in cryptocurrency yet. I recall reading an article where bitcoins were worth less than a dollar several years ago and now are worth over $1,000. That is a huge markup and any investor would be happy about a 1000% increase.
Good point about not using investing in cryptocurrency unless you can afford to lose the money. It might take a several years before you can sell them and make some decent money from them.
Do you have any predictions for others that might be banning cryptocurrency soon? I have read that Amazon might consider accepting bitcoins in 2018. Do you think they will do this shortly?
Also, I have a question about cryptocurrency. Where is the best place to get a wallet for cryptocurrency though? I need to do more research in this, but might be considering doing it in 2018.
Hey Garen. I can say that I am not totally shocked that there would be this ban on cryptocurrency related content on Google ad platforms. With the rise of many scams and people losing lots of money in an unregulated system, Google is following the lead by Facebook in the banning of this content. Even Twitter is about to do the same thing.
I personally find it hard to believe that many companies will adopt digital currencies like Bitcoin for the purchase of goods. They most certainly will test the waters and try out the process, but at this time I cannot see how it will become mainstream. Perhaps it will be used mainly for payment of inside services.
Even Kodak announced in January at CES 2018 Las Vegas that it was going to start mining their own cryptocurrency for use within Kodak and for Kodak sponsored products. I was at CES and like many others there we saw this move by Kodak to save its declining sales as a way to associate with the hype surrounding cryptocurrencies and blockchain technology.
Google, like Facebook before them and Twitter soon to come, feel it is necessary to protect its advertising ecosystem from the opportunity of scammers stealing millions of dollars in an unregulated crypto market. Perhaps down the road when digital currencies have proven their safety, will these bans be lifted, but for now many are proceeding with caution.
In regards to your question about getting a wallet for cryptocurrencies, there are a few good ones. Ripple Coin News is offering the Ledger Nano S, along with 4 along with 3 other models. Or you can just go to the Ledger Wallet website and make your purchase there.