You’ve probably heard about it. Ads for cryptocurrencies like Bitcoin and some other financial services are being banned on Facebook and Instagram.
It’s a broad-ranging policy that is deliberately designed to keep scammers from placing misleading and deceptive advertising on these platforms. You can read Facebook’s blog post introducing the new policy here.
So does this mean that Facebook believes all people advertising investments in cryptocurrencies are scammers? Well, no.
Does it mean that there will never be cryptocurrency ads on Facebook and Instagram ever again? Probably not.
It’s the Wild West!
The world of cryptocurrency is like the Wild West right now. Facebook is putting a hold on these ads for the time being while trying to figure out how to detect who is operating in good faith and who is a scammer.
Honestly, it’s a hard-line but prudent approach, since lots of unsuspecting people have lost huge amounts of money to cryptocurrency scams. As the blog post says, “this policy is intentionally broad while we work to better detect deceptive and misleading advertising practices.”
So many people have gotten caught up in cryptocurrency fever and gotten ripped off that Facebook and Instagram’s position is completely understandable, since they want to maintain a safe environment. Facebook isn’t saying anything definite, but it will probably again allow legitimate cryptocurrency ads before too long. Time will tell.
Education is crucial
Regardless, Bitcoin, Litecoin, and other cryptos will be around for a while. I have no doubt they are going to become a bigger part of our lives soon. And for all of Facebook’s good intentions, we need to take it upon ourselves to get educated about cryptocurrencies. I’m not telling you whether you should invest in them. (I’m no expert, so please don’t ask me!) I’m just saying we can’t ignore them anymore.
Please keep in mind that I am not giving financial advice here, just my thoughts. I believe there is considerable potential with Bitcoin, but there is also considerable of risk. So be careful. If you want to invest in Bitcoin, Litecoin, and other cryptocurrencies, don’t invest more than you can afford to lose! For Pete’s sake, don’t bet your kids’ college fund on it!!
Having said that, if you are interested in dipping your toe in the Bitcoin waters, you can set up a free account with Coinbase today by clicking here or clicking on the image at the bottom of this post. The good news is that if you buy or sell $100 worth of cryptocurrencies within 180 days of opening your account, you will get $10 in Bitcoin!
Full disclosure: I will get $10 in Bitcoin too, so we will both benefit. But let me be clear: I am not going to recommend something just to get the referral commission. I like Coinbase because it’s easy to understand and use, which is great for a Bitcoin amateur like me!
If Coinbase interests you, do your due diligence, read the terms and conditions, and make sure you understand what fees are involved in trading. If you decide it’s for you, just remember not to bet the farm on cryptocurrencies! (Seriously, I don’t want you to lose your shirt. That’s why I keep hammering on this.)
And if you decide it’s not your cup of tea, no problem. I get it completely. Thanks for reading this far.
If you have any comments, post them below and I’ll do my best to respond.
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