How does Facebook help in cryptocurrency growth?

By | January 27, 2022

Introduction

As we all know, we live in a digital world that is becoming increasingly digitized. Even currencies are becoming digital in today’s digital world, and why governments won’t ban bitcoin since 2009 when Bitcoin was launched as the first cryptocurrency. However, without social media, it would not have been feasible for cryptocurrencies to become as mainstream as they are today. Even before the debut of Bitcoin itself in 2009, Satoshi Nakamoto, who is regarded as the developer of Bitcoin, published the first document online in 2008 outlining how Bitcoin may take over our present financial system.

Cryptocurrency, Its nature

Cryptocurrency is basically digital currency that does not exist physically in the real world. So, now you might be wondering, what exactly are we buying if it does not exist in the first place? Yes, it is a rather apparent question, but what individuals are truly purchasing is a specific web address. To put it simply, bitcoin is a form of digital money that is extremely volatile in terms of its monetary value. For example, if we take bitcoin, it was decided from the start that only and only 21 million Bitcoins would be there existing in this world, making it something unique. Thus becoming a matter of interest among investors and helps it to stand apart from the other cryptocurrencies.

So now, anytime someone buys a bitcoin, the clients are essentially purchasing an internet web address with a certain value, and depending on how much money they are spending, they will be purchasing a web address that is equivalent to the amount of money they are investing in the bitcoin. After that, he can proceed with his transactions as usual.

Marketing and advertising

People have grown accustomed to holding something in their hands that they may refer to as money or currency after years of trading with cash and plastic money. As a result, the notion of crypto money was new and unexpected, and it remains so to this day. So, in order to mainstream it and integrate it into the daily lives of the citizens, businesses began to advertise and develop marketing techniques. They began to consider how they might promote their new product and concept, and here is where Facebook came in.

Probably the best place to advertise

Facebook, now owned by Meta, Inc. (previously Facebook, Inc.), began as a social networking site for Harvard University students alone. In 2006, it transitioned from a closed to a public social media platform. However, after 2006, Facebook gained popularity as a worldwide social media platform that connected people from all over the world. Because Facebook is the largest worldwide social media network, linking every corner of the globe in one place, it was the best option for bitcoin firms to begin advertising on the site.

Facebook’s help in the growth of cryptocurrencies

As we have discussed up until this point, Facebook was the best choice for advertising and gaining popularity, but there were no Facebook marketing programs available back then as there are now. As a result, the crypto firms began their marketing efforts in an organic, word-of-mouth fashion. Soon enough, this new notion spread like wildfire, and as it grew in popularity, a situation like the game of Chinese whisper arose. This is when people’s brains began to get confused. Facebook’s marketing regulations and Facebook advertisements were developed in response to this scenario, although there were also frauds.

People became fearful of cryptocurrencies and began to ignore them, prompting Facebook to impose a ban on any advertisements connected to or regarding cryptocurrencies in January 2018. However, this was a strategy for locating all of the scams and frauds. After only a few months, Facebook permitted only a few firms to remain, and they had to be validated by Facebook prior to the ban.

Therefore, Facebook is one of the most important platforms that have played a significant part in not only assisting cryptocurrency growth but also assisting cryptocurrency in combating scams and frauds. When Bitcoin became more mainstream, and after Facebook imposed a ban to combat frauds, it was granted permission again, and the prohibition was lifted the next year. Now, several Facebook pages that promote cryptocurrency trading and consultancy are garnering a lot of attention.

Category: Crypto

About Joel Picardo

Joel Picardo has been in the Cryptocurrency space from the last 2 years and got to know about it through his mentor Arvind Borhade (CTO at U.CASH). He is also currently managing the operations at UCASH India. He is an individual filled with optimism and destined to be a billionaire in the future. His work ethic and dedication are second to none. He believes that Bitcoin and Blockchain would create a world of new opportunities.

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