The good news is that cryptocurrencies like Bitcoin are becoming mainstream and popular, the bad news is that cryptocurrencies like Bitcoin are becoming mainstream and popular. With the growth of cryptocurrencies comes scrutiny from regulators as well as abuse from scammers. Following Facebook’s lead, Google is banning ads for cryptocurrencies and “speculative financial products” for all of its advertising mediums.
With every new technology and product comes those who will exploit its popularity for financial gain. In the case of cryptocurrencies, these scammers are finding ways to steal information from online ads. The ban will no doubt slow down the scammers, but they will of course find another way to take advantage of those consumers looking to capitalize on this new currency. And with the SEC (U.S. Securities and Exchange Commission) clamping down and trying to regulate these currencies, it might be a good time to assess your investments in these forms of currency, and whether its time to get out.
What does this mean for online gamblers?
The ban from Google and Facebook on these ads will help those who could be scammed and taken advantage of, as well as protecting the legitimate exchanges. At the moment the players and the casinos will not be affected by these bans, although it could portend a day of reckoning for currencies like Bitcoin. But with more scrutiny and indeed regulations around the corner, the crypotocurrency fad might lose its luster, thereby eliminating another form of deposits and withdrawals for online casinos. I wouldn’t cash in on your cryptocurrency yet, but it would behoove all holders of this currency to stay informed and to make plans for the day the government gets involved.