The ban itself
Bitcoin Magazine reports the ban on cryptocurrency advertising comes as the majority of people are becoming aware of the cryptocurrency markets for the first time as the price of Bitcoin and other forms of currency are rising. The ban has come into place as the role of cryptocurrency is brought into question by many government agencies and financial institutions who are mistrustful of the range of activities being undertaken on a market many experts believe they are simply failing to understand.
Google and Facebook are the two best-known big tech companies who have become part of what is being called part of a blanket ban on cryptocurrency markets advertising on their platforms. Microsoft’s Bing search engine still allows ad’s as part of the almost $7 billion in advertising it has taken on each year but has barred the marketing of virtual currencies on its social media platform, Linkedin, according to Recode.
An expanding market
In the world of SaaS companies, the rise of cryptocurrency is a great way of viewing the growth of a business Online which follows the ever-changing markets and platforms of the industry. Cryptocurrencies have been showing the success of this evolving technology which has seen a high level of user adoption as access to cryptocurrency mining has been growing with new mines and trading platforms found in many different areas of the Internet.
The ban facing cryptocurrencies comes as new ways of mining and buying virtual currencies are being explored by companies who are looking to make sure they are targeting new clients and keeping customer on boarding at the heart of their business opportunities. CNBC reports the launch of a new cryptocurrency brand could become a regular occurrence following the first offering made by the Global Crypto-Offering Exchange of Singapore which has become a pioneer in developing celebrity-based virtual currencies.
The first name attached to the group is the former soccer player, Michael Owen who had a successful career in both England and Spain to become known by fans of the game around the world. Only retiring from playing five years ago and appearing regularly as a pundit on TV coverage of games means Owen is still well-known and highly regarded as he launched the “Coin Owen” currency. Boxer Manny Pacquaio is also listed as a private investor with the Singapore-based virtual currency trader and could soon arrive as another face of celebrity-endorsed cryptocurrency.
The ban should evolve with time
Many in the cryptocurrency industry do not believe the Facebook and Google ban will have as far reaching consequences as expected and a change in advertising rules could come about in the near-future as certain virtual currency traders and markets gain in global respect. Experts at OgilvyOne Worldwide have already stated most virtual currency traders use Facebook and Google very little for marketing their products but do, instead of market their products directly to Web sites and publications known to be of interest to the average cryptocurrency trader.
In general, Facebook, Google, and other major technology companies do not provide the best opportunity for success in terms of driving customer success or user adoption for those marketing cryptocurrency markets when compared to mare targeted advertising techniques. The most commonly used techniques in the virtual currency markets have been for advertisers to work directly with publishers to directly target customers already reading and viewing content based on the cryptocurrency markets.
Trust will grow over time
One aspect of the Facebook and Google ban on cryptocurrency advertising is the fact it comes at a time when these virtual markets are evolving and using technological advances many investors and financial experts do not understand. Cryptocurrency markets use the newly developed blockchain technology which it is hoped will build confidence in trusted markets for the future and eventually lead to any scammers or dishonest entrants into the market are weeded out and blocked from their work. Once the blockchain technology has been proven and only the upright and leading markets are in place it is hoped the ban in advertising will be altered for and trusted providers allowed to market their products to customers on big tech sites once more.
