Earlier this week, Facebook decided to backpedal on an earlier decision to ban cryptocurrency-related advertisements. Though the company initially planned to ban all crypto-related content ads, that’s no longer the case. But what exactly does the Facebook crypto lesson teach us? And what can crypto-enthusiasts new and old take from the decision? Let’s take a look below.
The Facebook Crypto Reversal
After the increase in initial coin offering (ICO) fever in 2017, Facebook infamously made the announcement that all cryptocurrency-related advertisement was to be banned on the site. The decision meant that all content related to crypto was gone from ads. Whether you’re selling t shirts, mining rigs, or just promoting content, Facebook wasn’t going to allow it.
However, things have since changed. Just this week, Facebook announced that they’re loosening those restrictions. It should be noted that not all restrictions are lifted. If you’re looking to promote your new ICO, I still have bad news for you. But if you’re looking to promote your site, merchandise, or cryptocurrency-related products, you’re now good to go! Unfortunately, this decision didn’t happen over night. In fact, there was a lot of talk about groups wanting to boycott Facebook in light of their crypto decision.
In response to Facebook, the community took a stand. As things started becoming more unfair for the community, crypto-enthusiasts started taking to Reddit, YouTube, and other channels to start promoting other ways of sharing content. One of the best ways the community was able to retaliate against the Facebook crypto ban was to start practicing what we preach. In a community so heavily focused on cryptocurrencies, it only makes sense to support decentralized systems.
A part of the Facebook crypto retaliation was seeking out other, non-centralized platforms. Instead of using Facebook to post and engage in content, users started seeking out alternatives. One of the most successful alternatives to land on was Steemit. There are all kinds of reasons to prefer Steemit over a platform like Facebook, and we’ve talked about some of them before. Things like controlling your own data and making money off of your content are some of the biggest benefits.
If you haven’t already read our explanation of why people want blockchain-based social media (and you should too!), then we highly encourage you to do so. It will help give you a breakdown of why you should consider blockchain-based alternatives to Facebook and other social media sources.
If the dealing with Facebook has taught the crypto community anything, it’s that we matter. Companies like Facebook make a significant amount of money off of their user base. Not only that, but that the money made on the platform comes from the content created by users while the revenue goes to the company not supporting what the users want. Luckily, the community had the perseverance to stick out the tough times and we’ve learned from it.
Now that Facebook is working to recover from their fumble, it should be obvious what we need to do as a community. Even if you’re not intending on boycotting a specific site like Facebook or YouTube, it’s wise to spread yourself out onto multiple platforms for social media. Have you ever heard of “not keeping all your eggs in one basket?” Well, that’s exactly the mentality the crypto community should be taking. Last time it was Facebook, but next time it may be another major outlet. What happens if it’s one of your favorite sites?
In response, we should be working as a community to start taking advantage of blockchain-based projects we can get behind. If you’re not “all in” on one centralized social media platform that can change its stance at any moment, then you’ll never need to worry.