Censorship and its Effect on Crypto Activities on Social Media Platforms
Many years ago when the internet was introduced to the public, it was met with a lot of resistance from critics and skeptics who did not understand what it was or what could be done with it. However, with time, they realized the potentials. Currently, we can hardly see anyone that dislikes the internet, as it has become a significant part of our lives. The internet evolved from what it was and became a platform for the creation of many innovative technologies like blockchain, cryptocurrency, Internet of Things, cloud computing, etc.
Just as the internet had its fair share of resistance to deal with, the advent of Bitcoin and cryptocurrency has also been faced with a lot of criticism. However, more than a decade after, the first crypto, Bitcoin, that sold for a fraction of a dollar is now valued at over 20,000 dollars for just one unit. Adoption is increasing every day. Just as the internet evolved to become a versatile tool for different purposes, crypto has proven to be just as versatile and able to permeate different industries and sectors.
We are well aware of the fact that the internet is centralized, and a lot of the big social media platforms have capitalized on the centralization to prey on user data, monopolize activities, as well as put restrictions on users of the different social media platforms. We can’t overlook the fact that some of these social media companies harvest user data behind their backs and sell them to other companies who use them for different purposes that may not entirely be legitimate.
The centralization of the traditional social media platforms gives more power to the companies than the users, and that is why they can wake up one morning and decide they want to censor crypto adverts, promotions, and discussions out of their platforms. Social media platforms like Facebook, Instagram, Youtube, etc. have for several reasons made it difficult for projects involved in the crypto space to thrive on their platforms.
Critics have suggested that censorship is a security feature to prevent unsuspecting people, crypto users, from losing their funds in crypto investments, considering that crypto is decentralized and not regulated. However, these speculations are flawed.
One major effect of the censorship of crypto content on social media is the fact that it may be making it slower for crypto to get to the point of mainstream adoption, and that is a plausible reason why some social media platforms are against it — because its decentralization and other amazing features could kill the monopoly and reduce their profits.
An Example of Krypto Threadz
Censorship of crypto products has made it difficult for crypto merchandise stores like Krypto Threadz to place adverts about their brand and products on different social media platforms. Facebook and Instagram have actually banned their url from being shared on either platform. However, it can’t deter them from growing, because you can just visit the website and get some cool crypto themed shirts, and pay with crypto.
No matter how hard they try to censor Bitcoin and crypto, they can’t stop it, and while some social media platforms are against it, there are some like Twitter that are crypto-friendly. This may come from the enthusiasm of Twitter’s CEO towards Bitcoin, as Jack Dorsey has actually invested his own money into Bitcoin development. This is a good start for the growth and development of the crypto community and projects like Krypto Threadz who do not offer financial products, yet are censored as though they do.
Facebook and Instagram have both been leaders in censorship of Bitcoin and crypto content on their platforms. As Facebook was trying to launch their own native cryptocurrency “the Libra” they were simultaneously censoring crypto content on their own platform. The United States Senate has basically shut down Facebook plans for the Libra back in July of 2019 and ever since it seems Facebook has shut down any support of Bitcoin and crypto on their platform.
Youtube crypto content creators have experienced massive censorship over the past year as well. The Youtube algorithm has “accidentally” shut down crypto content creators' channels multiple times over the past year. It has left many in the space who have relied heavily on youtube monetization of their videos to pay for their time invested wondering what to do next. Channels with over 200K subscribers shut down overnight with hundreds of videos deleted. As an example, this happened to major legitimate influencers like Ivan On Tech and Boxmining.
So what is the solution moving forward as a community that is growing in power and determination? We at Krypto Threadz believe the answer inevitably will come from the advent of a decentralized social media platform that can replace the centralized social media giants in an innovative and user-friendly way. The idea has been attempted before, but previous attempts were clunky and not ready for mass adoption by the mainstream public. The Bitcoin and crypto space is maturing now though. Things are beginning to work more efficiently. The innovators and trailblazers who merge blockchain and social media in a way that brings personal freedom to every user of the platform will also be the ones who set a catalyst for our world to change indefinitely.