Cryptocurrencies

Blocking Hashtag for Bitcoin from Facebook

Many users shared that the Facebook algorithm removed their posts and they received warnings about it. This blocking is generally seen in Germany and there is no such practice worldwide. After this incident, the cryptocurrency communities showed their reactions to the blocking and said that an explanation should be made about why this was made. Libra was the first reason that came to mind regarding censor. As it is known, Facebook is one of the biggest companies in the world operating in many fields. Directing its investments to up-to-date industries, Facebook is currently involved in many business branches with a company. Of course one of these is cryptocurrency. The cryptocurrency, which they launched with the name of Libra, gained appreciation by making a rapid entry, but could not reach the level that could compete with the market leaders as Facebook had targeted. It is among people’s predictions that such a move was made to bring Libra to the agenda in the market where Bitcoin and Ethereum are still dominant. However, the lack of a statement may increase the reactions of the people and worse results in the case of Libra propaganda. In addition, it was observed that this censorship occurred not only for Facebook, but also for companies such as Instagram and Youtube owned by Facebook.

This situation, which has occurred for a few years, has now begun to annoy Bitcoin investors and companies providing Bitcoin services. It is acceptable to make trials to bring Libra, which remains in the testing phase, to the agenda again, but it will not be good to make moves against the competition rules while doing this. However, in addition to negative comments, Facebook may also have good reasons for this censorship. In many social media, fake companies and individuals try to defraud people. They are spamming posts to make people invest. To prevent this situation, Facebook may have put a temporary block on the hashtag. Failure to provide a formal statement will not be good for the company in either way. The probable reason for this is that the statement is prepared in the form of a provable presentation regarding the reason for its blocking. Nowadays, since many people follow the news via social media, solving this situation in a short time will eliminate the obstacles to accessing information. After all, cryptocurrency is an essential issue to be followed up to date.

About the author

Frank Ramos

Frank Ramos

Hello, I am a savings economist at GrayAction and an expert in personal finance. I hold a master's degree in economics from Stockholm University. I hope you will enjoy reading my articles on finance categories on the site.

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