Cryptocurrency adds easier on Meta with new policy
Facebook now known as Meta recently changed one of its adds policy. Companies now have an easier time running cryptocurrency adds on the platform. The company gave a statement in which they explained their reasoning. They said: “We are doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years…” It was probably the last part of the statement which pushed Meta to agree in the end: “…and has seen more government regulations that are setting clearer rules for their industry.” In all comes down to regulations and rules. In a money making industry these are as important as money itself.
The new Meta policy now includes 27 regulatory licenses from which you only need one. This is a huge increase from the previous 3. The 27 licenses include those issued by regulators in the U.S., Australia, Austria, Canada, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Japan, Luxembourg, Malaysia, Netherlands, Norway, Philippines, Singapore, South Korea, Sweden, Thailand, United Arab Emirates, and the U.K. In some jurisdictions, you can have more than one license type. For example, in the U.S., businesses only need to register with the Financial Crimes Enforcement Network (FinCEN) as a money service business. Either that or have obtained a Bitlicense issued by the New York Department of Financial Services.
Meta explained the move by saying it wants to make the policy more transparent and equitable. This they hope will also help small business and increase the number of advertisers. Cryptocurrency platforms that deal with buying and selling, lending and borrowing will still need written permission.
Crypto FOMO: Australia’s Largest Bank Sees ‘Bigger Risks in Not Participating’ in Crypto
The CEO of Australia’s larges bank, Commonwealth Bank of Australia (CBA) has some concerns when it comes to crypto. The fear of mission out syndrome (FOMO) is real and also affects industries previously averse to crypto. Matt Comyn, the CEO of CBA says that there is a risk in participating but a larger risk in not doing so. He explained that despite the volatile and speculative nature of the market banks need to be involved in crypto and blockchain technology. The FOMO comes from Matt Comyn’s speculation that the crypto industry will not be going away anytime soon.
Like it or hate it crypto is slowly becoming a reality in all faucets of society. This is why Meta is also starting to bet strongly on it. Anything that deals with money, from trading to borrowing and lending is slowly but surely considering crypto. Some large banks around the world still hold on to their power trying to disconsider crypto. Others, instead, see this as an opportunity to stay with the times. They fear being left behind. They see the gap between mainstream media and online media as an example. The mainstream media has long mocked the internet as an unworthy adversary when it comes to delivering news. Today, mainstream media is left in the dust as online social media is still growing beyond anyone’s imagination.
Cryptocurrency investors in Australia in spite of the crypto market growing still have a difficult road ahead of them. Financial watchdogs find crypto to volatile and warns investors that they are on their own. This situation seems to quickly become a gamble in which there can only be winners and losers with nothing in between. You either hit it big with the new wave of development or bet it big on the previous working systems. Either way, the excitement around crypto is still growing at an exponential rate and will most likely not die out soon.
2021 Literacy Report Suggests 96% of Americans Fail to Comprehend Basic Cryptocurrency Knowledge
It may come as a surprise to our readers but literacy when in comes to crypto is extremely low. A recent study shows that 99% of people from Brazil and Mexico and as much as 96% from the US fail to grasp the basics about cryptocurrencies. The study oncryptoliteracy.orgstudied a sample of around 1000 participants from each of the 3 countries. The participants were chosen on the basis that they already knew about crypto. In the 17 question quiz that followed results were extremely poor. The only people who did better were the ones who actually owned crypto showing that: “ownership is the best teacher”.
There were also differences between the older and younger generations. Where the young would like to spend crypto if given the chance, the “baby boomers” see crypto as more of an investment. Of course, for people who are wondering, both are right. Crypto is for trading, investing or both. You can buy crypto or mine your own, you can invest and trade, borrow or lend, the possibilities are endless. Maybe now with Meta getting more crypto adds, more people will learn about it.
But for the sake of literacy we aim to help by doing our part in providing a basic understanding when it comes to crypto.
What is a cryptocurrency?
So what is a cryptocurrency? A cryptocurrency (or “crypto”) is a digital currency for buying goods and services, but uses an online ledger with strong cryptography to secure online transactions. Imagine if the money you have in your bank account did not have a physical counterpart and was only online and not under the control of the bank but under yours. Cryptocurrencies work using a technology called blockchain.
What is a blockchain?
Blockchain is a decentralized technology spread across many computers that manages and records transactions. In simpler terms you can think of it as a ledger which many computers take turn keeping track of it and updating it. Part of the appeal of this technology is its security. In other words a blockchain is a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks that are then linked together via cryptography. As new data comes in, it enters into a fresh block.
What is mining?
It is a process of creating new crypto coins by solving complex mathematical equations. When a person invests in a cryptocurrency, the details of the investment enter on a distributed ledger, called the blockchain. But the process is complete only when a “miner” verifies the transaction as legitimate. Once that is done, the transaction is locked into the blockchain for everyone to see and the transaction is complete. This means that the mining unit also known as a “mining rig” in attempting to be the one to update the ledger (blockchain) will need to solve that mathematical equation and when it does it will be rewarded by generating an amount of a certain cryptocurrency.
Now of course there is a lot more when it comes to crypto. If you want to find out everything you could possibly need about crypto and crypto mining we can help. Just visit us@Cryptoway.co.ukfor everything you need to know in order to start your own crypto mining adventure! Unlike hardcore games that don’t tell you anything, we specialize in hand holding which means we do all the work and you only need to plug & earn.