Social networking is the new online communication tool which allows sharing the ideas, information, and materials with relatives, friends, and colleagues without references to the geographical location and any barriers. However, today such social networks as Facebook, Twitter, Tumblr, LinkedIn, and Pinterest play more significant roles in the social life of people than several years ago because the primary purposes of online networks as communication tools are associated with the promotion, advertising, and social and political activities. Online networks can be discussed as an effective platform to influence the public’s minds and affect people’s actions and decisions. Nevertheless, the changes in the social networks’ purposes can lead not only to positive results but also to negative outcomes which should be discussed in detail to conclude about the effectiveness of social networks as the modern social media and communication tool. In spite of the fact that social networks are closely connected with the issues of free speech and negative changes in the role of the face-to-face communication, the development of social networking can be discussed as the positive tendency because of such benefits as the stimulation of personal interactions, the role for the personal and professional growth, the impact on the persons’ progress in business activities, and the contribution to the social and political activities. Communication with the help of social networking resources is the key factor to develop modern personal interactions. Facebook and Twitter were initially developed as the platforms for young persons to stimulate their communication and interactions with the help of online profiles or microblogs. Several years ago, people used Facebook as an additional tool to interact with each other because of the possibilities to avoid geographical barriers (Simpson 2011). Today, the link to the Facebook profile is asked as frequently as the e-mail address because it is almost impossible to imagine the fact that a person has no Facebook profile. Such social networks as Facebook and MySpace provide persons with the opportunities to generate new personal ties and form groups for communication with the help of private message systems and official group pages (Collier 2010). People receive the opportunity to communicate and share their interests online without depending on time and place limits. As a result, personal interactions in the social networking space can become even more active than in the real world. However, this tendency cannot be discussed as completely negative for persons because virtual connections are often based on communication in the real world. Although communication can be considered as the primary purpose for developing social networks, people’s personal and professional needs are also satisfied with references to the variety of social media which are differentiated according to their main ideas. Thus, Twitter is important for persons to form ties with followers and express personal visions and ideas. Tumblr is the key to the personal self-expression and self-realization with the focus on blogging activities (Staples 2013). Pinterest is t