Is social media a good or bad influence on children?

To explain social media influence lets take an example,  lets say Facebook. 

Facebook is one of the most used social media platform in today's world. All typed of people use Facebook, starting from people all over the world to people of all ages.
But, there is a certain age restrictions as to what is the minimum age a person can sign into facebook by.
It is 13 years old. A kid has to be minimum 13 to use Facebook. Below that, they should not be allowed to use a social media platform like Facebook.
When a 13 year old kid uses it is completely fine to do so. But what if it becomes an addiction?
Not only kids, it can become an addiction for us too. But we can control ourselves, but what about the kids?
Overuse of Facebook will lead to addiction. Then it will be very tough to remove that addiction from them. But what do we do? We resort to proper monitoring. We set the time limit for using Facebook or any social media platform untill they are 18.
Facebook , by my personal experience, i can say is a veryyy addictive platform and controlling its usage goes out of my hand sometimes. But since i was always monitored by my mother for limited usage and proper usage, i can thankfully control myself.
So using Facebook is not bad , but its proper monitoring by the parents if the child is small should be maintained otherwise they will get the addiction and get distracted from academics and all other activities and perform poorly every where else than Facebook. Then it will have a major impact in their career later.