Although recent gains within the realm of digital currencies like Ether and Bitcoin have generated considerable wealth for savvy investors, this landscape of beneficiaries is not particularly diverse in gender. In fact, most estimates suggest female participation in crypto—from adoption, to investment, to general use—only hovers somewhere around one to five percent. This reality stems from several issues, including the lower number of women currently working in tech and general finance. It is also exacerbated by the social and cultural sexism being perpetuated (and even encouraged) within the industry.
But in many ways, the cryptocurrency realm also simply reflects a long-standing tradition of male-dominated business, a fact demonstrated by the male moniker used by the creators of bitcoin. And while this may not seem like a big deal to the boy’s club, the future success of cryptos may actually depend in large part on female adoption. Without it, digital currencies, blockchain technology, and ICO growth can never reach its full potential.
Point One: If we believe in Fisher’s Principle—which suggests the population on earth sits at an even 50 percent gender ratio if left to nature alone—half of the potential investors and adopters of any business, including cryptos, must be female. This means women’s acceptance, use, and propagation of the technology contributes to half of its overall success. So, regardless of how one feels about gender issues in crypto or finance or any other kids of business, this fact illustrates the need for female participation on a purely logical and empirical level.
Point Two: There’s no reason why women shouldn’t invest their energy, time, and money in crypto, as they too have every opportunity to be successful in the field. In fact, some studies suggest they are pointed to be even better investors for a few reasons. While men tend to save about 7.9% of their income, women typically hold on to 8.3%. Although this may not sound like much, the dichotomy adds up to hundreds of dollars a year, all of which could feasibly be invested. Also, women tend to be more successful investors in general, as they trades less, assume less risk, and choose smarter diversification. This kind of “big picture” thinking is exactly what one needs to succeed in the crypto world.
Point Three: If these new global networks and financial systems are to be effective for everyone—and the world—they need to be diverse on all levels and inclusive of women. The good news is most people who see cryptos as an opportunity to rebuild the financial system in a dynamic and modern way understand it would be a mistake to do it using the same masculine models.
Why Diversity Is The Key To Crypto’s Success
If you try to pull a cart using only two of the ten different horses available, you will never arrive as quickly. This is simple logic. Similarly, if the world of digital currency attempts to move forward effectively using only a small percent of the world’s total talent and wealth, it’s overall success and adoption rate will suffer. In its very bones, crypto is about jurisdictional diversity, as every transaction is created equal, regardless of the person or the geographical location—and this premise needs to translate into real cultural, racial, and gender diversity within the landscape itself. The benefits are real and measurable and need to be kept in the forefront of the movement to propel cryptos into a bright and lucrative future. Here’s some key benefits to remember:
● One clear benefit of diversity in crypto is the way it also offers a diversity of ideas. New approaches and directions can be confronted with competing opinions and experiences, all of which strengthen the process and make it more flexible, resilient, and meaningful.
● The power of inclusion and equality speaks for itself. From financial corporations to law firms to commercial companies, diversity fosters open-minded learning, increases recruiting opportunities, and creates more productive teams. All of these benefits apply to the crypto world as well, especially when viewed as a realm in need of cutting-edge competitiveness and effective problem-solving.
● Tech is a particularly important realm for diversity. Through a broad spectrum of backgrounds and job experiences, investors are more comfortable with platforms and hardware that are lesser known and viewed more skeptically.
The Surprising Ways Cryptos And Blockchain Technology Can Empower Women
Because the emerging field of cryptocurrency is positioned at the crossroads of finance and tech—two sectors known for being “pale and male”—there are already a number of ways digital currency and blockchain technology are changing the game for women around the world. One stationed within a set traditional of lower pay and unequal expectations, women in business now have the opportunity to find equality within the crypto sphere. And this new opportunity does not just apply to women in the Western world who possess both privilege and position—it has the ability to change the lives of women in places where success and upward mobility have never before existed.
● In places like Afghanistan, where many women are prohibited from working outside the home by male family members, creative entrepreneurs have addressed this problem by paying female workers in bitcoin. This allowed the women to be paid without visiting a bank or even leaving the house, while still retaining control of their earnings. Because thousands of small vendors now accept the currency, this also translated into a significant amount of purchasing freedom which is anonymous and unregulated.
● Financial services will become easier to women to access as a result of digital money. Worldwide, approximately 40% of women lack access to accounts and services traditionally provided by institutions likes banks. Digital payment could change this by promoting women’s economic empowerment and facilitating the ability to own accounts and accumulate assets. As the blockchain flourishes, mobile banking will become more common, and users in all parts of the world will be able to partake in digital money transfers and corruption-proof financial security.
● Many immigrants, both men and women, often participate in remittances where they send their earnings back to the home countries, usually to support the needs of family members. In the U.S. alone, the remittance industry generates $430 billion dollars a year. But international money transfers often come with high fees and long wait times, complicating the process for those who need something cheaper and more secure. Blockchain technology would not only make these transfers cheaper and safer, it would also make the process easier on both sides of the equation. Bitcoin is built for this kind of transaction and has the potential to create equality in this area, empowering women (and people) around the world to take greater ownership of their remittance needs.