In this digital era of blockchain technology, cryptocurrency is believed to be something that has the potential to transform the world as we know it. It has completely transformed online transaction methods. The industry is open for new players regardless of gender or age. It offers equal opportunity for both men and women to make investments in crypto trading. As businesses are transferring online and digital technology is evolving, there is more than ever the need for women in this industry. To maintain this success and boom of cryptocurrency, it is crucial to integrate women into the crypto and blockchain industry.
According to a survey done by coinbase, one-third of graduated women do not believe they have equal access to the financial system in their own countries. They also think crypto could help to close the economic gender gap in the future as in few societies, women are dependent on men for their financial decisions.
Women in Tech Industry
In the technology field, women hold 20% of Jobs, and females found about 17% startups. This percentage has dramatically increased in the recent past. It is expected that this number would increase in the future as female startup founders encourage more and more females to jump into the tech industry.
Women in Crypto
As cryptocurrency trading is a decentralized transaction system, it is not limited to businesses. Everybody, regardless of gender, can participate in it. Currently, there is only 5% of women who are crypto enthusiasts. This includes a different group of investors, developers, or just casually interested women. This percentage is meager when we compare it with two factors, one being the overall trend of women is low as in the global tech industry, and secondly, a whopping 95% of men in cryptocurrency is a much more significant percentage as a whole.
Only 65% of women globally have a bank account as compared to 72% of men. It is believed that men own almost 70% of online digital currency; a digital wallet company says its women customers are just 6% as compared to men. Although the numbers are quite small right now, it is believed that it is going to change soon. As early signs being women groups appearing in a recent meet up at San Francisco, where the opportunity for women in crypto trading was discussed, and they were educated on how they can play their vital role in this industry.
According to recent findings by coinbase, among younger women, there exists an interesting connection between financial independence and the potential role that crypto could play. Educated women showed interest in crypto trading as they realized it could help in leveling the playing field with financial inclusion.
Why low numbers?
In various societies, the system leaves many people behind, and most of the time, it’s the women who suffer. Sadly, decisions are made based on access, gender, or race. Furthermore, strict laws and barriers often put behind the women’s ability to create a bank account, get loan, or manage her overall finances. These kinds of irregularities force them to depend on their male counterparts hence depriving her of taking her own financial decisions.
Survey Results
Results of the survey among 6,000 young people from the US and UK;
• Eighty-two percent of women as compared to 65 percent of men think financial independence for women is significant.
• 3 out of 5 women believed that the impact of technology on finance would be positive.
• Thirty-nine percent of women said they would be more interested in cryptocurrency if they knew it could help their finance accessibility.
This survey depicts that women are interested in cryptocurrency and are willing to improve and manage their finances. They need clear guidelines on how they could invest and manage online currency.
According to another study, 77 percent of US Millennials believe that the current financial system is designed to favor the rich at the expense of poor people.
Efforts to encourage Women
“Blockchain and crypto will facilitate kind of next wave of commerce. Having a group that is mothers, leaders, sisters, wives – it's half the world”.
Olivia Wang – ZhenFund
We are in an era where money in exchange for almost everything. Education, information, or entertainment everything is exchanged with cash. Hence it is vital that people can access financial resources appropriately, and they must be able to make smart investments for their future. Cryptocurrency can prove an excellent solution for these kinds of needs.
Equality for All
Like many other technologies available online if you want to join the crypto community, you don’t need any special permissions from the third parties. Neither is it bound geographically or by gender or race. If you have a computer and an internet connection, you can have your digital wallet where your currency is secure and safe. Hence providing equal opportunity to men and women.
Cryptocurrency is also a solution for societies where women interaction in the physical world is limited as you don’t need to go outside and can easily access to an online digital wallet.
We have seen in the past that changes made in the financial decisions of countries have truly impacted its economy. A recent report by the UN Foundation and BNYMellon found that women equality and access to financial products could unlock $330 billion in global revenue. In this digital era, you cannot afford to lock the talent of half of your population. Empowering women, especially in the financial field, is very important and can change the economic dynamics of a country.
A lot of women entrepreneurs and groups are playing their role in bringing women to crypto trading. Olivia Wang encourages women to get educated about crypto technology and what it enables. We can create great leaders and innovators if we give equal opportunity to all. The most important thing is to educate the community and learn the practical application of online trading. In future, we hope that women understand cryptocurrency entirely and how online trading could be a great instrument to enlighten their vision of the future.
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