This is a guest post from the one and only LocalBitcoins.com!
Did you know that women in crypto make up just 14.5% of the market? Bitcoin, and other cryptocurrencies, do not discriminate, but some could argue that the numbers say otherwise. Historically, men have taken up control of all essential sectors. And the cryptocurrency industry is just another on that list.
Why is this important?
Cryptocurrencies, like Bitcoin, have huge potential in promoting equality through greater financial inclusion and autonomy. After all, we all look the same in the Blockchain.
Financial autonomy should not be a luxury only men enjoy. Millions of women around the world still don’t have access to their own money and must depend on their husbands or families. Crypto could offer a way out. This potential means we must encourage women to explore all their financial options and not be limited by traditional means.
It may be simple to understand why we should encourage more women to be a part of the crypto economy but how can we encourage women to enter the crypto space is another story. It is crucial to understand the barriers they may face.
All people want to make money; this concept applies to Bitcoin too. The only caveat is that people don’t want to lose the money they already have. And so, over time, we came up with the idea of safe investments.
Any investment deemed ‘safe’ is likely to have more people taking part. The problem with Bitcoin is that it’s new, andwomen new to crypto aren’t familiar with how the process works. So, as soon as they see that the market can be volatile, they tend to remove themselves from the situation.
From the outside, looking in, Bitcoin investment is really risky. And this risk is a glaring red light that tells them to stay away.
Grayscale conducted a study and found out that 76% of women don’t know enough about Bitcoin to think it’s safe.
The study also found that 93% of women would be open to investing if they had access to more educational resources. This would help them learn and hence reduce the sense of risk.
All we have to do is create those learning opportunities. Everything from online courses to bloggers giving tips can help us get there. There can also be courses targeted specifically towards women, which can push them to learn and later invest.
So if you work in a school/college, set up a class. Or if you volunteer at a women’s issues NGO, talk to them, and organize an awareness project. Maybe talk to radio hosts and see if they can add a segment on how to buy bitcoin.
Access/Exposure to technology
Why do seniors not use the internet? What is it about mobile phones that push them away? Sure, these are new technologies. But it’s more about these services seeming complex. For much of the older generation, what stops them from enjoying a newer iPhone or Samsung is the fear and complexity.
So, the second reason why there are fewer women in crypto is that it seems complicated. Put yourself in their shoes – you don’t know a lot about crypto but still, open a website. Then you’re hit with seven different types of graphs and an avalanche of numbers. It is overwhelming.
There are a few ways to fix this. The easiest is to find a way to simplify the process. And all we have to do is promote companies that are already doing this.
For example, LocalBitcoins offers peer to peer exchanges. Such trades allow you to determine the terms of your transaction. And they are also fast. On top of this, they offer escrow protection for every trade and make it easy tobuy bitcoin.
Another way to help would be teaching the basics of the various graphs and numbers used. For example, companies can offer short two-week courses on how the market works or how to read the graphs.
Further, expert traders can teach women. Using platforms like YouTube or blogs, they can offer lectures on particular topics. For example, classes on cybersecurity and market patterns.
Together we can help get more women in crypto. You just need to figure out what power you have and where you can make a change. This may be in your workplace, on social media, or by working with marketing teams to push certain ads.
Even small actions count towards creating a more equitable world.