Women Involved in the Future of Cryptocurrency
To Succeed, Crypto Needs Women
The impetus behind Bitcoin was to create a peer-to-peer method of exchanging value to allow people to operate freely outside of existing financial and governmental systems. According to blockchain and bitcoin expert, Andreas Antonopoulos, the success of cryptocurrency is not indicated by its price, but instead by how widely it’s used.
Mainstream adoption of cryptocurrency would mean local, daily purchases could be transacted in crypto. A look at who does the bulk of consumer spending provides insight into how crypto could make its way quicker into the mainstream.
For crypto to find a prominent place in retail, there must be a demand; that is, consumers have to indicate to retailers that they want to be able to pay with cryptocurrency.
With women behind up to 80 % of purchases, even if they are not making every single transaction, they make a significant portion of them. If those transactions are to be shifted to include crypto options, women need to be informed about the utility of crypto and the basics of getting started with crypto, i.e., choosing a wallet, etc.
Getting women on board with cryptocurrency will boost sales in crypto for retailers already offering the payment option, many of which are online retailers. Women are ahead of the online shopping curve when compared with men.
In March 2018, CNBC reported on a First Insight study that revealed that while only 22 % of men reported frequently using a phone to shop, 40 % of women said the frequent use of a phone for shopping.
Interestingly, Forbes identified the rise in retailers using cryptocurrency as an influential factor in retail in 2018 and speculated that 2018 could be the year that people start to make local decisions based less on an actual product and more on the payment options available. Understanding what women look for when making transactions and what existing payment options don’t offer that crypto can are vital components to increase the use of crypto among women. The importance of making sure women are informed about crypto and comfortable using it is thus crucial to a quicker crypto takeoff in the mainstream.
Participation at all Levels
While multiple factors have contributed to the limited number of women involved in cryptocurrency, lack of engagement is a critical component to address to see a change in participation. Involvement of women at several levels is essential to capturing the female market, according to Sivajee, who discussed the importance of having women “front and center of your content and product development,” rather than focusing solely on marketing or advertising.
To this end, the small number of women are involved in the development of blockchain technology and crypto-related applications means a slower road to the type of widespread adoption that will allow crypto to take off. However, several women have already made a name for themselves in the crypto space like Tina Hui, Elvina Kamalova, Karyl Fowler, and others. While they acknowledge the lopsided look of the area regarding gender representation, they also conveyed that the cryptosphere is not concerned with gender: it cares about results.
Successful women in crypto are essential to another point that Sivajee touched on, “90 % of our female audience makes a point to pass along deals and information to other women.” Regarding crypto world, this statistic indicates a potential for a snowball effect; as more women develop the interest in and use crypto, the more women they will inform.
It also shows potential value in offering incentives for crypto spending. According to the First Insight study, women commonly look for deals and compare prices before dealing. If there’s a better price through the use of crypto or a related transaction, more women will gravitate toward using it.