Without women, Bitcoin cannot become a “universal currency”

Bitcoin is attracting more and more investors and users around the world. However, there is a gender imbalance in this ecosystem, with predominantly male participation. Although this imbalance seems much less marked than what we see in traditional finance, the fact remains that there is still a long way to go for balanced inclusion of women. Bitcoin makes no distinction of gender, nationality or age and in this sense, it is important that women are more included.

Furthermore, it is theoretically inconceivable to think of a universal currency of exchange if it is not adopted by half of the population. In fact, this would be nonsense and would ultimately exacerbate financial inequalities between men and women, and ultimately to undermine the universalism enshrined in the fundamental principles of Bitcoin. The inclusion of women in Bitcoin is not a trivial question or problem, it is part of the future and the acceptance of Bitcoin as a recognized and legitimate international currency.

In fact, it is essential to involve more women in the world of bitcoin, not only to promote gender equality, but also and above all to make the concept of Bitcoin's universal currency even more efficient.

In this article, we will reiterate the reasons why women need Bitcoin just as Bitcoin needs women, exploring the obstacles that prevent them from fully engaging.

Increasing adoption of bitcoin by women

First of all, it is important to remember that it is difficult to obtain precise information on the number of women who hold bitcoin. By the very nature of bitcoin which does not require declaration of identity, it is in principle difficult to obtain precise figures on the subject. However, it is possible to estimate the number of women who are engaged in the bitcoin ecosystem based on internet searches, and other similar metadata. So, with regard only to the social engagement of women in Bitcoin exclusively the statistics site Coindance indicates that only 14% of women are engaged and involved.

However, for studies that concern bitcoin and other cryptocurrencies more generally, there are more studies with more precise figures. This is explained by the fact that cryptocurrencies are also exchanged and obtained on exchange platforms which require an identification procedure (KYC).

A survey American led by CNBC and Acorn in 2021, 16% of men had invested in cryptocurrencies compared to 7% of women. Although these figures clearly indicate an underrepresentation of women in the cryptocurrency sector, it is important to highlight the progression of adoption over time.

Indeed, according to a recent investigation report as of 2023 women made up approximately 37% of all cryptocurrency users.

Certainly, statistics compiled by different organizations generally show that there is still an imbalance between men and women in the world of cryptocurrency. However, this imbalance tends to decrease over time, in particular, throughsignificant adoption of women in developing countries, such as India, the Philippines or Vietnam.

• Read " The countries where there are the most women who own cryptocurrencies"

Thus, in the same way as for the male population, the adoption of bitcoin can be explained by the financial opportunities that it represents, particularly in countries where the banking rate is low. Just like men, women are always more inclined to use bitcoin, as a currency of exchange and as savings in the face of a national currency that is often subject to inflation.

What drives women to use bitcoin?

Bitcoin has many advantages for men but also for women. Overall, the benefits are identical for both types of populations. Whether it's privacy, protection against inflation, or investment opportunities, the population at large is attracted to bitcoin for the same reasons.

According to a CBD Consulting study, more than 57% of women surveyed said the desire to increase their wealth was the main reason for their involvement in cryptocurrency. Just like men, the pursuit of financial prosperity is a powerful motivator for many women.

However, considering women's economic history and their low involvement in the traditional financial world, bitcoin offers additional benefits to women.

The first big advantage is certainly financial independence. Many feel excluded from the traditional financial system, and are then more allowed to join the world of Bitcoin, which - once again - does not discriminate by gender. This then gives women the opportunity to have direct control over their funds, without needing approval or authorization from a third party. This can be particularly useful in contexts where women have limited access to traditional financial services or in countries where women's rights are limited.

Thus, more and more women in Africa for example, as we saw in Senegal for example, use bitcoin in their businesses. This opens new opportunities for women to participate in international economic activities via online commerce, freelancing, or micro-entrepreneurship.

In certain countries such as Iran orIraq, the use of bitcoin by women constitutes a form of political emancipation. n using Bitcoin, women can transact online without disclosing sensitive personal information such as their identity or address. They can then consider activities that would otherwise be inaccessible.

By understanding and adopting Bitcoin, women can take control of their finances, protect their wealth against inflation, and actively participate in the global digital economy.

How could Bitcoin also benefit from the inclusion of women?

By encouraging the participation of women in the Bitcoin ecosystem, we can create a more diverse and inclusive ecosystem. Their experiences and knowledge can contribute to the innovation and growth of the industry. It is then the contribution of new perspectives and fields of reading which could be profitable for bitcoin. This would foster innovation by introducing new ideas, which can lead to more creative and effective solutions for the challenges facing the Bitcoin network. We know, for example, to what extent the work and views ofElizabeth Stark were important for the development of the Lightning network. We can imagine that the inclusion of more women would multiply the number of innovations in the field.

Women make up a significant portion of the global population, and their inclusion in the Bitcoin ecosystem can help expand bitcoin adoption around the world. The more bitcoin is adopted around the world, the more we strengthen the resilience and robustness of the Bitcoin network. This can increase its long-term stability and durability.

More generally, a diverse community, made up of people from different backgrounds with different perspectives, allows Bitcoin to face challenges and market developments, which can contribute to healthy and balanced growth of the network.

Obstacles to women's involvement in cryptocurrency

Despite the potential benefits of women's involvement in bitcoin, there are still barriers preventing them from fully engaging. We can classify these categories according to whether they are considered systemic (linked to social construction, history, etc.) and the obstacles which can be considered superficial and specific to women's personal journeys.

Systemic barriers are deeply rooted in society and are more difficult to overcome. For example, women's limited financial education may prevent them from understanding bitcoin concepts. If bitcoin is presented as a financial asset, some women may perceive it as an object in a financial world historically known to be very masculine. This can be reinforced with the idea that bitcoin belongs to a world of men where women are not welcome.

So when some men claim bitcoin's "bro culture," they are (unconsciously or knowingly) building a barrier to women's entry into bitcoin culture that has nothing to do with gender (again, let's not be afraid to emphasize this point).

Likewise, from an angle that lies between the sociological and psychological border, we can also mention the misogyny of certain men which can prevent women from discovering bitcoin. The latter judging beforehand that women are not interested in bitcoin and therefore do not take the care to explain it to them, whereas they will happily do so for their male counterparts for example. Some will also deliberately try to discredit women involved in the sector, by reproducing harmful behaviors that can repel women.

There are many other, sometimes subtle, reasons why women are not more involved in bitcoin. However, far from wanting to list them all here, it seems more important to remember that the origins and causes come as much from men as from women themselves.

It is then a question of each of us taking our responsibilities and trying (if we wish) to help women overcome these obstacles.

“I think there is one big thing preventing women from joining cryptocurrencies: the way cryptocurrencies are communicated and have been presented, not only in the press, but also within the companies that allow for women to buy/sell cryptocurrencies, and how they describe them. themselves. Because tech is a male-dominated industry anyway. I think the communication just hasn't been accessible.

Participant in the study of BDC Consulting

Ways to push female adoption in Bitcoin

To overcome the obstacles to the involvement of women in the world of bitcoin, there are several ways to do it, here are some suggestions:

1. Education and awareness : It is essential to provide educational resources tailored to women, with a focus on the financial and social benefits of bitcoin. However, it is not necessary to create content exclusively for women, but to include them in representations and in situations for example.
2. Representation of women : It is important to highlight examples of women who are successful in the world of cryptocurrency, in order to show other women that they can also succeed and engage in this sector.
3. Participation of women in conferences and events: It is important to encourage the participation of women as speakers and panelists at cryptocurrency events. This will help create a more inclusive and diverse environment. Seeing other women at conferences encourages other women to be interested in this world.
4. Support for women in the sector : Women play an essential role in promoting cryptocurrency among women. Certain subjects will be treated differently depending on the point of view of a man or a woman. It is important to support and encourage them in their efforts. If some men like to confuse their masculinist struggle with bitcoin, it is important to see this as nothing more than an incongruous appropriation of a minority and good-natured group that does not represent the majority.

By implementing these measures, we can overcome barriers to women's involvement in cryptocurrency and create a more equal and inclusive ecosystem.

Final word

As we have seen, the involvement of women in the world of bitcoin could also be advantageous for bitcoin and its adoption around the world. By overcoming the barriers that prevent women from fully engaging, we can create a more diverse, inclusive and thriving ecosystem for all.

And if a small minority claims the "crypto bro" culture as strictly masculine (or even masculinist), it is no less true that this is a biased reading of Bitcoin. Indeed, bitcoin cannot belong to any group, whatever its nature.

Bitcoin has no gender, nationality or age restrictions either. Bitcoin is a currency for everyone.