For a long time, women have been underrepresented in the world of Cryptocurrency. Hence, don’t be surprised when a seemingly cultured lady asks you: What is ethereum?
You should realize that cryptocurrency cuts across finance and technology, two areas that are known to be dominated by men. However, there is no way cryptocurrency can live up to its full potential without women.
Fortunately, the cryptocurrency arena is gradually changing, and increasingly more women are embracing it. In that light, let’s explore several ways cryptocurrencies are making a difference for women across the globe.
More Women are earning from Their Work
In some countries such as Afghanistan, women are not supposed to work outside their home. Otherwise, they will be brutalized, and their earnings taken away by their male family members. With cryptocurrency, however, more women are getting paid for their work. The good thing is that they can safely keep their earnings.
Roya Mahboob, an Afghan philanthropist is a good example for this case. She pays female contributors to her website with bitcoins. Hence, besides earning from their work, the women can also maintain control of everything they earn.
Women Have an Easier Way to Help Their Families through Remittances
In the remittance industry, international money transfers normally have exorbitant fees associated with them. They are also not in real time. Sometimes, as a sender, you could also face various legal complications.
Fortunately, blockchain technology has made money transfers cheaper and more secure. In fact, it has made the entire process easier on both sides of the divide. So, how does cryptocurrency inspire gender equality in this case?
Simple! Women are as likely as men to send remittances. However, they are more likely to be the recipients of the remittances.
Women Can Access Financial Services More Easily
According to a 2014 report by The Economist, about 40% of women across the globe don’t have access to bank accounts and other services traditionally offered by financial institutions. This percentage is about seven points higher compared to their male counterparts.
The report goes on to point out that digital payments, such as cryptocurrency, can promote the economic empowerment of women. It will achieve this by facilitating increased account ownership, accumulation of assets, as well as encouraging women’s economic participation.
Women Enterprises in Developing Countries Get More Start-up Capital
It has been revealed that microloans to women in developing economies have the greatest impact. You know why?
There are several reasons, which include:
- Women normally spend funds more wisely
- They are more likely to pay back the loans
- They tend to embrace healthier lifestyles as their incomes grow
- They are a largely unutilized labor pool
Despite these attributes, World Bank claims that women are much less likely to get loans compared to men. Nonetheless, Peter Klampka, Bitcoin Brands CEO, opines that cryptocurrencies have a potential to help narrow the gender gap as far as financial inclusion is concerned, thanks to the convenience of microlending Bitcoins via the internet or mobile devices.
Women have for a long time been sidelined in the cryptocurrency arena. That’s not the case today. Namely, from increased access to financial services to new roles in the tech world, women have so much to benefit from embracing cryptocurrency, as outlined in this article.