Recently, I got interested in cryptocurrency. Not a lot of women are involved in cryptocurrency at the moment. Some people estimate that 90% of those involved in cryptocurrency are men and only 10% are women. I can understand why this is the case. Cryptocurrency is insanely complicated. I can’t speak for all women, but I believe that most women don’t think that we need more complication in the world. For that reason, they’re not attracted to cryptocurrency. I think that’s a mistake, however.
Cryptocurrency has a lot to offer women. It has a lot to offer everyone. But before more people get involved, they have to know what cryptocurrency is. Here’s my take.
Cryptocurrency is the stage between exchange based societies and societies that run on cooperation. We’re moving from the need to exchange “value” to cooperative systems. To do that, money has to become less tangible, less tied to physical things. Enter cryptocurrency.
While the cryptocurrency world tries to tie the “units” of cryptocurrency (i.e. one Bitcoin) to value by limiting the amount of Bitcoin available, this is all made up stuff. There isn’t really a Bitcoin. There isn’t really an amount of Bitcoin either. There’s nothing physical tied to the value of this made up thing. What’s more, it doesn’t function in an exchange-based way. It’s a ledger tracking human interactions.
So, where’s the big benefit of establishing a completely different system? Well, there are a number of benefits. Ironically, you have greater control over the value of the unit (the “money”) with this kind of system. Also, you have greater access in this kind of financial system (you can’t be excluded in the way that a bank can deny you an account). You can use these systems without a middleman.
Cryptocurrency is way faster than banks (you wouldn’t have to wait to receive money from a deal or to pay money for something you’re buying like a house or a car), and some companies are designing escrow systems that facilitate cryptocurrency-based transactions. So, already you’re seeing a move over to the cryptocurrency system.
There’s the potential for anonymity in these systems too. There’s the potential to be in complete control of your information in these systems. And the entire thing can be super decentralized which means that a small number of greedy people don’t control the world. In other words, these systems are designed to be fair or more fair. They have the potential to create a much more stable and humane world.
People are already using these systems. However, cryptocurrencies are a completely different way of thinking, acting, and interacting. In fact, it’s not at all easy to get started with them, and they’re in no-way intuitive. Furthermore, there are great risks involved in investing in them and many unknowns. Having said that, cryptocurrency will be the new money that we all use. Of that, I’m certain. And I think more women should be involved.
Originally published at steemit.com on October 23, 2018.