Crypto: it's complicated. We’ve been talking about it for years now, and it still terrifies most of us. There’s a currency out there, many, in fact, living on the internet, breathing life into nefarious global arms dealings, underground and illegal money transfers, and many of us are very hesitant to approach it.
When you’re new to Bitcoin or cryptocurrencies or Blockchain (the technology that allows users to trade with one another without a centralized figure, like a bank, getting involved) and all of these absurd terms that just seem beyond the realm of comprehension, yes it is absolutely daunting. When you hear the Chinese government says no to crypto, that seems ridiculous. Why would anyone invest in crypto if governments are shutting it down? So yes indeed, it is to some extent ridiculous, but for the most part, it's ridiculous because nobody really knows what crypto is yet. It’s abstract, difficult to use and most folks out there (like the Chinese government) are still largely unsure and wary about its purpose.
When I first heard of the currency, I only had one question: can I go on my next absurd ASOS shopping spree with Bitcoin? And the simple answer is no. At least, not right now. So naturally, I was immediately put off. First off, one Bitcoin is worth about $8.3k currently (I’m an overspender, but not to this extent), and secondly, it remains to be seen when sites like ASOS or Nordstrom or Net-A-Porter will allow cryptocurrencies as forms of payment alongside credit/debit cards and Paypal.
For many of the experts I’ve chatted with below, this appears to be one of the fundamental reasons so few women are trading in crypto. The practical applications as such are few, and only promise to become more widely accessible and user-friendly in five, ten years down the line. It also doesn’t help that the Blockchain programmes used by crypto traders are a pain to use, and not aesthetically appealing in the slightest. When you look at websites and apps that attract a female audience and engagement, they are curated, easy-to-navigate, and only require a credit card entry should a purchase need to be made. Any websites connected to these currencies are annoying, often times confusing, and extremely ugly.
Below I've chatted to experts from trading to advising and beyond on why women have been slow to jump on the crypto wagon, and why we should be investing right now.
A screenshot of one of the typical crypto trading sites
"There are already Bitcoin ATM’s in bodegas across NYC, there are coffee shops and pizza places that accept cryptocurrency, (and) a potential Amazon cryptocurrency in the works. So yes I would say you will be able to buy almost anything with cryptocurrency in a few years."
-Barbara Soltysinska, CEO and Co-Founder of indaHash
Why we’re not investing
“Risk aversion.” It’s a term that’s been repeated to me over and over again throughout the course of my research on women and crypto. Women are typically more risk averse than their male counterparts because that’s just the way we are. When confronted with something completely off the wall, like a digital currency that you can't see or feel or understand without studying it, we've trained ourselves to steer clear. As an extension of this, it's estimated that only 4-6 percent of cryptocurrency users are women. At a recent conference on crypto, fintech expert Holly Glowaty's co-panellist shared a familiar stat we've seen across the internet. "She said a man will apply for a job if he has 60 percent of the required skills and experience; a woman will wait until she has 100 percent!" Glowaty remarks. "I think this stat applies also to most women when asked to raise their hands as experts on a topic or invest in something."
If there’s anything we’ve learned in our studies of women in business and the world of commerce from a female perspective, it’s that we’re raised traditionally to be cautious, to play it safe. Leave the risks to the men, let them take the big falls, make the big mistakes, and we’ll be fine.
That’s all well and good, and sure, studies say women are better investors for it because they will study and become extremely knowledgeable of prospective investments before diving in, but this also means that men will continue to be the ones who "make the big bucks." When you look at the big emerging industries of the past, the first investors in major stocks of Facebook, Google and Amazon, were all men! Notice a pattern emerging?
Aside from the psychological factors however, our lack of investment in this burgeoning industry also might be because women like to see their money. This Vogue article, while placing women in an inevitably shallow bucket, instructs on how better you might spend your prospective Bitcoin investment on 10 pairs of YSL sunglasses, or designer trench coats. Admittedly, the piece reads with an air of condescension, but also, how often do you find yourself justifying a major retail spend by calling it "an investment piece.""I think volatility [in crypto] is very much to be expected. You can't have an asset that appreciates 10x + in a given year and not see some downside volatility -- two sides of the same coin. As the markets grow and more stakeholders own cryptocurrencies, the volatility will decrease."
-Arianna Simpson, Founder and Managing Director of Autonomous Partners
Pretty much how we feel about crypto... Confused
Why it’s imperative women remain within the conversation
So while the point of this article is not to instruct you to immediately drop everything and put all of your savings into digital currency, it is important that we're at the very least talking about crypto and about both its benefits and follies.
To remain in the conversation right now is to form an opinion on this abstract and convoluted subject. Know what currencies might interest you in the future. Know what currencies are based upon operating businesses you're interested in (Amazon might be launching a coin soon).
indaHash, a global technology platform that automates content marketing campaigns via a mobile application, has created its own digital currency in order to help with payment between influencers and brands worldwide. CEO and Co-Founder of indaHash, Barbara Soltysinska, has lead the charge within the company to create the coin. "We are implementing a crypto-economic system into our app so that influencers, brands and fans can all work together via indaHash Coin," says Soltysinska."I believe the future of influencer marketing will be highly impacted by cryptocurrency which is why we decided to move to a blockchain based approach to achieve this goal. We want to develop our platform and give influencers and brands the possibility to run campaigns via smart contracts and use indaHash tokens as a remuneration and reward solution," she adds.
Practical applications like this abound in cryptocurrencies, but can often be difficult to find and require studying, the knowledge of which however will serve you in the long run.
Being apart of the conversation on this new, innovative way to trade money, make money and exchange money is to remain in touch with current affairs, as you would with the news or the latest DailyMail snapchat story (just with more numbers, and the possibility of a reward at the end). Even if you are unwilling to invest money, (which is totally fine), being able to keep up with the rhetoric and nuances of the industry will assure you won't be susceptible to mansplaining. Bro culture absolutely exists in crypto, and certainly isn't helping the percentage of crypto users that are women grow. Tiana Laurence, author of Blockchain for Dummies comments, "a lot of the [crypto] communities can be quite combative, and women like to be collaborative." Allowing the bro culture that pervades every other aspect of the tech industry into crypto means the low numbers of female crypto users will remain. Educating ourselves and being aware of what's in store for crypto users will mean an easier entry for women in the future and will give you an insight into trading that you might otherwise never have realized.
“The most important thing here is to (A) ensure you have not put in more than you are willing to lose and (B) always keep in mind the long term timescale,”
-Brianna MacNeil, Product Manager, Blockchain at RightMesh
Why experts believe it’s a good time to get in
Bitcoin and cryptocurrencies have been all over the news recently because they majorly decreased in value. The drop was due to some new regulation in China and a smattering of reports that said other governments were going to start legislating over the industry. Given the uncertainty, a lot of people "pulled out," i.e. they sold all their crypto money and made a mad dash for safer options, like their bank account, or the traditional stock exchange.
This is no different than people pulling out of their Netflix stock if say, they heard whispers that the next season of The Crown is going to stink because Claire Foy isn't in it. But because it's cryptocurrency, and people still don't really understand it, the whole world is in shock.
This is why, experts are saying - get in now. SWAAY isn't here to give you advice on your investment portfolio, but, as Laurence so cheekily states, "if we were shoe shopping, the shoes [being a metaphor for cryptocurrency] are on sale." Currencies like Bitcoin, Ethereum and Litecoin are dropping in price, making this a good time to get in on the game if you've been reluctant so far and have a spare bit of cash lying around. "Invest in one that won't break the bank," Glowaty recommends. "And has a foundation you are excited about. Each cryptocurrency has its own story. Find one that speaks to you; that encourages an ecosystem that excites you, or is backed by an industry you love. Just invest in one and you will be surprised by how quickly you start to understand it and begin to get nerdy about it."
Brianna McNeil of RightMesh says do not FOMO. "It can be tempting to purchase when the price seems like it will keep going up forever. When you feel this way, remember the Warren Buffet quote, 'Be Fearful When Others Are Greedy and Greedy When Others Are Fearful’. Prices can fluctuate wildly within a 24 hour window, it’s important to stay rational and try not to react emotionally to market fluctuations. That’s an easy way to end up losing money if you aren’t careful!"
Moral of the story is ladies, be informed. Know what's best for you and should you engage with the world of crypto, do us all a favor and share the knowledge. We're all listening.
For decades, women have been unknowingly suffering from PSD and intergenerational trauma, but now Dr. Valerie Rein wants women to reclaim their power through mind, body and healing tools.
As women, no matter how many accomplishments we have or how successful we look on the outside, we all occasionally hear that nagging internal voice telling us to do more. We criticize ourselves more than anyone else and then throw ourselves into the never-ending cycle of self-care, all in effort to save ourselves from crashing into this invisible internal wall. According to psychologist, entrepreneur and author, Dr. Valerie Rein, these feelings are not your fault and there is nothing wrong with you— but chances are you definitely suffering from Patriarchy Stress Disorder.
Patriarchy Stress Disorder (PSD) is defined as the collective inherited trauma of oppression that forms an invisible inner barrier to women's happiness and fulfillment. The term was coined by Rein who discovered a missing link between trauma and the effects that patriarchal power structures have had on certain groups of people all throughout history up until the present day. Her life experience, in addition to research, have led Rein to develop a deeper understanding of the ways in which men and women are experiencing symptoms of trauma and stress that have been genetically passed down from previously oppressed generations.
What makes the discovery of this disorder significant is that it provides women with an answer to the stresses and trauma we feel but cannot explain or overcome. After being admitted to the ER with stroke-like symptoms one afternoon, when Rein noticed the left side of her body and face going numb, she was baffled to learn from her doctors that the results of her tests revealed that her stroke-like symptoms were caused by stress. Rein was then left to figure out what exactly she did for her clients in order for them to be able to step into the fullness of themselves that she was unable to do for herself. "What started seeping through the tears was the realization that I checked all the boxes that society told me I needed to feel happy and fulfilled, but I didn't feel happy or fulfilled and I didn't feel unhappy either. I didn't feel much of anything at all, not even stress," she stated.
Photo Courtesy of Dr. Valerie Rein
This raised the question for Rein as to what sort of hidden traumas women are suppressing without having any awareness of its presence. In her evaluation of her healing methodology, Rein realized that she was using mind, body and trauma healing tools with her clients because, while they had never experienced a traumatic event, they were showing the tell-tale symptoms of trauma which are described as a disconnect from parts of ourselves, body and emotions. In addition to her personal evaluation, research at the time had revealed that traumatic experiences are, in fact, passed down genetically throughout generations. This was Rein's lightbulb moment. The answer to a very real problem that she, and all women, have been experiencing is intergenerational trauma as a result of oppression formed under the patriarchy.
Although Rein's discovery would undoubtably change the way women experience and understand stress, it was crucial that she first broaden the definition of trauma not with the intention of catering to PSD, but to better identify the ways in which trauma presents itself in the current generation. When studying psychology from the books and diagnostic manuals written exclusively by white men, trauma was narrowly defined as a life-threatening experience. By that definition, not many people fit the bill despite showing trauma-like symptoms such as disconnections from parts of their body, emotions and self-expression. However, as the field of psychology has expanded, more voices have been joining the conversations and expanding the definition of trauma based on their lived experience. "I have broadened the definition to say that any experience that makes us feel unsafe psychically or emotionally can be traumatic," stated Rein. By redefining trauma, people across the gender spectrum are able to find validation in their experiences and begin their journey to healing these traumas not just for ourselves, but for future generations.
While PSD is not experienced by one particular gender, as women who have been one of the most historically disadvantaged and oppressed groups, we have inherited survival instructions that express themselves differently for different women. For some women, this means their nervous systems freeze when faced with something that has been historically dangerous for women such as stepping into their power, speaking out, being visible or making a lot of money. Then there are women who go into fight or flight mode. Although they are able to stand in the spotlight, they pay a high price for it when their nervous system begins to work in a constant state of hyper vigilance in order to keep them safe. These women often find themselves having trouble with anxiety, intimacy, sleeping or relaxing without a glass of wine or a pill. Because of this, adrenaline fatigue has become an epidemic among high achieving women that is resulting in heightened levels of stress and anxiety.
"For the first time, it makes sense that we are not broken or making this up, and we have gained this understanding by looking through the lens of a shared trauma. All of these things have been either forbidden or impossible for women. A woman's power has always been a punishable offense throughout history," stated Rein.
Although the idea of having a disorder may be scary to some and even potentially contribute to a victim mentality, Rein wants people to be empowered by PSD and to see it as a diagnosis meant to validate your experience by giving it a name, making it real and giving you a means to heal yourself. "There are still experiences in our lives that are triggering PSD and the more layers we heal, the more power we claim, the more resilience we have and more ability we have in staying plugged into our power and happiness. These triggers affect us less and less the more we heal," emphasized Rein. While the task of breaking intergenerational transmission of trauma seems intimidating, the author has flipped the negative approach to the healing journey from a game of survival to the game of how good can it get.
In her new book, Patriarchy Stress Disorder: The Invisible Barrier to Women's Happiness and Fulfillment, Rein details an easy system for healing that includes the necessary tools she has sourced over 20 years on her healing exploration with the pioneers of mind, body and trauma resolution. Her 5-step system serves to help "Jailbreakers" escape the inner prison of PSD and other hidden trauma through the process of Waking Up in Prison, Meeting the Prison Guards, Turning the Prison Guards into Body Guards, Digging the Tunnel to Freedom and Savoring Freedom. Readers can also find free tools on Rein's website to help aid in their healing journey and exploration.
"I think of the book coming out as the birth of a movement. Healing is not women against men– it's women, men and people across the gender spectrum, coming together in a shared understanding that we all have trauma and we can all heal."