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.
Personally, I am over the top excited that we are on the cusp of turning the page on not only a new year but also on a new 10-year window of opportunities and possibilities!
You may be thinking, whoa…I am just embracing the fall season…yikes… it is tough to think about a new decade!
Yet it is this groundwork, this forward thought that you put in place TODAY that will propel you and lead you into greatness in 2020 and beyond. Designing a new decade rests in your ability to vision, in your willingness to be curious, in your awareness of where you are now and what you most want to curate. Essentially, curating what's next is about tapping into today with confidence, conviction, and decision. Leading YOU starts now. This is your new next. It is your choice.
Sometimes to get to that 'next', you need to take a step back to reflect. Please pardon my asking you to spend time in yesterday. Those who know me personally, know that I created and continue to grow my business based on enabling the present moment as a springboard for living your legacy. So, indulge me here! True, I am asking you to peek into the past, yet it is only in order for you to bring the essence of that past forward into this moment called NOW.
One of the best ways to tap into what's next is to clarify what drives you. To design a new decade, ask yourself this question about the past ten years:
What worked? What were my successes?
Make a list of your achievements big and small. Don't type them, but rather use ink and paper and sit with and savor them. Move your thoughts and your successes from your head, to your heart, to your pen, to the paper. Remember that on the flip side of goals not attained and New Year's resolutions abandoned, there was more than likely some traction and action that moved you forward, even if the end result was not what you expected. Once you have a full list of a decade's worth of personal and professional accomplishments, think about how this makes you feel. Do you remember celebrating all of them? My guess is no. So, celebrate them now. Give them new life by validating them. Circle the successes that resonate with you most right now. Where can you lean into those accomplishments as you power into the decade ahead?
Now comes a tougher question, one that I used myself in my own mid-life reinvention and a question I adore because in a moment's time it provides you with a quick reconnect to your unique inner voice.
If it were 10 years ago and nothing were standing in your way, no fear or excuses to contend with…what would you do?
Don't overthink it. The brilliance of this question is that it refocuses purpose. Whatever first came to mind when you answered this for yourself is at its core a powerful insight into defining and redefining the FUTURE decade. Bring your answer into the light of today and what small piece of it is actionable NOW? Where is this resonating and aligning with a 2019 version of yourself?
Then, based on your success list and your answer to the above question, what is your 2020 vision for your business and for the business of YOU?
Designing a new decade begins as a collection of 3,650 opportunities. 3,650 blank slates of new days ahead in which to pivot and propel yourself forward. Every single one of those days is a window into your legacy. An invitation to be, create, explore, and chip away at this thing we call life. One 24-hour segment at a time.
While you have a decade ahead to work on design improvements, you have the ability to begin manifesting this project of YOU Version 2020 right NOW. Based on exploring the exercises in this post, begin executing your vision. Ask questions. Be present. Let go of 2019 and the past 10 years so that you can embrace the next 10. Position acceptance and self-trust at the forefront of how you lead you. One choice at a time.
Don't get bogged down in the concept of the next 10 years. Instead position clarity and intention into each new day, starting today. Then chase every one of those intentions with an in-the-moment commitment and solution toward living a legendary life!