Blockchain has been gaining traction in the past few years, but there is an interesting trend. The Crypto world is male-dominated blockchain technology with women still struggling to catch up. It is not surprising that women in cryptocurrency and the whole blockchain network are still miles away from their male counterparts. Generally, technology has the same trend for decades. We have seen the same trend in places like the stock market where you will find that males still exerting greater dominance over females. But how long shall this trend continue? Is it perhaps that the female gender engineers swing the balance? It might take a long time, but there is a glimpse of females taking part in cryptocurrency. Well, let us dissect more into the cryptocurrency trend and see why the industry is male-dominated.
How dominant is the male gender in crypto?
For starters, according to several pieces of research, at least 95% of those who ventured in crypto are male. This means only around 5% are female. This is a huge discrepancy! In a 2017 study undertaken by GitHub, 95% of open source developers were male while females took the remaining 5%. Another research on Medium also supported the GitHub findings. It showed that around 4.6% of names used in blockchain network projects were female-associated while the other 96.4% were male-associated. The latter finding might be a bit biased because usernames can’t be absolute proof for gender classification. Some males can use female usernames and vice versa.
Google Analytics survey also found a massive gender disparity in the bitcoin community. As per their data, the bitcoin community comprised 91% male, while females took 9.9%. All these statistics highlight the enormous dominance of males in the crypto and the general blockchain industry.
Why is Cryptocurrency Male-Dominated?
It just can’t be a coincidence that males are dominant in the cryptocurrency and blockchain technology. That huge difference is no doubt fueled by some tangible reasons. But what are these reasons when the crypto market is a good venture for everyone even as technology isn’t selective? The following are some of the probable reasons why crypto is male-dominated:
1. Women are less Risk-Takers
According to Anna Dreber, an economist at the Stockholm School of Economics, females are more risk-averse than the male gender. This doesn’t deviate from the truth because several studies support this assertion. In a 2016 Australian Finance and Banking Conference, it was found out that women take less risk with their own money or those of others compared to males. Another study that complements the aforementioned was highlighted by the Financial Times. It says that the probability for the male gender to take any risk compared to the female gender is 64%. This is a huge percentage and you can easily draw the relationship to the crypto world.
Basically, there are scores of people who believe that crypto is a risky business. Yes, crypto can become a nightmare if you don’t have any knowledge of the same. If you find it difficult to understand what cryptocurrency is all about then contact crypto experts. There are several experts in the crypto market who can guide you on how to invest in crypto without subjecting yourself to risks.
2. The Roots of Blockchain Technology
Blockchain technology was founded on the basis of complex mathematics and finance. In short, it is majorly about technology and finance. How do females perform or enroll in finance and tech fields? These two disciplines are unfriendly to women. There are fewer women taking technology and finance disciplines. Women have been struggling to overcome this difference and spilled to the blockchain technology which gathered momentum a decade ago. Women dislike cracking their heads with codes or complex mathematics. They naturally opt for easier disciplines that don’t really involve lots of analytics.
3. Others Argue that Women are Discriminated
This might not be a solid point but there are instances where male gender is favored. It could be in organizations or institutions in hiring, retaining, and promoting workers. People tend to believe that males are hardcore and anything complex should be given to the male gender. They believe men are suited for bigger tasks and therefore most of the decisions they make curtail gender parity. This creates some feeling of inferiority complex to the female gender. With fewer females participating in these complex assignments, some of them will feel out of place and may opt-out.
Sexism is another player fostering male dominance in the crypto industry. Carol Van Cleef, a legal expert in money laundering and compliance raised a serious question regarding ethical standards in fintech. Before their 2016 North America Bitcoin Conference in Miami, he noticed there was a party the night before the meeting in the rooftop hotel. In the meeting, there were a handful of women among the 1600 attendees. He further realized that out of the around 400 delegates, only five of them were women. The thing he was upset the most was how a lady that passed in front of him during the meeting was dressed. Carol Van Cheef on what behavior is acceptable in the fintech and other investment communities. These unacceptable ethical standards could be contributing to male favoritism in several sectors and are not good in the push for gender parity in tech.
Bridging the gender gap in Crypto
The gender disparity in crypto is no doubt huge. However, there are ways to fix the imbalance. Women are slowly getting into the crypto and blockchain industry. Perhaps women who have taken lead in the industry can help invigorate their gender. Elizabeth Stark, the co-founder of and Chief executive of Lightning bemoaned how the Bitcoin industry has been punished due to lack of women. She argues that women are better communicators and that their entry into the blockchain network will help lots of people understand much about blockchain technology.
It is crystal clear that crypto is male-dominated due to several reasons we have covered. The future is bright and we will certainly see more women jumping into the wagon soon!
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