Women in Blockchain: Becoming A Successful Woman in Crypto
Women are outperforming males in crypto trading. Learn what it takes to become a successful woman in crypto.
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• Who are the women that are shaping the crypto industry?
• Why we need more women in this industry?
• What does it take to be a successful woman in crypto
Blockchain and Women
When you think of a typical trader, what do you envision? For most, an image similar to the 1980s Patrick Bateman style of a man is conjured in their mind. You know the type. A macho guy with an inflated ego, complimented by his sharp suit who confidently trades his way on Wall Street.
Fast forward to 2021 where trading means staying in your pyjamas in front of your laptop, trading from the comfort of your own home. Anyone with an internet connection and a decent laptop or phone can now trade live on the financial markets. More and more people are opting to earn an additional income with the flexibility to work around your schedule.
The typical stereotype of the trader is fast shifting. Anyone from students and retirees to single parents and professionals is opting to try their hands at this novel way you can earn money in the new millennium.
What about female traders? How are female traders faring in the trading sphere, especially the blockchain industry? In this article, we will look at why women are more likely to succeed when entering the world of cryptos and blockchain.
Who Are the Women in Crypto?
According to a study compiled by eToro, as of February 2021, women make up only 15% of Bitcoin traders showing the massive gender imbalance in the industry.
However, the few women who make up that 15% are rocking the crypto space. Joyce Kim is an expert in the cryptocurrency sphere with a track record of presenting to international banks, governments as well as the United Nations.
It is becoming more apparent to see female traders also featuring on the boards of important crypto agencies or investment firms. Amber Baldet is the Executive Director at JP Morgan’s Blockchain Center of Excellence. She made it to Coindesk’s ‘Most influential in Blockchain’ in 2017. We are seeing more and more women entering the crypto workforce worldwide, not just in America. An example of this is Faith Chimeran Titus who is the Founder and CEO of eWealth Atlantic, a Nigerian company that specializes in blockchain technology and a digital academy.
Why Do We Need More Women in this Industry?
The most obvious answer to that is that diversity is an asset in any industry. Whether it is more females or different races and sexual orientations, having a non-homogeneous workforce means being able to target more people in your industry that translates into a wider customer base. Moreover, having different views and backgrounds means innovative approaches to the same task. This means competitive advantage and ensuring you are one step ahead of other players in the industry.
More specific to women in blockchain and crypto trading, it seems that females are outperforming males in crypto trading. In November 2020, AAX, a crypto exchange registered 3 traders out of their top 10 traders for the month were women. In a 2020 IG Markets study women were the most successful in trading Bitcoin, gold, and oil and it was found men could only be equal to women when it came to silver trading. So, why is this happening? More recent research suggests it has to do with behavior. This brings us to our next point.
What Does It Take to Become a Successful Woman in Crypto?
The perception that men risk more is not just a stereotype. It’s true. It is most evident in trading as men tend to risk higher funds than women resulting in huge losses.
In light of these facts, if you are a woman and thinking of trading crypto you are already at an advantage in comparison with your male counterparts. So, what other traits do you as a woman have that give you an edge that can help smash those glass ceilings in crypto?
1. Great multi-taskers
Jumping from one position to another requires focus when doing a lot of different things at once. It seems that women are better equipped to switch their attention from one market position to the next.
2. Females are not ruled by their egos
An important one as it tends to be the demise of a lot of male traders. Competition is prevalent in both sexes. A healthy dose of competition can go a long way when you are trading on fast-paced markets. However, according to research, males tend to equate self-worth to the amount found in their bank accounts. Female traders tend to see trading as a field where they can always learn, and forex trading courses seem to be mostly attended by women. In contrast, men tend to have a false sense of confidence that overrules their thirst for knowledge.
3. More risk-averse
Men are more likely to believe that a series of positive outcomes will result in more positive outcomes. This is also referred to as the hot hand fallacy. This is the reason for a large number of losses in the trading industry. Women are more likely to refuse a potential trade if they believe it will not benefit them in the long run.