Ethereum is one of the most exciting, if not the most exciting, projects to appear in a while. The reason is simple: it is solving a real problem. Normally, when a new coin or asset hits the market, there is often some kind of event that sparked the interest, or a new invention that makes the coin more mainstream.
But in the case of Ethereum, the problem it is solving is one that has been looming over the crypto-sphere for some time. And quite frankly, it is a problem that traditional finance was happy to ignore. If you aren’t familiar with the problem, I will explain. Let’s start at the beginning.
Most people have heard of traditional finance, or finance as most people call it, is the practice of investing in stocks, bonds, and other traditional vehicles of savings.
What many people don’t know is that traditional finance was built for the purpose of accommodating women. Back in the day, financial institutions wouldn’t allow women to have savings accounts, so the practice of putting money in a mattress was born. It wasn’t till the 1970s and 80s that most people started taking interest in investing, and for women that meant investing in the stock market.
The advent of cryptocurrency has changed all of that, and opened the doors for women to own a piece of the action. If you look at the history of cryptocurrency, you will see that most of the major coins today were created for the purpose of providing an easier way to send value internationally, and were later on adopted by the average person looking for an alternative to traditional finance.
The Rise Of Crypto
Before we get to Ethereum, I want to point out that the entire crypto sphere has shifted in the favor of women. Since 2016, the number of women in the cryptocurrency community has increased by 300%. According to data from blockchain analytics firm Statis, there were only 17,600 women involved in Bitcoin discussions on forums and social media in 2016. This number rose to 41,400 in the last quarter of 2018, an increase of 135%.
On cryptocurrency forums, you will often find special categories for women, like “Tips for newbies” and “Women in Bitcoin.” On Reddit, the r/ethswarm community is dedicated to helping new and existing members navigate the world of cryptocurrency more easily. On Twitter, the Binance Community is a place where users can find helpful information about cryptocurrency, and you can often find prominent figures in the space engaging with their fans on the platform.
Now let’s shift to Ethereum.
Ethereum is one of the most well-known public blockchains, and one of the most popular cryptocurrencies. Launched in 2015, Ethereum was designed to be a home for programmers who are building decentralized applications (dApps).
The most basic definition of a dApp is a “computer program that operates without human intervention,” and that is exactly what Ethereum is. Ethereum is a decentralized platform that connects different computers across the globe, so that they can communicate with each other and carry out transactions. All of this is made possible through the use of cryptography, through which transactions are secured, and a distributed ledger that is maintained by the network.
Because of its nature as a decentralized platform, there are many opportunities for users to get involved, and so it follows that there are many opportunities for women to get involved as well. One of the biggest draws of Ethereum is that it provides anyone with the ability to build and deploy a dApp, regardless of their coding or blockchain expertise. This makes it much more accessible to participants who might not have the same skillsets as others in the community.
Why Is This Problem Of Ubiquitous Access Important For Women?
Ethereum is growing because it provides a mechanism for individuals to participate in something that is meaningful to them, and that is not possible using a centralized system like a bank. If you’ve been waiting for a platform that allows you to do something for the greater good of society, you’ve found it. To give you a sense of just how meaningful this is, consider this: according to data from the United Nations, women are still unfairly denied access to finance, and as a result of this gender inequality, nearly everyone, including women, is losing out. Consider that for the average woman, global poverty stands at 26%, compared to the 20% for the average man. This makes poverty reduction, and therefore the fight against gender inequality, a vital component of cryptocurrency adoption.
In just about every country where cryptocurrency is available, the gender pay gap is narrowing. One of the most prominent examples is Japan where the gender pay gap has been closed, and where men and women now earn equal amounts of money. This has led to a decrease in engagement in the traditional gender roles, and an increase in joint ownership in families. In the U.S., there has also been an increase in families adopting a “crypto-families” approach, where parents and children learn to work together using cryptocurrency, and where the overall financial situation becomes less dependent on a male protagonist.
It is important to note that Ethereum is a very young industry, and as a result, there are bound to be problems that arise. While this might make some people pessimistic, consider this: in a world where everyone has to deal with imperfections, it is the nature of the human experience, some problems are more important than others. For example, lack of access to credit is a much bigger problem for people than making sure their cryptocurrency is safe. Consider the importance of the latter compared to the former, and you will start to see why so many people are optimistic about Ethereum.
The Bottom Line
In closing, let’s return to the main question: why is ethereum rising? The answer is simple: it is solving a problem. Normally, when a new coin or asset hits the market, there is often some kind of event that sparked the interest, or a new invention that makes the coin more mainstream.
But in the case of Ethereum, the problem it is solving is one that has been looming over the crypto-sphere for some time. And quite frankly, it is a problem that traditional finance was happy to ignore. It wasn’t till the advent of cryptocurrency that most people started taking interest in investing, and for women that meant investing in the stock market.
The rise of cryptocurrency has changed all of that, and opened the doors for women to own a piece of the action. If you haven’t yet, I would encourage you to give cryptocurrency a try, especially if you want to participate in the exciting future that lies ahead.