Article by Katharine Wooller, Managing Director, Dacxi

Women who work in tech have a natural advantage when it comes to understanding cryptocurrency for five reasons:

  • They understand that the most important thing about tech isn’t knowing how it works but the benefits it delivers
  • They ‘get’ the fact that technology has to be the servant of a good idea
  • Women drive the world economy
  • They know at first hand just how quickly tech can drive change
  • They are perfectly placed to embrace high concept ideas like blockchain and decentralisation of autonomy

If there is one common mantra in our digital world it is this – people don’t buy tech, they buy the benefits it delivers. People don’t have to know that GPRS stands for Global Packet Radio Services, and how that works, to be able to use a small hand-held device to make telephone calls or send and receive emails. In the same way people don’t need to know how their dishwasher or washing machine comes to have 10 different wash programmes – they just want the option of choice.

The same is true of cryptocurrencies. At the end of the day people don’t need to get hung up on tech terms like ‘Proof of Work’ or ‘Proof of Stake’, or that ‘halving’ matters or HODL stands for ‘hold on for dear life’. The essential issue is whether crypto has any sensible use or value, either now or in the future as a means of saving, spending or investing.

The fact is that women have much more practical experience of evaluating tech and have long been early adopters of technology. Traditionally this was in a home environment where technology and automation meant labour savings which returned valuable time. Today women spend more time on the internet than their male counterparts, 72% of the female population shopping in a digital environment.  Women ‘do digital’.

Women also ‘get money’. They drive the world economy, research showing that they are responsible for between 70-80% of all purchases. As such the vast majority of tech development is focused on what women will buy next. The challenge for developers is that such experienced purchasers are very discerning. Whereas men may buy ‘tech for tech’s sake’ and ‘boy’s toys’, women demand technology that enhances an already valuable idea.

Tech needs to be sensible and sensible tech drives change at an exponential rate. You don’t need to work in tech to know that digital upgrades and new versions come ever more quickly – anybody with a mobile phone knows that. But if you are an industry insider you’ll see that digital technologies like AI, AR and VR are rewriting the rules. There is a new world just around the corner, a virtual digital world, the Metaverse, that will require digital currencies to function.

One of the big challenges faced by those outside of tech is that the debate around cryptocurrency is largely being driven from within a central banking and finance sector that still has a legacy obsession with ‘real money’ and issues surrounding security. Essentially this can be seen as protectionism for what is rapidly becoming an economic dinosaur, perpetuated by governments that fear digital currencies are beyond their control.

This flies in the face of the fact that 80% of the UK population already happily banks and transacts digitally online. As to the security issue, those in tech know that blockchain transactions are as secure, if not more secure and immutable than many already established banking protocols.

In terms of the big picture, everybody in tech works on a global playing field. Tech knows no international boundaries. Ideas and developments are shared and deployed on a cross-border basis. As such the concept of DeFi (decentralised finance) comes naturally to those in tech, and it is the corporate need for DeFi efficiencies and savings on a worldwide basis that will drive the adoption and inevitable growth of crypto.

At an individual level, for those women driving the world economy and making 80% of purchases, DeFi will make day-to-day living cheaper by reducing foreign currency exchange costs when buying online from abroad. The same too for foreign holidays. The only shame is that only 9% of the UK workforce work in the tech sector, and only 26% of that 3,000,000 are women. We need to share the bigger picture and the benefits that brings to a much wider female community.

At Dacxi, the UK’s pre-eminent crypto wealth building platform, we are already doing that and are seeing an increasing number of digitally savvy women acquiring a holding in cryptocurrencies as an investment for the future.  Not surprisingly many of them work in the tech sector – from our perspective women in tech are natural champions of DeFi and the development of crypto as a game-changing idea for the global economy.

Dacxi runs a Facebook group for women who are interested in learning about all aspects of cryptocurrency:

Katharine WoollerAbout the author

Katharine Wooller is managing director, UK and Eire, Dacxi – a digital crypto fintech platform specialising in bringing cryptocurrency to the ‘crowd’.