The crypto sector used to be rather masculine for the past 11 years of its existence. It's not that there were absolutely no female crypto users, but the large majority of verified users were men. However, the leading French crypto media Cryptoast picked up on CoinMarketCap's recent Q1 report, which claims that the situation is rapidly changing.
CoinMarketCap Reports a Growth in Crypto Users
Due to the recent coronavirus outbreak that struck the world, a lot of people started turning to cryptocurrencies. CoinMarketCap noticed this as well, as it reported growth in the total number of users globally.
This did not come as a surprise to a lot of people. After all, cryptos were created to be used in a crisis where traditional financial systems failed. Of course, that's exactly what happened before long. Businesses started to shut down as people were forced into quarantines and self-isolation. With no jobs, there was no money, and with no money, people stopped investing and only spent what they had on essentials.
Meanwhile, even those who did invest prior to the crisis started selling all of their investment instruments. Whether they needed the money for other things, or they expected price crashes, they still sold their investment instruments, which led to the global market meltdown.
None of this affected cryptos at first. It did come later on, where the price of digital coins crashed due to correlation, but the recovery started only days later. Not to mention that Bitcoin also went through its halving process, while central banks kept printing money for short-term relief, with experts everywhere warning that this can only lead to the devaluation of the fiat currency.
With all of that happening, it is hardly surprising that people are turning to cryptos, and that their usefulness became apparent as soon as there was a real need.
Most of this happened in Q1, which is the period that CoinMarketCap has analyzed, noticing a 43.24% increase in all territories, on average — at least when compared to Q4 2019.
The US and Europe saw the largest increase in the number of users, which went up by 50%. As for the fragile economies, such as Colombia and Venezuela, both saw 80% growth in the number of female crypto users. However, Argentina exceeded them both with a 98% surge.
Even that was not the highest on a global scale, however, as Greece saw 163% growth, while Romania saw 145%.
Benefits of The Crypto Space
Of course, the need for crypto is not the only reason why the number of users is growing. The fact is that crypto use became a lot less complicated in the last few years.
Trading crypto, or even just managing your coins used to be extremely complicated, and only tech geeks know what they were actually doing. This sector became a lot more user-friendly lately, and even a total novice can now easily find their way around.
Take trading for example — there are plenty of platforms that are extremely simple to navigate, such as Nominex. The platform is extremely easy to use, with a nice, clean interface, and no strange colors or an interface filled with something best described as Egyptian hieroglyphs.
Pavel Shkitin, CEO of cryptocurrency exchange Nominex says that "cryptocurrency was specifically designed to fix everything banks broke."
The platform is simple to navigate and understand, its customer support is quick to respond and direct, and it features low trading fees — definitely lower than the competition. It is also filled with trading pairs, with the possibility of having pretty advanced order types, so it is great for new and experienced users alike. There are also plenty of various tools, instant withdrawals and deposits, and much, much more.
The crisis times are also dictating new up-to-date rules: providing top-quality education, eliminating social inequality, and giving literally everyone equal access, including the unbanked. That's why new exchanges and other crypto projects make their accent to educational projects, demo-modes, and onboarding mechanics.
Add this ease of use to the very uncertain economic context in which the world finds itself right now, and it is clear why people have started to appreciate decentralized money a lot more than before. No one can freeze their accounts now, they can enjoy increased anonymity, and trading crypto can easily earn them large amounts if they know what they are doing and they make the right moves.
A switch to Bitcoin was already observed in countries suffering from inflation, such as Venezuela or Turkey. With unlimited money printing, that could end up becoming the US, or even the entire world in years to come.
Of course, Bitcoin still has its own issues, but it is also a decent alternative for the people to turn to once the traditional finances fail, and this is the first time in history that such an alternative exists.