Are you ready to become a “cryptosister”? Answer 6 questions to find out

Buying cryptocurrencies is the major investment trend of the moment, and women aren’t letting themselves miss out. Recent research shows that cryptocurrencies have become the second most popular asset among women, behind only cash. Despite this, there are still many women who don’t feel confident enough to make their first investment, and there are several reasons why. “Technology isn’t for me”

An article in the New York Times notes that many women and girls feel inhibited when it comes to tech-related activities because they’ve been taught that the field isn’t for them. And although progress in the representation of women is being made, change takes time. As a result, many women feel intimidated by new technologies like blockchain. So if you think you’re alone in your fear of technology, know that this is something common and that you can overcome it by turning to the right education.

“I don’t know anything about finance”

Another common fear among women relates to finance. CNBC has reported that many feel “fear, obligation and guilt ” when it comes to money. This prevents women from making investments and increasing their wealth, and it also slows down their personal progress.

In the United States, women didn’t have the right to open a bank account until 1960, and some old beliefs have carried over to today. Even now, while 74% of men have a bank account, only 68% of women are account holders, according to the World Bank.

“Financial-related news also intensifies fear in women who don’t feel savvy about financial concepts such as investing. Stock market crashes and “Bernie Madoffs” set off mental alarms that often smother their interest in financial literacy,” the CNBC report notes.

What’s important is that you can educate yourself in finance and gradually overcome the fear as you start to become more confident in what you know.

“Cryptocurrencies are complicated”

Gone are the days in which the only way to access cryptocurrencies was by mining them. The market has diversified, and today there are more than 22,000 digital currencies. There’s also been a gradual growth in the number of wallets, exchanges and other tools that facilitate entry into crypto for the average person. According to a survey carried out by Coinbase, 56% of respondents believe cryptocurrencies are too complicated to understand. This perception makes many people feel intimidated and hesitant about getting involved. However, according to experts who spoke to GoBankingRates, “the crypto market is no more complex than the stock market, and if you really want to learn, there are a million and one trusted sources of information”. You can learn about investor profiles and expand your knowledge.

“Cryptocurrencies are too risky”

A lot of women believe that crypto is too big a risk for their financial lives. On this subject, Silvina Moschini, CEO de Nxtgencoin, offers some advice on her approach to this kind of investment. “I always recommend clearly defining the risk profile and understanding how to manage your money so that you can make a profit but also be financially safe and contained. Because this can be like going to Las Vegas: you can get carried away and lose lots of money if you make careless decisions,” she says.

There exists a FOMO, or a fear of missing an opportunity, but this can be bad counsel in investments. Each woman needs to take some time to do research and invest only what she can afford, leaving a margin of security.

Find out if you’re ready

And you? Which of these hurdles do you identify with? How close are you to making your first investment in cryptocurrency? Find out by answering these 6 questions.

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