How Bitcoin empowers women

He was recently having a conversation with a friend in Kenya who described how difficult it was for women in that country to be in local elections due to the complexity of establishing a bank account. The first challenge is to obtain identification documents, which is a process complicated by cultural attitudes in certain communities in which men can object to women seeking independent documents. Many women also live far from the registration centers, have limited literacy to complete the forms and may not be able to pay the trip and documentation rates. In addition, many women lack birth certificates, have no residence proof if they live with a male relative and processing delays are common, which means that multiple visits to a distant registration center are often required.

Without a bank account, or the ability to store, build and access the money independently, one is not really free. In many countries of the world, it is a previous requirement to access government services, formal employment, register to vote and establish a business. Crucially, it is also required to be in local elections and, therefore, participate in local governance. This means that many women, especially in developing nations, have their basic human rights restricted by an inherited financial system that is not suitable for the purpose in the 21st century.

In Pakistan only 13% of women have a formal bank account compared to 34% of men. In addition, the process of opening a bank account for a woman is more complex, in many cases it requires more identification and evidence of permission from a male relative. The image is not much better throughout South Asia in general, with only 37% of women who have a bank Accounts compared to 55% of men. Things are a bit better In the Middle East, where only 45.5% of women have bank accounts compared to 59.6% of men. While in sub -Saharan Africa, 37% of women have a bank account compared to 48% of men.

Even when women have bank accounts in many nations in development, they are less likely to be considered worthy of credit compared to men. For example, in India Women receive Credit equivalent to only 27% of the deposits that contribute, while men receive credit equal to 52% of their deposits. In addition, businesswomen in India receive Only 5.2% of the pending credit granted to companies by banks of the Indian public sector, although they have higher reimbursement rates than men. This lack of perceived credit is linked to the fact that women have less properties and other hard assets, which can be used as a guarantee for loans. This, again, is linked to lower bank rates.

Given the above, it is fair to conclude that the world is desperate for an alternative to the inherited financial system. It seems that this system simply reflects the prejudices and prejudices of people who direct it and, therefore, women cannot achieve financial equality without a global social revolution that reconfigures women's opinions. While such revolution is desirable, it is very unlikely to occur in a short space of time and in some places, such as Afghanistan and Iran, the direction of travel seems to be in the wrong direction.

However, bitcoin's mass adoption in the developing world could completely transform the economic landscape. A blind gender digital currency that does not require that users request permission from family members, and is not contaminated by local prejudices and cultural practices that restrict the role of women in society and business, it is a change of play whose time has arrived. bitcoin could not only empower women, but also the elevation society in general, since it will give 50% of the population the same capacity to store, build and transact money without cultural or geographical limitations.

Companies living in rural areas should often visit bank branches in person that can be miles away and potentially insecure and expensive to access. bitcoin eliminates this barrier completely. With only a mobile phone and an Internet connection, women can receive payments, save money and participate in global trade, all for the safety of their homes. bitcoin's borders without borders benefits women in the informal economy as well. Stiving vendors, artisans and domestic workers can accept digitally payments without the need for a government account or identification of the government. This capacity is revolutionary in the regions where obtaining official documentation requires male guardianship or navigating complex bureaucratic systems.

bitcoin's privacy characteristics also provide crucial protection for women in vulnerable situations. In societies where financial abuse is common, the ability to maintain private control over funds can change life. Women can generate savings without fear of discovery or confiscation, creating essential security networks for them and their children. The remittance market demonstrates another vital application. Many women in developing countries depend on the money sent on family members working abroad. Traditional remittance services often charge excessive rates and require the recipients to travel to specific locations during business hours. bitcoin allows almost instant transfers to a fraction of the cost, which allows women to receive direct and safe funds.

Central to the revolutionary nature of bitcoin is the concept of Autocustody, which means that people have direct access to their wealth, without any participation of third parties. AutoCustody also means that privacy is maintained and wealth can be accessed from anywhere in the world at any time. When this global accessibility is combined with a form of money that is limited in the offer, therefore, it has value and is resistant to hyperinflation, the transforming power of bitcoin cannot be underestimated.

bitcoin can do to finance what the Internet did to obtain information, creating a level game field in which immutable characteristics do not play any role in access or use. As such, when the barriers to money are eliminated, the social conventions that were used to increase these barriers also begin to wilt. Autocustody means that we remove the power of the great and decrepit financial institutions that seek to maintain a stagnant status quo. AutoCustody means power for people and power for women who have fought to achieve financial autonomy and equality. Autocustody means a better world for everyone.

This is an guest publication of Ghafffar Hussain. The opinions expressed are completely yours and do not necessarily reflect those of btc INC or bitcoin magazine.