What are blockchain cryptocurrencies?
By definition, a blockchain is a distributed database or ledger shared among the nodes of a computer network. In simple terms, a blockchain is a digital chain with encrypted data. Its main role in cryptocurrency systems is maintaining a secure and decentralized record of transactions. Blockchain guarantees the fidelity and security of data records in a 100% decentralized way. This technology supports the most well-known cryptocurrencies like Bitcoin, Ethereum, Cardano, Solano, and others.
Cryptocurrency is a digital currency designed to work as a medium of exchange through a computer network. Supported by blockchain technology, crypto is not reliant on a central authority, such as a government or banks.
Even though cryptography started in 1980, the currency only recently received massive support. While the major adoption is not here yet, more and more people and companies believe in cryptocurrencies and their role in the future.
Localization of decentralized services
The Crypto industry strives to create a global and decentralized world accessible to every human on Earth. Blockchain works the same way everywhere, yet people still live in distinct local societies. Crypto users speak various languages and have different expectations and needs.
As a new industry full of innovative technology, crypto battles many challenges. One of the biggest challenges is mass adoption. While many support crypto for speculative reasons, the premise is much deeper than this. Governments and organizations are thus working hard to understand how to fit cryptocurrencies into the existing system.
Crypto organizations continue to adapt to industry advancements and regulatory changes. Users thus experience different opportunities around the globe. To capture those opportunities and help with crypto advancements organizations should start in the beginning. By localizing their content and services to help make crypto more accessible to everyone. Accessible to everyone not speaking a foreign language or being confident in trusting foreign organizations.
Assessing crypto localization strategy
Blockchain and the crypto industry are very complex and fast-paced. With rapid changes happening almost daily, you quickly understand how fast the industry evolves. Add a language barrier to the equation, and things get even more complicated.
We can understand crypto as a hybrid between traditional finance and computer science. Two broad and powerful fields cohesively joined together to create decentralization. Like legal, medical, chemical, and other complex industries, crypto is full of technical jargon.
The goal is to put technical content in simple terms. By completing this goal, everyone can understand the point with confidence. To accelerate mass adoption, crypto companies strive to make crypto more user-friendly.
You will need translators with extensive language and crypto knowledge to achieve this. Working with expert translators will help improve user experience and trust in your organization.
Creating a great user experience is vital for growing a business and even the industry as a whole. Here are some fascinating stats on UX importance by Zippia:
- 70% of online businesses fail due to poor useability.
- 88% of online shoppers refuse to return to a site after a bad user experience.
- 94% of first impressions are related to the website design.
- 96% of customers believe that customer service is essential for brand loyalty.
- 32% of customers will stop doing business with a brand they love after one bad experience.
- 74% of companies agree that user experience is vital for boosting sales.
Cryptocurrency wallets, exchanges, and fintech companies should all place creating great UX as one of their primary tasks. Technical and legal information users must understand can be overwhelming. Navigation through those platforms should thus be a seamless experience.
Localization does not mean only translating word by word. It means adapting the experience to the cultural expectations, needs, and context. Besides text translation, organizations should also localize creative assets like design and communication style. Localization will ensure a culturally appropriate, clear, and consistent experience across all devices.
Crypto exchanges are just like traditional banking platforms. If customers want to trade or buy crypto, they must first make an account on the platform and deposit their funds. Therefore, crypto exchanges must localize payment methods as well. Most internet users indeed use PayPal and credit cards to transact, yet there are still some other payment methods to consider. The popularity of different payment methods varies from country to country, so you should consider this to expand the market.
In the end, your goal is to make the transaction for your users as easy as it gets. Accepting the payment methods that they’re used to is a vital step.
Some other payments methods that do not include PayPal and credit cards are:
- Boleto in Brazil.
- Wire transfers
- Online transfers
- Unified Payment Interface (UPI)
Building trust is a crucial component for success in banking. Building trust is even more true in crypto, where the industry is still so young and with an unstable reputation. Crypto exchanges and fintech companies must use localization to access different age groups that are not proficient in English. Localization creates clarity which leads to trust and more users.
As we have written in this article, localization is not just the translation of words. Localization is adapting the whole experience to the cultural context and regulations. With governments changing crypto regulations, crypto companies must keep adapting to them. Complying with local regulations is a big part of localization. Companies must thus adapt to legal requirements for every local market in which they operate.
Throughout this article, we have been writing about the young age of the crypto industry. Crypto exchanges, brokers, and other fintech companies thus do not only provide their services. A big part of their work is educating current and future customers. They hope to familiarize people with crypto by creating blog articles, white papers, and other marketing materials.
Writing transparent content about the industry and the company itself can also be beneficial for raising investment. Investors will likely approach a crypto organization showing compliance, transparency, and top-notch expertise.
As you can already see, content production and translation lead to two beneficial outcomes.
- By educating customers, you gain their trust and loyalty.
- By building authority and expertise through content, investors will be more likely to invest in your crypto project.
Crypto is not only a new digital payment system but also a philosophy. A philosophy that is joining like-minded people and creating a strong community of crypto supporters. Browsing around the different crypto projects, you can see how the most successful ones have a big following. They are building communities on channels like Twitter, Discord, LinkedIn, Telegram, and other communication channels.
Community creates a healthy and thriving ecosystem supporting the industry even in troublesome times. But to create a strong community, companies must implement a localization strategy. Localization will help break language barriers and bring like-minded people together. Reaching a wider audience in their local language will show them that you care and are willing to go out of your way for them. All this with help you enhance your global presence and get ahead of your competition.
In conclusion, blockchain and crypto localization will have a big impact on the future of the crypto industry. Albeit rapid growth through history, the industry is facing many challenges. From different scams to volatile markets, crypto still needs time to become widely accepted.
Localization can play a crucial role in the process. Building local communities and translating content will educate the consumer and create a thriving peer-to-peer ecosystem. Adapting user experience will make dealing with crypto organizations more user-friendly and accessible. Following local regulations will protect the users and make them confident in joining the industry.
The best companies around the world are already investing heavily in localization. Crypto companies should follow the example and good practices in order to achieve global expansion.
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