Why Translation Is The Next Step In The Growth Of Cryptocurrency

Bhumika Thaker — Thu, 19 Jan 2023 12:13:21 +0000

Translations are a subtle yet powerful aspect of any cryptocurrency adoption. For example, consider last year’s news about Starbucks and their acceptance of Bitcoin payments in their stores. While this may seem like an encouraging sign for those who support cryptocurrencies, it’s important to remember that the official Starbucks website and app are available primarily in English (and in some other languages without proper localisation). Thus, even though customers can use Bitcoin in their stores, they may not fully understand the benefits of using crypto because of language barriers.

This illustrates why cryptocurrency projects and platforms must invest in professional translations and localisation services. In a time when crypto is booming but still misunderstood, it’s important to reach new audiences and help them understand the benefits of using crypto. Crypto translation can do this and beyond.

Wider audience

According to the United Nations, the world population is around 8 billion in 2022. Do you know how many of these are English speakers? Around 1.1 billion. That’s just around 14% of the world’s population. With the internet reaching nooks and corners of the world, by sticking to English, brands are neglecting a huge part of the world population. This, in turn, limits the reach and profitability of crypto-based businesses.

Making crypto content available in local languages can open the doors of crypto to people who may not have heard about it yet.

Improved understanding

Even in the 1.1 billion people, only 378 million are native English speakers i.e. just 5% of the world population. We know how complicated the terms in the blockchain and the crypto domain can be even for native speakers, so we can imagine how difficult it might be for non-native English speakers.

For example, take terms like: smart contract, decentralised ledger system and cryptographic key. How can we expect non-native speakers to understand these terms? Sure, there is Google Translate, but it only works for the most basic terms and does not carry the connotation or nuance that makes blockchain and crypto so interesting.

When a cryptocurrency platform or project translates its content into different languages, they are also helping users understand what crypto is and how it works. This can help new users grasp concepts such as public/private keys, mining, and more, relatively easily than if they were reading technical documentation that is only written in English. By providing these concepts in the native language of users, they can better understand the functions of crypto and blockchain. This improved understanding is essential to help people make informed decisions about adopting cryptocurrencies.

Facilitating cross-border payments

Cryptocurrencies are built on the foundations of decentralised ledgers. This means that they have one major advantage over traditional fiat currencies – the ease of international transactions. When a company or individual makes an overseas payment in crypto, they can be sure that their transfer will be completed quickly, reliably, and with meagre fees.

Thanks to this, many migrant workers prefer sending money home as cryptocurrency to avoid exorbitant bank or money transfer fees which can be up to 20% of the total amount being transferred. Imagine migrant labour making just $1000 trying to send $300 money to his poor family in another country. If the transaction fee is 15%, the family will only get around $255. But that $45 can be a vast difference in the life of someone living in poverty.

By using crypto to make international payments, migrants can save money and ensure that their families receive the full amount. With global migration becoming a normal thing, the demand for cost-beneficial international money transfer options is also increasing. Crypto brands can take advantage of this demand by educating the masses regarding the benefits of cryptocurrency and then selling their product.

Need for excellent customer support

Providing content in different languages is one thing, but being able to help confused customers understand the complexities of cryptocurrencies is another. Whether they are new to crypto or just having difficulties understanding how it works, they must have access to high-quality customer support.

This could include live chat features on a platform’s website and social media channels, email and phone support, knowledge base articles, FAQ pages, and more. These tools enable users to get real time help with whatever questions they might be facing. Crypto translation becomes indispensable here.

By providing excellent customer support, crypto companies can improve the user experience and build trust among their customers. Ultimately, this will help them maintain a loyal customer base that is engaged with what they do and confident in using their products or services.

Conclusion

Crypto translation is an invaluable tool for making cross-border payments easier and cheaper while ensuring that everyone has access to excellent customer service. By leveraging these advantages, businesses can create successful products or services with global reach and appeal.

Using professional translation services is the best way to ensure that your content is accurately and effectively conveyed in different languages. Whether you need help with website localisation, whitepaper translation, or customer support; reliable services provided by Translate by Humans can deliver high-quality results quickly and cost-effectively. We have experienced translators who are proficient in crypto and other niche industries in our team to ensure the best output. So, if you’re looking to take your business to the next level, start exploring our services today or book a call with our project managers!

The post Why Translation Is The Next Step In The Growth Of Cryptocurrency appeared first on Translate By Humans™.