Since the 1980s, economists, cryptographers, and researchers were discussing creating digital crypto money. However, the first cryptocurrency that hit the market in 2009 was Bitcoin created by a mysterious developer or a group of developers going by the name of Satoshi Nakamoto. Following Bitcoin, many other blockchain-based cryptocurrencies have been launched in the market. Cryptocurrencies were initially rumored to be used widely in black-market transactions, however, nowadays they are more mainstream. Ethereum is another very popular cryptocurrency, in addition to Bitcoin. Some private firms like Singapore Airlines have also issued their own cryptocurrency for their frequent flyers. These digital currencies have made a huge impact on the global market and the way transactions are carried out. The transactions in Bitcoins or cryptocurrencies are almost untraceable and that’s why many countries have banned the marketing of the same and have nullified any and all transactions involving cryptocurrencies. Cryptocurrencies are regulated through blockchain technology. Blockchain is a chain of blocks. Each block has information about its owners, the block next to it, and the preceding one. Due to this interconnected information system, it is impossible to change the information into any block without changing the information of the whole chain. This is what makes blockchain technology very safe. Blockchain technology is the basis for many of the world’s famous cryptocurrencies. These virtual currencies, instead of relying on any institution for issuing and regulating them, depend upon blockchain technology and cryptography. As mentioned, cryptocurrencies are not tied to any institution or country but their use has a different experience for the people of different regions. Therefore, employing an expert localization services agency is the wise move for localizing these currencies for different regions.
Cryptocurrencies for sure are borderless and facilitate smooth global transactions. However, these currencies serve the people who live in societies and within various linguistic and geographical borders. All these crypto users come up with their native language, expectations, and local needs. This is a relatively very new industry based on technology. Therefore, economists and legal institutions around the world are still banging their heads about how to respond to it. Cryptocurrencies present different opportunities for different users depending on their native place. Regulations, regarding cryptocurrencies, continue to change every other day around the world. The crypto companies need to be ready to adapt to new laws and localize well for the region.
Challenges & Best Practices to Crypto and Blockchain Localization
Its Technical – Cryptocurrency localization requires a unique blend of knowledge and expertise in the field of technology, finance, and the target language. Just like other technical field translations such as medical or literary, this also requires expert technical translation services providers to deal with the translation part of crypto localization. At LanguageNoBar, we employ our specialized teams for different translation purposes. The same is done in the case of crypto translations and localization. Our technical translators are subject matter experts who provide accurate translation services.
The UI localization – Crypto industry is an emerging industry and the user interface in such an industry could be the make-or-break factor. The users of cryptocurrencies would prefer websites where they can navigate easily while taking in heavy technical information. Translation of UI is critical, but once translations are done, translators need to work with the designers and developers. They need to ensure that there is all-around consistency in terms of formats, images, colors, symbols, etc. in accordance with the target region’s culture.
Legal Compliance – As said earlier, cryptocurrency is a new industry, and governments around the world are still deciding on the laws regulating them. However, there are different laws in different regions and countries. While localizing Cryptocurrencies it is of utmost importance that localization done is in compliance with the local laws. On one hand, some countries have completely legalized it while some have banned it. Most of the countries are hanging somewhere in between the two. Irrespective of the place, while translating crypto & blockchain for a new region expert legal translators should also be employed to overlook and fill the legal gaps if any in the translations.
Payment Method Localization – Sometimes people need to make payments for crypto trading. Hence, crypto companies need to localize the payment method for each region. PayPal and credit cards are the most common payment methods. But different regions and countries have their different popular credit cards, and alternatives to PayPal. Hence, proper research and detailed localization strategy should be adopted for crypto payment localization. A crypto website needs to be localized as much as an eCommerce website. Also, a detailed localization audit must be done after the localization is complete to check if any aspect of localization is left or not done properly.
Blockchain technology and Cryptocurrency have hiked selling in recent times. People are excited to switch to digital currency and a system that is decentralized, secure, and transparent. Obviously, there is a massive demand for blockchain and cryptocurrency, and have joined the trend to provide these services to organizations and industries. However, many blockchain and cryptocurrencies have faced a common problem – the language barrier. The demand for these services is borderless but what hampers the smooth communication is the deficiency of translation and localization services that can offer precise translations.
Translation and localization services are easy to come by but for Cryptocurrencies and blockchain technology, you need someone like LanguageNoBar. Technically sound and linguistically accurate. Not only that but the cultural and social viability of the Translations is also crucial. Employing just any language services provider would not be a wise move for crypto localization. As just about translator might not be able to handle the multiple and complex subject matters that are required to be translated, for instance – legal translations, marketing translations, and many more. At LanguageNoBar, we employ the best of the best language professionals with different subject matter expertise and technical experts, forming a team that handles different aspects of the Crypto and Blockchain Localization.