The birth of cryptocurrency took the world by storm. Few could have predicted its meteoric rise. But in certain markets, the technology’s unregulated nature has resulted in a lack of trust and investment by governments.
Those of you who keep up with the happenings in the crypto world, will have heard that, although widely used as a form of financial transaction in many markets, the cryptocurrency era could be short-lived in certain countries like Russia, China and South Korea, where a Bitcoin trading ban is looming.
A hotbed for growth
A ‘hotbed for cryptocurrency trading’, South Korea, for example, is the third largest market for bitcoin trading after Japan and US. That’s 51m+ South Koreans who buy, trade and sell cryptocurrency, left without any businesses to manage and safeguard their digital assets.
So, you may wonder – if crypto businesses are banned in Russia, China and South Korea, where will those cryptocurrency users take their money?
One man’s loss is another man’s gain, they say. The potential ban on Bitcoin trading in those markets could create a fantastic global growth opportunity for your business. Especially with so many ecommerce platforms now letting you easily accept bitcoin payments.
That’s potentially millions of people that will need to move their buying, trading and selling custom outside of those countries. They will need to find a foreign company in the market that accepts cryptocurrencies – and that they can trust. And it could be your business that they choose, if you manage to gain their trust.
Someone once said, “If people like you, they’ll listen to you. But if they trust you, they’ll do business with you.”
That’s a well-known truth that successful businesses understand – consumer trust is a frequently measured metric for businesses.
With thousands of cryptocurrency companies flooding the market, how could your business gain new, foreign consumers’ trust, and get ahead of the competition?
Speak their language
To gain a consumer’s trust, you must first show that you speak their language. Your website, trading platforms, mobile apps and emails need to communicate that you are there for them to trust and do business with. The numbers support our claim – 72% of online shoppers only make purchases on websites in their own language, and 56% say that the ability to read information in their own language is more important than price
And it’s not just about gaining your customers’ trust. It’s about educating them; about providing them with a full understanding of how and why your company offers just the right services, for a reasonable cost.
Needless to say, the language of cryptocurrency is far more complicated than any other language in the world. You can forget about free and unsecure machine translation – that simply won’t do. There are many acronyms and industry terms that could easily be misunderstood if they aren’t translated – or translated without the appropriate skills and expertise.
Here are some of the most popular cryptocurrency terms that could confuse even the savviest individual:
- FUD = Fear, Uncertainty and Doubt. Propaganda designed to lower a coin’s price
- FOMO = Fear of Missing Out
- Mooning = Price going up extremely high
- HODL = “Hold On for Dear Life”
- Fiat = Government backed currency, such as GBP or USD
- Whale = Someone who owns a high amount of cryptocurrencies
- Bullish = An expectation that price is going to increase
- Bearish = An expectation that price is going to decrease
- ATH = All Time High. The highest price a coin has ever been
- Market Cap = Total supply x Current Price
- ICO = Initial Coin Offering
So, trying to communicate to a Russian, Chinese or South Korean whale, that your business is the one they should invest their fiat money in, could cause confusion.
The only way to successfully communicate to a consumer who speaks a different language, is by finding a way to speak their language. And that can only be done with quality translation, by a trusted provider who knows the cryptocurrency and financial industry inside and out.
Get in touch with SDL who can help you achieve your global growth strategy by opening your business to a global audience, or download our 7 Questions eBook, which will help you find a great translation provider.
If you’re new to cryptocurrencies and need help getting started, visit CryptoCompare.com to compare Exchange and eWallet businesses in order to find one that speaks your language.