Cryptocurrencies and the Case for Translation
Cryptocurrencies are global by nature.
As decentralised currencies with no authority that sets their value (other than pegged stable coins like Tether), they have no central location.
There is no real barrier to accessing cryptocurrencies. This means that there are miners, investors, traders and users in every country in the world.
The maximum number of crypto traders (in descending order) are in USA, Japan, South Korea, UK and Russia.
Majority of Bitcoin miners are in China, USA, Canada, Sweden, Norway, Georgia, Armenia and Serbia
Cryptocurrency adoption (as a percentage of population) is highest in Turkey, Brazil, Colombia, Argentina and South Africa
As interest in cryptocurrency grows around the world, it is essential for information to be available in multiple languages. Translating blockchain information makes it accessible to global users and ultimately drives worldwide adoption.
Cryptocurrency & Translation
The official Bitcoin website is available in 28 languages.
The Ethereum website presents information in 27 languages.
Litecoin.org is translated in 23 languages.
An English only approach means that you are only reaching 20% of crypto investors. This is less than a quarter of investors.
If information is available in different languages, more people will use your tokens. This will make your network more reliable and ultimately more valuable.
ICOs & Translation
If a coin or token’s whitepaper and website is available in multiple languages, it becomes accessible to more people.
If you are launching an Initial Coin Offering to raise funds, consider these trends-
In 2018, according to Google trends, the maximum queries for the term ‘ICO’ came from Slovenia, China, South Korea, Singapore and Netherlands.
None of these countries speak English as a first language.
This list of top 10 countries with the most vibrant crypto and blockchain scene has only one English speaking country.
This data makes is clear that translation of information is essential to generate worldwide interest in your Initial Coin Offering.
Most developers are aware of this and translate their cryptocurrency whitepaper and website in at least three languages.
If your website and whitepaper are only available in English, you are missing out on millions of dollars from international investors.
Top Languages for Translation
The most common languages for website and whitepaper translation (in descending order)
- Japanese
- Korean
- Spanish
- Chinese
- Portuguese
- Russian
Cointelegraph is available in 9 languages- Arabic, Chinese, German, Spanish, Italian, Japanese, Korean, Portuguese and Turkish. It is the most popular blockchain news and information site on the internet.
These languages can be taken as a good representation of the geographies of their reader base.
Cost & Return on Investment
Translating your website and whitepaper is a one-time investment that will pay dividends for years to come. More languages means more investors, more users and more value.
Translation is charged per word and rates depend on the target language. On average, there are 250 words per page. Translation can cost between $0.07-$0.13 per word depending on the target language.
Using machine translation like Google translate is not feasible as the accuracy is still very low. You can’t use it for translating a whitepaper you plan to use to pitch to your investors. It translates word-for-word without considering context or intent. It also has trouble translating domain specific terms and idioms.
The best way to handle a cryptocurrency translation project is using a language agency that uses technology known as a CAT tool to assist in human translation.
Milestone Localization helps blockchain companies translate their content to reach users around the world. If you’re looking for these services, get in touch :)
