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Localization’s Effect on Cryptocurrency Use

Bora Öztürk
24/11/2022
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The global use of cryptocurrency is increasing more and more every day. With more people investing in cryptocurrencies and more businesses accepting cryptocurrencies as a payment method, the market of cryptocurrencies expands and thrives substantially. In this global cryptocurrency movement, Turkey plays an important role. The number of Turkish cryptocurrency users goes up rapidly, especially with the localization of cryptocurrency websites.

According to surveys conducted in Turkey, 3 out of 10 people found the cryptocurrency market profitable, and less risky compared to 2020. This underlines a crucial fact: the importance attached to cryptocurrencies rise substantially in Turkey. Especially with cryptocurrency and blockchain websites being localized to Turkish, more users, or users-to-be of the system start learning more about the use, the technology, and the system of cryptocurrency.

Another great advantage that increases the number of cryptocurrency users is the freedom of cryptocurrency exchange without time and space limitations. As cryptocurrency users or those interested in cryptocurrencies learn more and more about the system, the advantages of cryptocurrencies surpass the question marks in the minds of others. In this context, a survey conducted in 2021 underlines the fact of the importance of knowledge acquirement on the topic. In this survey, it has been seen that one of the foremost reasons people seeing cryptocurrency as a highly risky exchange and investment method is the lack of information on the cryptocurrency system. In this context, it is clear that with more and more blockchain and cryptocurrency sources localized into Turkish, the number of people using cryptocurrency and the reliability rate of the system will go up.

Turkey offers a new market for foreign cryptocurrency platforms, as well. However, data obtained from surveys show that 76,5% of cryptocurrency and blockchain users prefer using domestic platforms. This is mainly caused by the system that is presented in the native language of the users. In this case, users can easily understand the platform they use without any ambiguity. When this conclusion is taken into consideration, it can be seen that localizing foreign cryptocurrency platforms can create a new market for the cryptocurrency platform in Turkey, increasing the number of users and thus, the organic traffic and the endorsement, as well.

Lack of the necessary information channels can decrease the number of cryptocurrency numbers by the dissemination of misinformation. The information source of 4 out of 10 people in Turkey who make use of cryptocurrencies is close relatives of theirs. Without a platform that provides reliable information to those who want to take a step in the world of blockchain and cryptocurrency, or to those who just started learning about the system, misinformation can easily be disseminated. In this context, the fact that 1 out of 5 people who hear about blockchain and cryptocurrency wants to operate in the cryptocurrency system underlines the importance of the potential cryptocurrency market in Turkey when the necessary infrastructure for a proper information source is established.

As of the data from April 2021, Turkey currently has more than 5 million cryptocurrency users. This is a great number, especially this is a number that skyrocketed recently. In the traditional investment system in Turkey, the investors usually prefer the stock market. However, Turkey’s unbalanced economy and its rate of exchange created a possibility to try another way of investment for Turkey’s investors. Between the 5-day-period of 20-24 March 2021, a cryptocurrency transaction of 23 billion Turkish Liras (+ $2.6 billion) was conducted. Following this date, on April 16, the daily trading volume of Paribu, a Turkish cryptocurrency platform, was around $2.3 billion. This shows that Turkey offers a rich market for cryptocurrency platforms when the necessary steps are taken.

Another survey conducted shows that 84% of Turkish cryptocurrency users obtain information through social media. It is known that social media contains a great deal of misinformation, which can cause future users of cryptocurrency to be misdirected in this system. Obtaining reliable information, especially in this relatively complicated and new system of cryptocurrency and blockchain, can substantially increase the confidence in the cryptocurrency system, which is one of the main elements for people to be absent from using cryptocurrencies. Thus, providing users, or users-to-be of cryptocurrency and blockchain with reliable information through localization of cryptocurrency platforms can create a new market in Turkey while increasing the already-users of the system.

The world is taking a step into the cryptocurrency system altogether. On June 9, 2021, El Salvador classified Bitcoin as a legal currency, making it the first state to use a cryptocurrency as a legal currency of a state. This makes the beginning of a revolution in the traditional trading and investment system. Turkey is a possible target market for this revolution since even with limited possibilities, Turkish cryptocurrency users can reach more than $2 billion daily trading volumes. This underlines the importance of the necessary infrastructural steps for a possible market. In this context, getting international, or foreign cryptocurrency platforms localized into Turkish can create a new market for the platform owners. It is a fact that Turkish cryptocurrency users prefer using platforms in their native languages. By getting your cryptocurrency and blockchain platforms localized, you can help increase the number of cryptocurrency users while raising awareness and informing future users of cryptocurrency.

Hareword is the right address for your localization needs for cryptocurrency. In your cryptocurrency and blockchain localization needs to Turkish, Hareword offers you professional native translators, pre-translation analyses, and cutting-edge translation technologies, so you can get maximum accuracy and consistency with minimum translation time.

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Bora Öztürk
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