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Localization’s Effect on Cryptocurrency Use

April 01, 2023
Why is localization a must in the cryptocurrency industry? Learn more about the possible markets of cryptocurrency and blockchain.
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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, this new market expands and thrives substantially. In this global cryptocurrency movement, Turkey plays an important role. The number of Turkish cryptocurrency users is growing rapidly, especially with the localization of cryptocurrency websites.

According to surveys conducted in Turkey in 2022, 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 has risen 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.

The freedom cryptocurrency exchange offers without time and space limitations is a major advantage and the reason why the number of cryptocurrency users increases daily. In this context, a survey conducted in 2021 underlines the importance of knowledge acquirement on the topic. In this survey, it has been seen that one of the foremost reasons people see cryptocurrency as a highly risky exchange and investment method is the lack of information on the cryptocurrency system. So, 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. However, data 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. This implies 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 endorsement.

A lack of the necessary information channels is a major setback in the latest cryptocurrency scenery. It has been found that the information source of 4 out of 10 people in Turkey who use cryptocurrencies is their close relatives. 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 have just started learning about the system, misinformation can easily be disseminated. In this context, the fact that among those who hear about blockchain and cryptocurrency, 1 out of 5 people want 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, and especially 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. During the 5 days 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 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 cryptocurrency and blockchain system, can substantially increase confidence in the cryptocurrency system. 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 in 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 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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