Cryptocurrency adoption and financial literacy
Want real customers to actually do stuff with your product? Want that new cloud service to be adopted? Explaining concepts and actions in plain language is a usability basic that has stood the test of time. But has the lack of design thought behind the cryptocurrency narrative disrupted language itself instead of traditional banking and Fintech?
Money, money, money meets its Waterloo
Apologies to ABBA fans for the cheesy introduction. But, mamma mia we need to talk about cryptocurrencies!
Chips are down for fintech
I enjoyed a must-read article from Graham Rigby of Iota Localisation Services about the challenges of Fintech localization. Graham talks about how Fintech domain expertise is different from ERP financials or vertical banking. He explains how a changing business environment means service providers need to be agile, collaborative, and flexible:
“The way financial products are sold, communicated, and presented in the current market mean that linguists who have spent 20 years translating mortgage terms might not be best equipped to deal with the style and nuance of the text in a money transfer app.”
Latté payments
Indeed, the very notion of a “bank” itself has changed: Deutsche Bank in Berlin is now into Kaffee und Kuchen for the hip and happening people of the Hauptstadt. ImaginBank from Spain is aimed at smombies.
And now, cryptocurrencies are here, and that requires new digital design expertise too, including the language we use to talk about it.
The most successful interactions — those that delight users — focus equally on the intersection of visual, interaction, and language design. — Karen Scipi (Designing a Naturally Conversational User Experience)
Oh no, ono
I’ve changed my career in the last few months; now offering digital transformation consultancy to established and startup ventures seeking to design the right digital thing the right way and to be ready to go global. I’ve been diving into the cryptocurrency space and grappling with the new ideas, concepts, and a new strange language that comes with it.
This is about much more than the Bitcoin and blockchain buzzwords du jour that the tech media throw about without having an iota what such terms mean or indeed possible uses (blockchain, for example, is also the platform behind decentralized social media such as ONO, Sola, Indorse, Ong, and Mithril).
Mental “block” about cryptocurrencies
If you want to explore this decentralized space further, there’s this blog series worth reading from Genson C. Glier on blockchain, Bitcoin, Ethereum, and cryptocurrency.
I also recommend the podcast from Tim Ferriss that covers all you were afraid to ask about, although some of the terms and concepts will make your head spin (cheat list: jump to the “Show Notes” on the podcast).
Try understanding these terms: Miner, Smart Contract, Daap, Truffle, Geth, Ganache, Hashcash, “Wet” Code, “Dry” Code, ICO, TxHash, Distributed Ledger, and Gas.
Although many people and institutions are rightly cautious about cryptocurrencies, they are a “thing” and attitudes are shifting from suspicion to curiosity.
Providing a plain language conversation around cryptocurrencies and non-developer-facing terms would be a great starting point to increase discovery of problems, framing of solutions, and adoption.
Cryptocurrency comprehension need
Generally, cryptocurrencies are, for most adopters, a form of value storage and speculation. However, cryptocurrencies are rapidly becoming a medium of value exchange too (i.e., “digital money”). Bitcoin ATMs are appearing globally, for example. In Ireland, about 120,000 people in Ireland own a cryptocurrency, a 300 percent increase in the last four years.
And yet, that basic usability heuristic of using plain language to communicate a concept even to experts to enable ease of use and adoption has already gone out the window.
The list of Bitcoin-friendly countries contains some surprises (Estonia is number one), and includes locations where English is very often not a mother tongue (although most development tools and coding platforms are in English).
We cannot be dismissive of the very significant regulatory and security aspects of cryptocurrencies when it comes to adoption. A paper printout of your bitcoin wallet is still safer than losing your mobile phone.
That aside, the digital design user experience of cryptocurrency usage generally remains very weak. But improving the language as a user experience differentiator must be planned for now if cryptocurrencies are to move to the mainstream, beyond those faddish Silicon Valley types and their friends. Indeed, there is a raging debate about the media covers the space generally, particularly bitcoin. Small wonder.
It’s likely, of course, that we will see traditional finance, banking, Fintech, and cryptocurrency usage align more as major players explore the market, adding to the need for understanding and language creativity. Ripple, for example, aims to supplant the international SWIFT network, which is owned by and connects about 11,000 banks, easing international payments.
Communicating about cryptocurrencies is not about adopting fancy ontology languages, but the ability to have a conversation about the topic in the street in ways people can relate to and understand. Starting with a simplified terminology glossary and metaphors that we could all share, learn from, and add to, would be a start.
The majority of people don’t understand English enough to grasp what is being said or written. And this is certainly the case for the topic bitcoin and blockchain. — Henk van Cann (“To translate or not to translate, that is the question…”)
Disruption includes language
At times, it’s hard to accept that the localization industry maxim English Is Just Another Language could apply in a cryptocurrency space that seems to have disrupted the notion of the English language itself. James Joyce might admire this kind of word invention, and of course, it’s all a matter of context. But I remain gobsmacked by some terms I come across, and the space is ripe for ridicule and critique. SchadenfreudeCoin anyone?
It’s clear that lack of comprehension based on obtuse language and lack of translation is a serious barrier to cryptocurrency adoption when even someone who has worked in digital tech for three decades is struggling.
I need to learn that lingo though, as Dublin seems to be the place it’s all happening for those cryptocurrency and blockchain ambitions.
Ah, the irony of that word, block, when it comes to getting your head around cryptocurrencies.
More about cryptocurrencies?
- How to Code in Ethereum — A Three-Part Series
- The Quiet Master of Cryptocurrency — Nick Szabo
- Lost in Translation: Language Barrier Blocks Cryptocurrency Growth — Terena Bell (@terenabell) for ThirtyK
- “To translate or not to translate, that is the question…” — Henk van Cann (@henkvancann) for Happy Blockchains
Ultan O’Broin (@ultan) is a digital UX consultant working with SaaS implementers and product development in Silicon Valley and Europe, he has written extensively on enterprise technology, design thinking, and product innovation.
All images and screen captures in this article are by Ultan O’Broin. Copyright or trademark ownership vested in any image is acknowledged, where applicable.
