Why is a good legal translation so important for your business?
You are at a turning point in your business, it is time to grow and in the meantime international expansion is taking place. This is the point where new contracts, patents and other legal documents will inevitably come up, and you will most likely have to translate them into other languages.
And then you need to find a translator; maybe there is someone in your company who translates from time to time. But when it comes to legal translation, it is not that simple. That’s why it’s time to find the right translator.
What is a legal translation?
Legal translation is a complex and highly specialised field, where one mistake can lead to legal problems and delays for your company, something nobody wants to have to deal with while the business is growing. Moreover, legal translation is not just for contracts; you can also use it for patents, trademarks and copyrights, for personal legal documents, certificates, legal statements, business proposals, correspondence and much more.
Why is it so important to work with an excellent legal translator?
Translation is not only about transposing sentences into another language, but the translator must also be able to correctly interpret the context of the sentence and render it into the other language without changing that context. Ambiguity is out of the question when translating legal documents, as is the lack of legal vocabulary and idiom.
This is crucial in an area that is undoubtedly culture-dependent. Within the legal sector, the forms, terms and definitions are strongly influenced by the country’s culture and legal system. As such, familiarity with these is crucial for accurate translations, especially in cases where cultural sensitivity is paramount.
The translator of the legal document must have knowledge of the legal systems in the country from which he is translating and the country to which he is translating, and his legal expertise will be most useful to you.
These translators have additional qualifications (usually academic) that can provide your company with an accurate translation and ensure a smooth legal expansion so you can focus on the business side. Legal jargon or leagalease, as it is called by some, can be complicated, even if it is written in your mother tongue. The sensitivity of the field they work in means that you have to take extra care when looking for the person to do the job.
To find an excellent legal translator, you need to pay attention to the following aspects:
The translator is certified / accredited as a translator
Academic background in law and/or the relevant foreign language
In-depth knowledge of 2 or more languages
Specialisation in the sector you need – knowledge of international law, for example, is also a big plus
Exceptional written skills with a good style Good legal translation services…
Good legal translation services…
….. costs a bit more than, for example, a website translation; you may wonder whether or not you could do it yourself or have it done internally. But wouldn’t a court case be more expensive? Go for safety and let a legal translator do the job.
Just think how many different expressions and nuances there are in the legal terminology of everyday topics alone. And this becomes even more complicated when translating into another language. Look at the word ‘call’, in the sense of convening a meeting, in English.
In Spanish, you would think to go for ‘llamar’, but that would be incorrect because in Spanish, ‘convocar’ or ‘abrir una sesión’ is used. This is one of the many examples within this language combination. Of course, this applies equally to Dutch to English and vice versa.
Why give yourself a lot of headaches instead hire a legal translator? After all, you don’t want any language barriers and problems in the legal field. A good example of what happens when a legal translation goes wrong was the document on a free trade agreement between the European Union and the United States The American version of the agreement contained several translation errors, so it was held up for several months until everything was put right and the government approved the agreement.
During that time, companies on both sides lost a great deal of money. To prevent a situation like this from happening to your business, it is never a bad idea to take the professional route.
In other words, the best business advice is to leave the legal translation to the professional in order to get an accurate legal translation that will not cause you any problems, especially when one translation error can lead to lawsuits and other types of damage.
It is in your interest and that of your company to rely on professional legal translation services for these types of assignments.
In addition to the legal translation service, you will receive the best possible service with a tailored solution to help your business grow. For this you need an excellent and reliable legal translation service, and when you choose one, you should pay attention to the following things: Quality, professionalism, price, excellent communication and customer service, efficiency, reliable legal specialists.
Part #1 of our look at Bitcoin and cryptocurrency from a legal perspective
As lawyers, we at Anglo Dutch Legal Translations like to keep abreast of developments that affect all of us, both Globally however also locally, this is mainly from a legal perspective, There are many articles and assumptions surrounding cryptocurrencies, however we would like to look at this from a legal perspective, The benefits however, also what to look for in terms and conditions when making decisions around your involvement or lack of involvement in this exciting new World.
We intend to address the various elements of cryptocurrency, what it actually is, what the initial idea for its conception were, what you can do with it, how you can benefit from it and how to navigate safely around the World of Crypto.
In this initial article is an introduction that goes through and explains the most important aspects of cryptocurrency. After reading it, you will understand more about this phenomenon than most others.
The following topics are discussed in this guideline:
. Cryptocurrencies have become a phenomenon. They began as a vaguely worded idea, largely limited to the cypherpunk and cryptography cultures of the 1990s. Today, cryptocurrency is a market giant that operates globally and is worth hundreds of billions of dollars.
Among those who have access to the internet, few have not heard of cryptocurrency. Bitcoin, Ethereum, ICOs, blockchain and a number of other concepts are mentioned daily in the media across the globe. And yet there are apparently a very limited number of people who have a thorough understanding of this revolution in decentralised economics.
In this guide, we try to give you an overview of what cryptocurrency is, from the beginning until today. We look at the technology behind decentralised money, so you can gain an understanding of why cryptocurrency has spread around the world like wildfire. You get an overview of how digital currency operates today. To conclude, we come up with our own thoughts on where this technology is headed.
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The beginning: The history of cryptocurrency WHAT IS CRYPTOGRAPHY AND WHAT DOES IT HAVE TO DO WITH DIGITAL MONEY?
Cryptography is defined as the science of principles and techniques for concealing information. This science is there for about secure communication between two parties keeping third parties from accessing that communication, peer to peer communication as its called. A third party could be the general public, or a more specific entity such as a bank, government, or other person. These are referred to as opponents, and with good cryptography you should be able to conceal relevant information from them. Electronic currency can be said to be the digital version of paper money. These should ideally have the same functionality as paper money, but in addition ensure that users remain anonymous and that the money can not be traced. These are two of the foundations of cryptocurrency, which we immediately conclude.In digital payments and electronic currency, cryptography is used to secure transactions. This is mainly done by means of signature generation for each individual user, based on cryptographic principles. The cryptography is written into an algorithm, which is then executed and ensures that the transaction information remains anonymous and secure, both for sender and receiver, Thus a peer to peer transaction with no third party involvement needed to facilitate that transaction, i.e. a bank charging fees.
THE ORIGINS OF CRYPTOCURRENCY: A BRIEF HISTORY
When the definition of cryptography is about concealing information, it should also come as no surprise that the creators of the first cryptocurrency were supporters of anonymity. The very first attempt at a digital payment system based on cryptography and anonymity was David Chaum’s DigiCash. Chaum wrote about what he called Blind Signature Technology as early as 1982, which was based on signature generation and total anonymity for users of online transactions. The technology was implemented in DigiCash in 1990, but did not survive. David Chaum himself has said that his company was probably out too early – some years before digital commerce and the internet became a matter of course in society. Nevertheless, DigiCash became an important attempt for the early history of cryptocurrency.
In 2002, the now world-famous cryptographer Nick Szabo published his article Shelling Out: The Origins of Money . Here he discusses the origins of money, and how direct trade in limited, or scarce, resources, such as chains made of seashells, is the root of man’s ability to cooperate. That Szabo was particularly interested in shell chains is extra interesting.
3 years later, in 2005, came the publication Bit Gold , which basically outlined the basis for cryptocurrency as we know it today:
«Precious metals and collectibles have a scarcity that can not be counterfeited, simply because it is expensive to produce them. This once ensured that the value of money was largely independent of trust in a third party. (…)
(But because you can not pay with metal online) it would have been preferable that there was a protocol where expensive pieces (whose value could not be forged) could be created digitally, with minimal dependence on third parties, and then stored securely, transferred and quality assured with a similar minimal need for trust. Bit gold. » Szabo further described that he envisioned a chain of such bits (read: blockchains today), which could be confirmed by ‘challenge bits’, or what we today know as the Proof-of-Work function. Four years later, Szabo’s vision was brought to life by none other than Satoshi Nakamoto.
BITCOIN: THE WORLD’S FIRST DECENTRALISED CRYPTOCURRENCY
That Bitcoin is so similar to the Szabo sketch from 2005 is part of the reason why many people wonder if it is Nick Szabo who is indeed Satoshi Nakamoto himself. The former, however, has denied this several times, and the godfather of cryptocurrency remains anonymous to this day. Launched in 2009, Bitcoin was the world’s first successful attempt at a decentralised cryptocurrency.Just as the seashell chains Szabo had written about in 2002 as the origin of money, Bitcoin was designed as a chain of blocks. Each block consisted of information about the relevant money transfer – ie the transaction. And each block could only be verified and added to the chain using the decentralised network. New blocks were extracted using the Proof-of-Work algorithm – solving cryptographic problems, which ensured that the value of each new device could not be falsified. Satoshi Nakamoto succeeded in creating a truly decentralised currency, which is still the largest on the market today.
The components: What does cryptocurrency consist of? But what does cryptocurrency really consist of? How are these digital money systems structured? Let’s take a look at the four most important components of cryptocurrency and how they work.
BLOCKCHAIN: THE CHAIN ON WHICH ALL CRYPTOCURRENCY TRANSACTIONS ARE REGISTERED
Without the blockchain, we would not have had cryptocurrency. It’s that simple. It is this digital chain of blocks – think of them as building blocks with content – that makes it possible to create, extract and use decentralised money in practice. And a blockchain is exactly what it sounds like: a long line of electronic pieces of information stuck together. A block consists of many different things. And it can also consist of a lot of weird stuff. There does not necessarily have to be transaction information inside a block. But the common denominator for all cryptocurrency blocks is that they contain information that says something about who sent, who received, and how much was sent. In addition to the actual transaction information, however, there are two other things in the block; the two things that make cryptocurrency based on blockchain so revolutionary. The block contains two keys, or two hashes , which act as signatures. One hash belongs to the previous block; the other belongs to the new block. And the only way to add the block to the chain is if it is confirmed by the nodes on the network.
THE NODES AND USERS ON THE NETWORK
A blockchain depends on a network to function. The network ensures security and stability – and is decentralised, which is one of the basic ideas of cryptocurrency. A node is a user on the blockchain network. This is a person, behind a computer, who helps to confirm new blocks into the block chain.
The more nodes that are active on a cryptocurrency network, the more decentralised the blockchain will be. Therefore, it can also be said that with more nodes, a safer and stronger network is ensured; then there are several computers that need to be cracked in order to successfully attack the chain. The nodes are responsible for adding new blocks to the chain. The active users compete to win, or win, a new block – that is, a new unit on the chain – in order to confirm the transactions it contains. The information is then distributed to all other nodes in the network, which then update their documentation about the blockchain. For this to work, the nodes are dependent on confirming the transactions in new blocks based on a common reference. They do this using the transaction ledger of the relevant cryptocurrency.
CRYPTOCURRENCIES TRANSACTION LEDGER:
What makes cryptocurrencies so special is that their transaction ledgers are public and distributed. In a traditional payment system, there is a centralised third party who sits on the transaction information; your bank, PayPal, government agencies and so on. One of the weaknesses of centralised transaction ledgers is that they are easily hacked – and tampered with. Cryptocurrencies, on the other hand, have public transaction ledgers, which means that all nodes on the network have access to the information in them. This also makes it easy for the nodes to confirm or reject new transactions. By having a distributed ledger, a consensus among the nodes is achieved relatively quickly. Here we return to the signatures, or hashes , of the individual blocks. Remember that all nodes that are to confirm the transactions have access to all previous transactions and blocks. And all new blocks contain a fingerprint, a signature, from the block that came before them. If someone then tries to falsify a transaction, it will be easy to filter it out with the help of the public transaction ledger. In this way, cryptocurrency provides decentralised security in a very efficient way.
CURRENCY UNITS: CRYPTOCURRENCIES AND PRE-PROGRAMMED RESTRICTIONS
The last component of a cryptocurrency is probably the currency itself, or the entities that the protocol consists of. Part of the background to Bitcoin and the origins of cryptocurrencies is the financial crisis in 2008. Things such as inflation, excessive risk-taking among financial institutions and unsustainable handling of national economies were motivating factors for a decentralised economy. Therefore, cryptocurrency is programmed in such a way that it can not be ‘printed’ more than a predetermined number of currency units. For Bitcoin, the number is 21 million; for Litecoin it is 84 million. Although some cryptocurrencies do not have such a specific number, they still have functionality that ensures that the recovery of the currency takes time and corresponds to the value that is extracted. The currency units of cryptocurrencies have different rules for their protocols, depending on the blockchain project behind them. There will be restrictions on how small decimals they can be broken down into, as well as how they are extracted. The unit value is governed by the market and demand.
Design: How does cryptocurrency actually work?
Now that you have familiarised yourself a little more with what components cryptocurrency consists of, you are probably wondering how these interact. Then we come to the design of the cryptocurrency, or the daily operation of decentralised currency.
THE DECENTRALISED BLOCKCHAIN NETWORK
As we have seen, absolutely everything that has to do with cryptocurrency takes place at the top of the blockchain network. It is basically this technology that makes it possible to run decentralised payment solutions. The network is constantly running because it is decentralised, which means that cryptocurrency has a round-the-clock operation. When it comes to cryptocurrency, we can say that the transactions consist of information about the recipient, sender and the amount to be transferred. The transaction information is distributed to the node network, which together confirms the transaction using the public ledger. If everything is in order, the money will be transferred. In addition to confirming transactions, the nodes help secure the network, by keeping up-to-date versions of the transaction ledger. They are also responsible for adding new blocks to the chain, and this process depends on each cryptocurrency’s algorithm.
PROOF-OF-WORK, PROOF-OF-STAKE OR CRYPTOCURRENCY ALGORITHMS
If cryptocurrency is the decor and the blockchain is the building structure, the algorithm is the foundation of the house. This is the programming – the data code – that determines how a cryptocurrency should work on a daily basis. The algorithm is especially important with regard to how new blocks are extracted and added to the block chain. To extract a new block of transactions, one of the nodes on the network must solve a cryptographic task; a mathematical problem. But which node can solve this problem? This is where the Proof-of-Work and Proof-of-Stake algorithms come into play. The former is Bitcoin’s algorithm, and can easily be explained by the fact that the one with the most computing power (CPU) is the one who will have the greatest chance of ‘winning’ a new block. Think of it as a lottery; the more tickets you buy, the better chance you have of winning. Proof-of-Stake is used by Ethereum, among others. Here, however, it is not computer power that determines your lottery chances, but how many currency units you have in your wallet. In other words: How much money are you willing to invest to help secure the network and approve transactions? There are certain other algorithms, which are attempts to improve PoW and PoS, but these two are still the big ones in the cryptocurrency market.
PUBLIC AND PRIVATE KEYS: THE SIGNATURE SYSTEM OF CRYPTOCURRENCIES
If we now move back to the cryptocurrency, and how the transactions are actually carried out in practice, there is one last thing that is critical for the daily operation of the cryptocurrency. These are the public and private keys to the wallets that hold currency units. Say you want to get a wallet for cryptocurrency. This is of course a digital wallet, which is linked to your user. Still, the contents of your wallet will be public, according to the distributed transaction ledger. However, to access the wallet, and send money back and forth in it, you need a private key. This is the only one you sit with. It should also be said that the wallets of cryptocurrencies are anonymised: the public key is a combination of numbers and letters. You can think of this as an address on the internet, without any direct connection to you as a person. The only thing that appears in the transaction ledger is thus how much currency is on the associated public key.
Industry: How is cryptocurrency created?
Now we have gone through how cryptocurrency operates in the form of transactions and algorithms on the blockchain network on a daily basis. However to understand more about the basis of the cryptocurrency market, it is appropriate to familiarise oneself with the underlying industry, namely the extraction of blocks and cryptocurrencies.
CRYPTOGRAPHIC PROBLEMS AS A STARTING POINT FOR CREATION
Let’s go back to Nick Szabo and his fascination with seashell jewelry. Szabo argued that the reason this type of currency is more favorable than today’s paper money is the effort required to produce it. It takes more time to extract shells from the sea and grind them than it takes to print a few thousand pieces of paper. In Szabo’s proposed bit gold system, it was therefore important that the recovery of the value units should be difficult enough for the value to be maintained. On the blockchain, this is done by solving mathematical, or cryptographic, problems to extract a new block. It will therefore be challenging to gain access to more blocks, and more cryptocurrency. Thus, no new block will be released until the mathematical problem is solved. The degree of difficulty increases in line with emissions, which counteracts inflation and ensures that it is not possible to ‘drain’ the pre-programmed fixed unit quantity too quickly.
MINING TEAM AND INFLUENCE ON THE NETWORK
As we just mentioned earlier, there are many nodes competing to solve the mathematical problems, and thus win each new block. Depending on the algorithm system used, it will be either data power or wallet size that determines the chance of accessing a new block. In a Proof-of-Work system, it is the computing power that gives you the greatest chances of winning. This has led to the creation of so-called mining teams, where several nodes work together to extract new blocks. When Bitcoin was launched, a normal computer could dig for blocks; now there is talk of relatively large investments in computer equipment to have something to contend with increasingly difficult mathematical equations needed to be solved to mine coins.. Therefore, the nodes work together, and today there are huge mining teams with a correspondingly large computing power and capacity to extract blocks. This has received some criticism with regard to the decentralised network. When a mining team becomes large enough, it has a great influence over the blockchain, and access to a lot of cryptocurrency. You get similar problems in a Proof-of-Stake system. There are no mining teams here, but it is still the largest wallet that has the greatest chance of winning. Recent blockchain projects, with their associated cryptocurrencies, seek to address both PoW and PoS issues.
SO WHO EARNS CRYPTOCURRENCY?
Although blocks in the blockchain and cryptocurrency are closely linked, they are not one and the same thing. Cryptocurrency is the associated value unit of a blockchain. Ethereum, for example, is much more than just Ether. So what do the nodes have to gain from extracting new blocks? Each blockchain has its own system for how the nodes, which secure the network, are to be rewarded. For some cryptocurrencies, it is in the form of transaction costs for all transactions in a new block. For others, there is a fixed amount of cryptocurrency per block. Just as a shareholder receives a return on their investment, the nodes of a blockchain network will be rewarded according to the work they contribute. Look at the cryptocurrency as a form of pay for ’employees’ in the blockchain network. How lucrative it is to extract cryptocurrency depends on several things. The competition is of course important; the greater the competition, the harder it will be to win a new block and the associated reward. But the design of the cryptocurrency is also important, and this depends on the creators of the blockchain project.
Applications: What can you use cryptocurrency for? Now you should have a relatively good overview of how cryptocurrency, and the underlying blockchain technology, works. Cryptocurrency is today an industry worth hundreds of billions of dollars. So what is this digital money used for?
CRYPTOCURRENCY FOR ANONYMISED AND SECURE TRANSACTIONS
Bitcoin, the very first cryptocurrency, was solely a decentralised payment system. And when it comes to cryptocurrency, ie not blockchain technology, the main purpose is precisely anonymised and secure transactions. There are several advantages of cryptocurrencies that make them particularly favorable compared to traditional banking transactions. They are irreversible Because the blockchain is based on sequencing – that each new block is added to the existing chain – it is impossible to change a transaction once it has been completed. This means that cryptocurrency transactions cannot be tampered with. Once registered, the information is in a public transaction ledger to which the entire network has access. They are fast and global Have you ever transferred money internationally? The amount of intermediaries the funds have to go through before they reach the recipient leads to an extreme transaction inertia. Cryptocurrency transactions are run on the global, decentralised network, and are transmitted directly from sender to receiver. Where in the world these two people are is unimportant. They are safe Keep in mind that the transaction ledger is available for all nodes on a blockchain network that is the basis of a cryptocurrency. If someone tries to crack this network, a distributed ledger means that the attacker must crack every active node. This is in principle an impossibility, and no one has succeeded so far.
TRANSACTIONS WITHOUT INTERMEDIARIES: CRYPTOCURRENCY IN THE BUSINESS WORLD
One of the other unique features of cryptocurrency transactions is that they are executed without any intermediaries. The way we run banking services today, we are dependent on a third party; a bank, a payment system or the like that we put our trust in with our money. When it comes to cryptocurrencies, you only need to rely on the network. In the business world, therefore, cryptocurrency opens an ocean of opportunities. Imagine that a company in The Netherlands wants to do business with a company in Brazil. Today, all money transfers have to go through at least two banks – and probably take many days. With cryptocurrency, the transactions are almost immediate, and go directly from the Chinese company to the Brazilian one. Furthermore, they have minimal transaction costs, which also makes them attractive to the business world. With an increasingly global world market, there is a great demand for simple and fast payment solutions, which can be used across continents. Cryptocurrency offers such a solution.
CRYPTOCURRENCY AS THE BASIS FOR THE WORLD ECONOMY OF THE FUTURE
The dedicated cryptocurrency enthusiasts are confident that with cryptocurrency we have found the basis for the world economy of the future. That cryptocurrency is the natural next step for gold, paper money, and electronic money. The potential is definitely there. With a decentralised and worldwide network, there are really no restrictions on cryptocurrency. As long as the blockchain is designed in such a way that it can be scaled according to increased demand, it can grow enormously. Nor should we forget that billions of people today do not have access to ordinary banking services. However, there are very many fewer who do not have access to a mobile phone and internet – which are the only two things you need to use cryptocurrency. As computer crime is becoming an increasing problem, it is also not difficult to envisage a world economy based on a decentralised and secure network. However, there are several major challenges with cryptocurrency with regard to both the international and national economy as they stand today.
Criticism: The problems with cryptocurrency
CRYPTOCURRENCY IN ORGANIZED AND REGULATED NATIONAL ECONOMIES
Our banking systems are in many ways based on regulation and organisation. When everything is centralised, it is also a lot easier for governments to retain order within monetary systems. Then all of the transactions go through a bank or similar institution that is obliged to report on a number of different things. How does cryptocurrency fit into this structure? When funds can be moved around the world in minutes, directly from sender to receiver, national economies will quickly have a problem providing an overview of cash flow. Then things like taxation and income reporting become a huge challenge. The beginning of this conflict has already been seen. Some countries have virtually banned cryptocurrency, others have imposed severe sanctions on trade, while others still struggle to keep up with the times. If cryptocurrency is to really become the basis for the economy of the future, these two systems must be consolidated in one way or another.
THE PARADOX BETWEEN THE BASIC PRINCIPLES OF CRYPTOCURRENCY AND THE WORLD ECONOMY
The main challenge in this regard is the basic principles on which cryptocurrency is built. For banks and other traditional financial institutions to function, they depend on transparency and transparency in the transactions they process. It is not enough to just know that x amount of money was transferred from Person A to Person B. The bank must know who the persons are. They need to know where the money came from and where it went from there. Preferably, they should also know what the money was used for, so that they can report any breaches of financial legislation. Cryptocurrency transactions are based on anonymity for users. It goes without saying that the two components of this paradox do not work together. There are very many aspects of the traditional financial system worldwide that stand in stark contrast to the basic ideas of cryptocurrency. Similarly, there are several things about cryptocurrency that simply do not work in today’s banking services. That is why we are facing a major challenge. As more and more people start using cryptocurrencies, banks are rushing for solutions for reporting and systematisation. And somehow these two structures must find a way to coexist.
THE DARK SIDE OF CRYPTOCURRENCY: THE SILK ROAD AND THE PROBLEM OF ANONYMOUS TRANSACTIONS
Silk Road was an illegal online marketplace that traded in drugs, weapons and child pornography to name a few of the illegal types of transactions. The payment method on this site was Bitcoin. Users remained anonymous and could buy whatever they wanted without the transaction being traced back to them. While one can of course argue for the right to individual privacy, this is something quite different from an economy worth billions of dollars that is 100% based on anonymity. When transactions are allowed to be anonymous, illegal activity abounds. There were many who had not heard of Bitcoin before Silk Road came into the spotlight, and it took the cryptocurrency a long time to repair its reputation. Anonymous transactions are one of the biggest challenges in the consolidation process between existing and new, decentralised financial systems. There must be some connection between the transactions and the people who deal with them. At the same time, the transaction ledger for cryptocurrency is public, which also creates problems with regard to data protection.
VALUE TURBULENCE ON THE CRYPTOCURRENCY EXCHANGE
Few things have received as much focus and publicity as the value turbulence on the cryptocurrency exchange. Cryptocurrency is, as we have seen in this guide, a completely unregulated form of value unit. There is thus no central bank that ensures that the value remains stable. Here, it is the market forces that prevail, and they can sometimes be very aggressive. This is also one of the reasons why cryptocurrency has received a lot of criticism. How can one trust a system that is not stabilised in any way? Where, in principle, one can lose all their money overnight, without financial security? The value turbulence of cryptocurrency is another major challenge for the new digital money. If people are to digitise and decentralise their income, there must be some form of security; a stability you can trust. As the cryptocurrency market looks today, this security is non-existent.
The future: Where is cryptocurrency heading? Whether you are an optimist or a pessimist, there is no doubt that cryptocurrency is here to stay. However, it is a challenge to state anything concrete about how far this market will move, and where it is headed.
THE NEED FOR GLOBAL PAYMENT SOLUTIONS.
One can still say with certainty that the need for global payment solutions is only growing bigger and bigger. As all the continents of the world will need to carry out financial transactions with each other, there will be no waiting time of several weeks and trust in several banking institutions. PayPal and Western Union are among the fastest payment solutions available on the market today. And yet there is no doubt that both systems are a thing of the past. Transaction costs are significant, and you are still dependent on trusting a third party to complete your transactions. We mentioned earlier the many people in the world who do not have access to a bank account. With the speed of digital development and innovation, traditional and existing economic systems are unable to keep up. Sooner or later, these people will need payment solutions that do not require a fixed income or bank account. New cryptocurrencies are also constantly emerging, often trying to solve the problems of existing cryptocurrencies. But which currency and algorithm ends up at the top – which will be the preferred cryptocurrency or the preferred cryptocurrencies on the world market – only time will tell.
OPTIMISTS AND PESSIMISTS: VALUE SPECULATION FOR CRYPTOCURRENCY
When it comes to value speculation for cryptocurrency, one can clearly distinguish between the optimists and the pessimists. The former are convinced that cryptocurrency, and the underlying blockchain technology, is the future. These people believe that we have only seen a fraction of the potential of cryptocurrency for the world economy. Pessimists often compare cryptocurrencies to different bubbles from history; the 17th-century tulip mania, the dot-com bubble of the 90s, the housing bubble of the United States in 2006. These people are convinced that it is only a matter of time before the whole industry, and its underlying technology, completely collapses however do not take into consideration how un sustainable the current economic model is based on never ending growth in a resource finite World. When it comes to cryptocurrency, it is important to find out what you believe in yourself. There is no doubt that a good number of people have made a fortune on price developments. At the same time, there are people whose personal finances are ruined by cryptocurrency investments. As a rule of thumb, you should definitely be prepared to lose all your investment when buying cryptocurrency. It is also a good idea to always familiarise yourself with the underlying blockchain project that you in practice invest in when you buy cryptocurrency. Because it is by no means the case that money transactions are the only potential use for the blockchain.
THE POSSIBILITIES OF THE BLOCKCHAIN
Basically, the blockchain is about decentralisation. Initially, the technology has been used to decentralise currency. Still, there is nothing to prevent you from decentralising other things as well – everything that has a value can technically be digitised and secured on a blockchain. Therefore, the possibilities of the blockchain, if one has faith in the technology behind it, are endless. Imagine political choices on the blockchain. Real estate on the blockchain. Legal services, Health documents and digital services on the blockchain. If something has a value, and this value can get a digital certificate that is valid worldwide, it can be decentralised. Then the value is secured, all transactions associated with the value are public in the transaction ledger, and no one can tamper with it. Cryptocurrency was the beginning of the age of decentralisation, but all trends suggest that we still have a long way to go to the digital economy of the future.
Sources: How to Make A Mint: The Cryptography of Anonymous Electronic Cash, NSA. http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm#1 b-money, Wei Dai. http://www.weidai.com/bmoney.txt Shelling Out: The Origins of Money, Nick Szabo. http://nakamotoinstitute.org/shelling-out/ Bit Gold, Nick Szabo. http://nakamotoinstitute.org/bit-gold/ How Does the Blockchain Work? Michele D’Aliessi https://medium.com/@micheledaliessi/how-does-the-blockchain-work-98c8cd01d2ae What is Blockchain Technology? Blockgeeks https://blockgeeks.com/guides/what-is-blockchain-technology/ Blockchain: Massively Simplified, Richie Etwaru https://www.youtube.com/watch?v=k53LUZxUF50 Blockchain – Technical Details, Imperial College of London http://www.doc.ic.ac.uk/~ma7614/topics_website/tech.html
How do you know if a translation agency offers quality? 10 Tips
Many people and companies all over the world need a good translation agency, especially when it comes to a certified translation agency or an English translation agency.
Experienced professionals who have been working in the business world for any length of time know the importance of a good professional translator, often through a legal translation agency because they know they will get beter quality.
Good communication has become ever more essential, so read these tips to find the right translation agency that can actually offer good quality.
Need a professional translation agency? How do you seek out quality…
The longer a translation agency has been established, the better, especially if it is a sworn translation agency. An experienced agency handles a wide variety of professional translations, and they won’t shy away from a challenging translation request. If a translation agency has previouse experience with a variety of translations, they know how best to perform a certain task. But even a relatively new agency can do a good job if their professional translators have years of experience – after all, the translators are the ones who do the work for you. If an agency is brand new, be sure to ask for their translators background.
It’s worth checking into the website of a translation agency or a professional translation service. Review the customers and the comments of satisfied customers to get an idea of their strengths and their clientèle.
3. Quality assurance
A good question to ask yourself is what procedures are in place to guarantee a professional translation. Depending on your needs, check whether the services of your translation agency take measures to ensure a high-quality translation, such as:
The Translation Process
How is the document handled before a translation is sent to the client? Some form of assessment should be the standard procedure for a professional translation. The translator should look at each document with a second pair of eyes to verify it for typos, grammar and accuracy.
This is an absolutely necessity, especially if you’ve received a translation from an unknown agency and are unsure of the quality of the work. Most translation companies offer proofreading services to improve a translation done elsewhere.
A translation into English must be appropriate for the country where it is read. There are differences between the English spoken in the United Kingdom, the United States, Australia and many other countries. You want the person reading the target language to feel “at home” when reading your document. Providers of quality document translation services will be on the lookout for these variations in language and differences in cultures, please search for “English translation agency” when using search engines to find a quality service..
A good professional translator takes language style into account in accordance with the type of text and the type of document encountered. An advertisement text has a different style (chatty, simpler, more convincing) than a legal document, while the style of a scientific document (very accurate, suitable for experts in the field) does not look good for a tourist website with a chatty kind of text .
In any case, it is essential to keep the following in mind: your professional translator must be a native speaker of the target language. If not, have a native translator proofread the document for you (see above). Failure to do so may result in a confusing document that is in some places incorrect or just not pleasant to read. Whatever the purpose for your document, you never want the person reading it to puzzle over what it means, or worse, stop reading it. There are countless subtle aspects that a native speaker will process that a non-native speaker can easily miss.
If your topic is legal or highly technical in nature, ask if you can get a certified translation or if the translator is indeed certified. This type of accreditation is not necessary for all translation tasks, but it gives you the assurance of a more than adequate level of skill and professionalism.
For specialized documents, find a translation agency that offers translators with expertise in a variety of areas, such as law, technology, medicine and financial documentation. Each technical topic has its own specific jargon, which not every translator will be well versed in.
For a translation agency to be effective, the communication must be right. When a translation is processed, communication is of the utmost importance. When choosing a translation agency, you must take into account their reaction time. How quickly does the agency respond to a request or answer a question? Is the translator open to perform additional services such as audio or video transcription if required? Are they willing to go the extra mile for you?
For your part as a customer, provide as much information as possible about the intended reader of your document, why you need a translation service and what your ultimate goal is. Do you provide instructions that are easy for everyone to understand? Are you selling a product? Are you wanting to convince someone of your point of view? Are you informing the public about a health issue? Are these documents directed at a court? This kind of information helps you find the right translator. Also share with the translator in which medium or media the document is being read. Are you printing a manual for a device? Is an article being printed in a magazine? Is it a website for tourists? Are you making a radio or TV announcement? The medium influences the message, and certainly as much as on the type of translation and translator you need.
6. Software and translation memory
Most of the time, you don’t have to worry about the kind of software your translation service uses, but if you have a particularly large job or many repetitive tasks of the same type, Computer Assisted Translation tools can make a difference. Technical topic translations can benefit from a glossary of specialized terminology, and features such as a translation memory or a knowledge base maintained by expert translators can be a lifesaver for large jobs. Dedicated translation software may provide consistency in repeatedly used terminology over many different documents. If your document spans hundreds of pages or more, or if you need to have some type of document translated regularly over time – perhaps years – ask if your translator uses translation tools.
7. Security and Confidentiality
If your translation is related to a sensitive legal matter or contains information that your company considers confidential, security and confidentiality is essential. Ask if the translation agency and its professional translators have signed or are willing to sign confidentiality agreements and find out about their security procedures.
Watch out for the following when looking for translation services …
8. Machine translations
Of course you can put your text in a number of free translation websites and you will get immediate results. This is fine for writing a personal email to a pen pal, but you can’t count on a good result for more formal, business so look for a professional certified translation agency.
As advanced as computer technology is these days, language is even more complex, and computer translations generally still don’t go beyond simple sentences and topics. An automatic translation can lead to a hopeless number of smaller and larger errors in your document and often valuable time is spent drafting it
9. Cheap translations
You can get a good translation without spending a ton of money, but be very careful about judging a translation service on (low) cost alone. You get what you pay for.
We all know what it’s like trying to assemble a piece of furniture with a badly translated set of instructions or how confusing it is reading the badly translated instructions that come with a kitchen appliance. Such as: “Unplug the power cord after a you’ve been charged” or “Check the voltage with agreement to physically” or “Understand in advance, because responsibility cannot be taken about the accident in the event”.
These translations look like a bargain in terms of price, however it’s clear that the companies paying for them didn’t care much about the person ultimately reading them. But also, legal documents for example are often not understood by an ordinary professional translator and it becomes clear that a specialist must be involved.
In other words, if cost is your only guide you will run into problems with translation tasks. The web is full of these kinds of examples; make sure your translation doesn’t end up on one of these sites
Finally, the quickest way to get it wrong is to rush the process without taking due care and attention in the first place. Haste creates mistakes. Follow these tips to make sure you hire a professional translator who provides excellent translation services instead of entrusting your work to the first person you meet. You don’t have to spend hours on this, but a little forward planning will save you a ton of hassle and trouble in the end.
When do you need a certified translation and not just a standard one?
The Legal Purposes
Firstly, In this article I will explain the different reasons and situations that determine when you need a certified or as some call it, a sworn translation instead ofa regular translation that may be done by a native speaker and not a qualified legal linguist.
Secondly, I will explain its importance, simply put, Certified translations are usually a necessity for all kinds of legal purposes so let’s explore that in a little more depth.
Importantly,when it comes to documentation used in court hearings and proceedings. For example, evidence and litigation documents written in a foreign language, it is a requirement that this must be translated and certified by a professional translator.
Furthermore, it is important to keep in mind that when you are asked to file documents with a government entity or legal authority, they often need to include certified translations as well.
When it comes to the legal starter in any country, immigration is a specific sector that usually requires certified translations of personal documents for verification purposes.
A court or legal entity will not recognise a translation that may have been done by the applicants own family for example, it must be translated by a lawyer specialising in translations to be taken seriously.
Furthermore, the translations must be in the official language of the country who receives them, the end user if you will.
When it comes to foreign students who wish to continue studying in other countries, they are often required to provide certified translations of their academic documents such as their diplomas, grade lists and other supporting documents, along with statements and recommendations from their school.
Moreover, some colleges and universities require that applicants submit the original copy of the curriculum of their studies along with the certified translation.
It’s important to always confirm the list of documents that the institution requires so that you don’t lose time; as this with this it may delay the processing of your study application.
Doing business abroad
Now we move into a very important sector when it comes to sworn/certified documents.
Globalisation has opened a multitude of new doors to companies around the world who are now able to compete in the international business world.
Importantly, to facilitate the processing of business inquiries abroad, for example, financing a project via a foreign bank or verifying a business plan ect, it’s often necessary to provide certified translations of corporate and business documents.
This may include contracts, financial reports, articles of association, patent applications and other business-related documents.
You can imagine the mess the business world would be in if these kinds of documents were not certified, it would mean anyone could submit any old pieces of paper they come up with to push a project through.
Employees from abroad
Along these same lines, companies employing international staff, as well as partners and agents, may require that certified translations of certain documents are produced, including passports, visas, bank statements and medical records.
Companies need to know that people are who they say they are before employing a person who may not have the best intentions for that said company.
This is where you can pretty much guaranty you will need a professional legal translation service if you want your documents accepted as genuine.
Certified translations are a normal requirement for legal transactions with government agencies abroad.
You need to make sure you get high-quality certified translations by choosing a reliable translation agency with professional translators who are experts in certified translations.
The accuracy of the certified translation is one of the factors for smooth processing of your specific request.
Documents that require a certified translation
Interestingly, different countries have their own rules and regulations for the translation of official documents.
Certified translations, often required by various government departments, are often used in the United States for immigration purposes. The USCIS requires that all documents written in other languages have certified translations in English.
A certified translation comes with a certificate stating that the translator has translated the document accurately to the best of his or her knowledge and the document has been stamped, signed and certified by the translator.