Rethinking The Way We Call Our Products
Language is powerful.
It shapes the way we perceive concepts, objects, and situations in our daily lives.
In the dynamic world of cryptocurrency, security is paramount. As more individuals embrace digital assets, the need for reliable storage solutions becomes increasingly evident. We have recently made an intriguing decision to reposition our products from being referred to as “Ballet REAL Series Wallet “ to “Ballet REAL Series Cold Storage”. In this blog post, we will explore the rationale behind this subtle language shift and its implications for the cryptocurrency community.
Understanding Crypto Wallets:
Before we delve into our reasoning, let’s take a moment to understand the concept of crypto wallets. In the simplest terms, a crypto wallet is a digital tool that allows individuals to securely store, manage, and transfer their cryptocurrencies. These wallets come in various forms, such as software applications, hardware devices, or even paper.
Traditional wallets, both physical and digital, have been popularly used to carry and store currency. In the crypto realm, however, wallets function differently. They don’t store actual coins but rather secure access to the blockchain network, where the ownership and transactions of cryptocurrencies are recorded. Crypto wallets comprise public and private keys, with the latter being the crucial piece needed to authorize transactions.
Ballet’s renaming shift to “Cold Storage”:
Now, let’s explore our decision to reposition our product from being called “Wallets” to “Cold Storage.” This move highlights an essential shift in terminology and perception, emphasizing the primary purpose of the product — to serve as a secure storage medium for cryptocurrencies.
The term “Cold Storage” refers to an offline method of storing digital assets, ensuring they are kept away from potential online threats like hacking and malware. In contrast, “Hot Wallets” are connected to the internet and provide convenient access for regular transactions. By adopting the name “Cold Storage” we aim to communicate the enhanced security measures their product offers.
The shift is also aided from the thousands of people we’ve interacted with over the years. Many are still siloed in their misguided understanding of wallets being only those hot wallets on your phone or on your browser extension. These same users can’t fathom how a crypto wallet (or private key) can live offline on a physical object. Despite the reciprocation of our explanation to those same thousands of people, the disconnect is still there. We hope this renaming strategy can quell the misconfusion of those same people who’ve contributed to our decision.
Why the Shift Matters:
The decision to rebrand crypto wallets as “Cold Storage” has several significant implications. Firstly, it creates a clear distinction between Ballet’s product and traditional wallets, which may be prone to vulnerabilities associated with digital storage. By emphasizing the “Cold Storage” aspect, Ballet aims to instill confidence in their customers that their cryptocurrencies are stored offline, away from potential cyber threats.
Secondly, this shift in terminology addresses the concerns of those who might be skeptical or unfamiliar with the technical aspects of crypto wallets. The concept of a card resonates with a broader audience and is reminiscent of traditional financial tools like credit or debit cards. This relatability makes Ballet’s product more accessible and easier to understand for individuals with an intermediate level of knowledge regarding crypto wallet technology.
Our decision to reposition their product from “Wallets” to “Cold Storage” demonstrates a thoughtful approach to effectively communicating the core benefits of our crypto storage solution. By embracing the terminology of “Cold Storage,” Ballet emphasizes the enhanced security measures our product offers, reassuring users about the protection of their digital assets.
Moreover, this rebranding effort bridges the gap between complex technical jargon and the general public’s understanding of crypto wallets. With the relatable concept of a card, Ballet’s Cold Storage become more accessible to a wider audience.
As the cryptocurrency landscape continues to evolve, the importance of secure storage solutions cannot be understated. By rethinking the way we call our products, companies like us play a crucial role in fostering trust and security within the crypto community.
To circle back to the beginning, Language is powerful. It will help shape the characteristics and behaviors of the next billion users we’ll onboard to web3.