Merriam-Webster adds cryptocurrency and other related buzzwords to its dictionary
The popular definitions archive said language doesn’t take a vacation, and neither does the dictionary.
The cryptocurrency industry is becoming more recognizable each day. One of the most reputable language reference sources, Merriam-Webster, added 850 new terms to its dictionary. Among them are buzzwords tied to digital currencies and related technologies, such as “cryptocurrency”, “blockchain” and “initial coin offering”.
In a recent notice the company said that language doesn’t take a vacation, and neither does the dictionary.
The words we use are constantly changing in big ways and small, and we’re here to record those changes. Each word has taken its own path in its own time to become part of our language – to be used frequently enough by some in order to be placed in a reference for all. If you’re likely to encounter a word in the wild, whether in the news, a restaurant menu, a tech update, or a Twitter meme, that word belongs in the dictionary.
Merriam-Webster on adding 850 new words and definitions to its dictionary.
Below you’ll find Merriam-Webster’s crypto-related dictionary definitions.
Cryptocurrency: Any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.
Blockchain: A digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network; also : the technology used to create such a database.
Initial Coin Offering: The first sale of a cryptocurrency to the public conducted for the purpose of raising funds.
Bitcoin: A digital currency created for use in peer-to-peer online transactions.
While it’s likely because they are new to the dictionary, all of these words remain in the bottom 10% of words in terms of popularity, according to Merriam-Webster’s word definition rankings.
“The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition of cryptocurrency as well as an entry for initial coin offering, which refers to the first sale of bitcoin-like digital currency. Keeping records of financial transactions in a digital database as part of a publicly accessible network uses blockchain technology,” Merriam-Webster said.
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