Merriam-Webster adds cryptocurrency and other related buzzwords to its dictionary |

Merriam-Webster adds cryptocurrency and other related buzzwords to its dictionary

Peter Terlato 5 March 2018 NEWS

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.

Should you or shouldn’t you buy the latest cryptocurrency or token? This is one of the most common questions posed to one of the leading officials at the United States’ Securities and Exchange Commission (SEC).

New York hip-hop legend 50 Cent may have falsely bragged about owning millions worth of bitcoin but west coast recording artist and entrepreneur Nipsey Hussle has been advocating the rising value and expanding importance of cryptocurrencies for years, emphasizing that it’s not as complicated as some people suggest.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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