As we all know that Bitcoin is getting much more popular and changing the payment system across the globe. One big proof of it is that it has been added to the Oxford English Dictionary (OED) with a new term to its list: Satoshi, the smallest unit of Bitcoin. This was a part of the quarterly update that the company does every three months to remains always updated with the current trend in language.
According to the report of the new blog post of the OED, the word was first used seven years ago, and the names come from the creator of the Bitcoin only, Satoshi Nakamoto.
This is not the first crypto-related word that has been added to the OED. In the year 2013, the dictionary added the term Bitcoin as well and defined it as a digital currency that can be used to perform the transactions without the need for a central bank.
The announcement notes which has been revealed:
“A satoshi is the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the—probably pseudonymous—developer(s) of Bitcoin.”
In the following year itself, cryptocurrency was also accepted as a word by the dictionary. The term was defined as a digital currency that is even encrypted and can be used to transfer the funds, as well as to operate independently as a central bank.
Some other words which are related to the crypto world include the miner and Blockchain. Some of these words, moreover, are only available in the Oxford Dictionaries Online (ODO). The main difference between the OED and ODO is that the OED never removes a word and is more focused on how the language changes over the period of time while, on the other hand, ODO is focused on its contemporary and practical uses.
Bitcoin has also been named the Term of the year in the year 2017 by the Investopedia, which is an online encyclopedia that can be used as a learning resource for the people all across the globe. Bitcoin is also been recognized as a popular decentralized payment system by the Investopedia.