Blockchain technology and Cryptocucrrency is revolutionizing the entire world. Digital currencies, initial coin offerings, and blockchain are getting more popular with each passing day.
The highly reputable dictionary for English word definitions, pronunciation and meanings have added cryptocurrency, initial coin offerings and Blockchain to its database of English words.
On March 5, 2018, Merriam Webster announced via a press release that it has added 850 new words, phrases and new meanings for existing words; including cryptocurrency, blockchain and initial coin offering.
The announcement reads:
“The 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.”
Emily Brewster, an associate editor at Merriam Webster, reiterated that:
“In order for a word to be added to the dictionary, it must have widespread, sustained and meaningful use. These new words have been added to the dictionary because they have become established members of the English language and are terms people are likely to encounter.”
The Merriam Webster dictionary defines Cryptocurrency www.merriam-webster.com/dictionary/cryptocurrency as 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 noun: 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.
ICO: an initial offering of a cryptocurrency to the public.
Bitcoin, the world’s number one cryptocurrency was added to the dictionary in April 2016. The popular “HODL” is yet to be made an official term but with the way things are going, it definitely would get in there soon enough.