“The language doesn’t take a vacation, and neither does the dictionary”. With these words, Merriam Webster announced the addition of 850 new words to its dictionary on Monday, March 5. The new entries included “Blockchain”, “Cryptocurrency” and “ICO” which gained widespread attention last year following the historic rise of Bitcoin prices.
The dictionary company gave an insight into how they come about the new words that are added to the dictionary. In their blog post titled “The Dictionary got a lot bigger”, they explained that if a word is used frequently enough by some, then they have a place in a reference for all. They continued; “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.”
Among the crypto-related words added to the dictionary are some finance-related words like unicorn which is a start-up that is valued at one billion dollars or more, microfinance and microcredit.
Their definitions for the new words were interesting and give a basic meaning of the words which newbies will find handy.
[perfectpullquote align=”left” bordertop=”false” cite=”” link=”” color=”” class=”” size=””] Cryptocurrency noun cryp·to·cur·ren·cy \ ˌkrip-tō–ˈkər-ən(t)-sē , –ˈkə-rən(t)-sē \ :
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. [/perfectpullquote]
[perfectpullquote align=”left” bordertop=”false” cite=”” link=”” color=”” class=”” size=””] Blockchain noun block·chain \ ˈbläk-ˌchān \ :
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. [/perfectpullquote]
[perfectpullquote align=”left” bordertop=”false” cite=”” link=”” color=”” class=”” size=””] ICO noun \ ˈī–ˈsē–ˈō \ :
an initial offering of a cryptocurrency to the public : initial coin offering. [/perfectpullquote]
‘Bitcoin’ was already added to the dictionary in 2014 while “Altcoin” and “Ethereum” are still absent from the dictionary. The article did not give the complete list of newly added words.