“Satoshi” is now an official word
The Oxford University Press has updated its dictionary and cryptocurrency is highlighted
Every quarter, the Oxford University Press releases an update to its dictionary. It has just published the latest official additions to its ever-growing database and cryptocurrency continues to become a regular part of the English language. According to Oxford, satoshi is now a legitimate word.
The wordsmiths at Oxford have defined satoshi as the “smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.” That division came about in 2008 when Satoshi Nakamoto, the creator of Bitcoin, discussed how to approach the digital currency in terms of financial distributions. The actual term Satoshi to define that division was suggested two years later and it stuck, with Satoshi later altering the meaning to identify a one-hundred millionth unit.
In recent times, going back to 2014, there have been a number of words added to the dictionary out of the crypto space. Bitcoin was the first in 2014, followed by miner, blockchain and cryptocurrency. Bitcoin, which was recognized as the 2017 Term of the Year by Investopedia, is defined as “a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.”
Despite the integration of the term satoshi in everyday talk about cryptocurrencies and measurements, there is still no official symbol that represents its denomination. There has been a push to use some variation of the letter “S,” which would be fitting since cryptocurrency is meant to be an alternative to the US dollar.