The development of cryptocurrency has become one of the most important innovations of the twenty-first century. The impact of the digital currency becomes so huge, that the topic becomes relevant for all the population, not only those interested in finances and economy. This is proven by the latest update of the best-known dictionary of English – Oxford. On October 9, the dictionary announced that they add the word “Satoshi” which is the term for the smallest Bitcoin (BTC) unit. Let’s figure out more about this and other examples of crypto jargon in standardized English language.
On October 9, 2019, Oxford English Dictionary announced the latest update of their source which now also includes the term “satoshi”. According to the freshly published definition, “a satoshi is the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the—probably pseudonymous—developer(s) of Bitcoin.” The blog of the dictionary also notes that the word has been in use for seven years now.
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Are there other cases of crypto-related jargon in dictionaries?
Interestingly, “satoshi” is not the first case of crypto jargon in standardized English dictionaries. Previously, in 2013, Oxford has already added “Bitcoin” which is defined as “a digital currency in which transactions can be performed without the need for a central bank.” In 2014, the same dictionary has also accepted “cryptocurrency” as an English word. These cases occur not only with Oxford English Dictionary. In 2017, “Bitcoin” became the term of a year by the version of Investopedia, a popular encyclopedia-like online learning resource.
What does this tendency mean?
Thus, it becomes clear that more and more specific words become widely used by the speakers of English. The inculcation of crypto jargon in the language means that this sphere becomes more influential in the lives of average people. Nowadays it might not be so obvious, but in several years our banking system will change completely, and these changes start with such tiny innovations, as the update of the dictionary.
The language always reflects the latest trends in the human lifestyles. As the technologies are developing rapidly, our lives are characterised by the constant changes and innovations. This also affects the language we speak. While several decades ago the word “computer” was understood as a weird neologism, nowadays it is used daily by millions of people around the world. This shows how the new concepts and objects become the usual part of the daily life. Therefore, we can only imagine how cryptocurrencies will affect the world in the future. But no doubt that this effect would be noticeable.