Merriam-Webster Adds ‘cryptocurrency,’ ‘blockchain,’ ‘ICO’ To Dictionary

Merriam-Webster, one of America’s most popular dictionaries, has added 850 new words and definitions to Merriam-Webster.com , including cryptocurrency, blockchain, and Initial Coin Offering, which have become highly popular in the financial world.

The dictionary defines 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..” Cryptocurrency relies on cryptography to prevent counterfeiting and fraudulent transactions.”

Blockchain: “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. It is also the technology used to create such a database.”

“an initial offering of a cryptocurrency to the public” is how the dictionary defines “ICO.”

“The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition of cryptocurrency as well as an entry for initial coin offering, which refers to the first sale of Bitcoin-like digital currency,” Merriam-Webster said in its statement.

The website also added a new definition to “Unicorn,” which is normally a mythical, usually white animal. As per the dictionary, a Unicorn is also a start-up that is valued at one billion dollars or more, the term often used by venture capitalists. It has also added “microcredit” and “microfinance.”

Some other words added on the website included “chiweenie” – a cross between a Chihuahua and a dachshund; “dumpster fire” – a disastrous event; and “harissa” – a spicy North African chili paste.

by RTT Staff Writer

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