The Oxford English Dictionary (OED), which calls itself “the definitive record of the English language”, has added the word “satoshi” to its database.
The OED follows the development of the English language over the past thousand years. Furthermore, it “provides a comprehensive resource to scholars and academic researchers, as well as describing usage in its many variations throughout the world.”
According to a blog post by the OED about its latest quarterly update, “satoshi” was the most recent addition. Here is the official definition:
“The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.”
And here is what the entry for “satoshi” says about the etymology of this word:
“the name of Satoshi Nakamoto (reportedly born in 1975), to whom the introduction of the Bitcoin system is attributed, presumed to be a pseudonym for one or more unknown persons”
As for the word “cryptocurrency”, this is how OED defines it:
“1. An informal, substitute currency. rare. 2. Any of various digital payment systems operating independently of a central authority and employing cryptographic techniques to control and verify transactions in a unique unit of account; (also) the units of account of such a system, considered collectively.”
If you want an in-depth explanation of these words, check out our Learn more section on our website.