No less than Merriam-Webster Dictionary has finally acknowledged the new cryptocurrency force that is to be reckoned with. In a recent update, the company added the terms “cryptocurrency,” “blockchain,” and “initial coin offerings” into their impressive list of official words.
So said the company in an announcement, their aim in including these terms was to help clarify “the sometimes perplexing domain of digital financial exchanges” as they open “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.”
Hopefully having these definitions will help provide clarity as to wht otherwise remain to be vague concepts, especially insofar as creating regulations are concerned. From now on, Merriam-Webster defines “cryptocurrency” as “any form of currency that only exists digitally, that usually has no central issuing or regulating authority. Meanwhile, “blockchain” is defined as a digital database used within a decentrilized network. “Initial coin offering” has yet to have a working page for its official definition.
These additions come alongside 800 new entries to the Merriam-Webster Dictionary list.