Merriam-Webster Dictionary Adds Further Validation To Cryptocurrency

Cryptocurrency is a hot topic around the financial space. Even technology junkies enjoy discussing the topic. However, as a new form of currency, many look at the crypto space as invalid or illegitimate. Nonetheless, governments are beginning to recognize and work to regulate the space, retailers are beginning to accept cryptocurrency as a payment method, and now it seems as though even the Merriam-Webster Dictionary is adding validation to the world of cryptocurrency.

In fact in a recent monthly update, the online version of the Merriam-Webster Dictionary has seen the addition of several crypto-related words. These include blockchain, cryptocurrency, initial coin offering, and more. In a statement, Stavros Lambouris, CEO at HYCM Europe, a leading financial markets broker supporting cryptocurrency trading, had the following to comment:

“We are seeing more and more examples of validation of cryptocurrency and the technology that keeps cryptocurrency alive just about every day. As the concept of cryptocurrency becomes ingrained in the day to day lives of those in the financial sector, and eventually, your every day investors, consumers, and businesses, we will continue to see further validation of the sector as a whole. The recent addition of crypto-related terms to the Merriam-Webster Dictionary is the most recent example of this taking place as we speak.”

The Most Important Definitions Added

Merriam-Webster added several cryptocurrency related words to its online dictionary. However, among the many added, the most important include:

Cryptocurrency - The term cryptocurrency itself was added to the dictionary, further validating it as an asset. Here’s how Merriam-Webster defines the word cryptocurrency:

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, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.

Blockchain - The world’s most trusted dictionary also gave credit to the technology that houses cryptocurrency, blockchain. Here’s how the Merriam-Webster dictionary now defines 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; also: the technology used to create such a database.

Cryptography - Finally, the word cryptography, such an important word that the term cryptocurrency was the result of a play on this word, was added to the Merriam-Webster dictionary. Here’s now it is now defined:

1. secret writing

2. the enciphering and deciphering of messages in secret code or cipher; also : the computerized encoding and decoding of information

3. CRYPTANALYSIS

Why This Is Important

While at first glance, the idea that cryptocurrency-related terms were added to the Merriam-Webster Dictionary may not seem like much of a big deal, that notion couldn’t be further from the truth. The reality is that this is a key validation because of what it takes for a term or word to be added to the Merriam-Webster Dictionary. The process is best explained by Emily Brewster, associate editor at Merriam-Webster. Here’s what she recently had to offer:

“In order for a word to be added to the dictionary it must have widespread, sustained, and meaningful use… These new words have been added to the dictionary because they have become established members of the English language, and are terms people are likely to encounter.”

That statement says a whole lot. 10 years ago, cryptocurrency was more of a concept than an asset. However, today, it is likely a word that just about everyone will hear when speaking the English language at some point in life. That’s a big leap for any brand or concept, let alone an entirely new monetary system!

Final Thoughts

With the addition of cryptocurrency-related terms to the Merriam-Webster Dictionary, we’re seeing yet another point of validation for the cryptocurrency space as a whole. This is a big win for those involved in the sector and hoping that it thrives.