Crypto Dictionary: The Basics According To Oxford Dictionary
By MamaeCrypto Michelle M. on ALTCOIN MAGAZINE
It is very easy to find crypto-related words and definitions on Wikipedia. However, the definition itself is only completely accepted worldwide, by major institutions, once it has been added as a word to the Oxford Dictionary.
So I gathered some simple words that only exist today because of Bitcoin. Definitions that have already been added to the Oxford dictionary and that will probably be recorded in history forever.
1. Cryptocurrency
A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
EX: ‘decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation’
2. Bitcoin
A type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
EX: ‘ if you want to buy something using bitcoin you need to make sure the seller accepts the cryptocurrency’
3. Blockchain
A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
‘we can actually have a look at the blockchain and see evidence of what’s going on’
4. Cryptography
The art of writing or solving codes.
5. Satoshi
“A satoshi is the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the — probably pseudonymous — developer(s) of Bitcoin.”
And for now, that is as far the Oxford dictionary goes when it comes to Cryptocurrencies and blockchain technology. They fail to mention the definition of Litecoin, Ethereum or the word alt-coin and stable-coin itself. So I did not even attempt to go much further as those two seem to be the most popular ones in the market today. Luckily they did not try to define Bitcoin Cash either. On another note, I did find the meaning for computing Fork which I thought was quite nice: Split (a process) into two or more independent processes. I hope one day they get to distinguish between a soft and a hard fork.
One of these days I will make sure to add more popular definitions that we often use when talking about crypto in the real world. There are certainly many words, terms, and slangs that are now part of our popular culture.
All my best,
MamaeCrypto
By: Michelle Mafra (MamãeCrypto)
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