The smallest unit of Bitcoin, "Satoshi," has been officially included in the Oxford English Dictionary.

Oxford University Press announced recently that the Oxford English Dictionary (OED) has officially recognized the smallest unit of Bitcoin, "Satoshi." This signifies another step towards mainstream acceptance and recognition of Bitcoin.

Satoshi Definition

The Oxford English Dictionary announced in its latest quarterly update in October this year that the smallest unit of Bitcoin, "Satoshi," has been officially recognized by Oxford University Press.

The definition of Satoshi in The Oxford English Dictionary is as follows:

Satoshi is the smallest unit of Bitcoin named after Satoshi (likely a pseudonymous developer). It is equal to one hundred millionth of a Bitcoin, i.e., 0.00000001 BTC.

In fact, Satoshi is not the first cryptocurrency-related term added to The Oxford English Dictionary. Back in 2014, Oxford University Press announced the addition of Bitcoin to the dictionary.

Cryptocurrency-related terms such as blockchain and miner can also be found in the Oxford Dictionaries Online (ODO), but terms added to The Oxford English Dictionary (OED) will be permanently preserved.

According to the cryptocurrency data platform CoinMarketCap, the value of Satoshi is currently $0.000083, whereas when calculated at the historical high of $19,800 at the end of 2017, the value of one Satoshi was $0.000198.

According to a report, in recent years, "accumulating Satoshis" has become a way to encourage the public to try buying small amounts of Bitcoin for the first time, thus driving the adoption of Bitcoin.

A previous ABM report also pointed out that the Bitcoin rewards application Lolli is dedicated to expanding Bitcoin adoption by returning Satoshis, the smallest unit of Bitcoin, to users in a cashback-like manner and has partnered with over 500 top brands, including Hilton, Marriott, Booking.com, Hotwire, and more.

Bitcoin Continues to Attract Public Attention

With the addition of the Satoshi definition to the Oxford Dictionaries Online (ODO), it signifies a new milestone for the cryptocurrency industry. Although Bitcoin is still relatively young compared to fiat currencies worldwide, it seems to be gradually gaining recognition globally.

Aside from the influence of Bitcoin itself, the proactive attitude of various countries' authorities towards regulating the cryptocurrency industry has been sparked by Facebook's Libra project, and terms like "shitcoin" continue to be mentioned in the U.S. Congress.

Further Reading

• Billionaire Mark Cuban Believes: Cryptocurrencies Are Not Better Than Bananas
• European Commission Study: "Quite Optimistic About the Reform Potential Brought by Blockchain"

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