“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.”

One of the online dictionaries – Oxford Dictionaries Online (ODO), free online dictionary of current English – has officially added a new word “cryptocurrency” to its bibliography list.

The definition of cryptocurrency was added as part of a quarterly update along with other words such as ‘bikeable’, ‘snacky’ and ‘time suck’.

This news follows the announcement from August 2013 when ‘bitcoin was added to respected sources – Oxford Dictionaries Online. The reason behind adding bitcoin to the dictionaries’ database was simply the fact that now bitcoin is presented online and its significance in the mainstream media, ODO said to Coindesk.

A move like that by the Oxford Dictionaries Online shows that the organization sees bitcoin as a term that became significant. Moreover the word could be used even more widely in the future.

The definition of cryptocurrency by the ODO is the following:

“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.”

Usage examples

Moreover, apart from definition the ODO also gave some example sentences that show the meaning of the word and aim to summarise the values of those who are interested in the bitcoin industry and community.

The first example states:

“Decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.”

Furthermore, extra sentences describe the value of cryptocurrencies based on supply and demand, and highlight that the total market value of bitcoin is more than $8 billion.

Contemporary language

The ODO is the organization’s resource on contemporary english that includes modern meanings and uses of words, also the meanings of many traditional words, this resource is online-only.

Angus Stevenson, Head of Dictionary Projects at Oxford University Press mentioned in a 2013 conversation with CoinDesk, addition in the ODO “doesn’t make any judgement on whether [the word] is good, bad, worthwhile or anything else”.

By comparison, the Oxford English Dictionary is more of a historical source that consists of different words and definitions that have tested by the time.