Oxford University Press published its recent quarterly report which revealed the term ‘satoshi’ was added to the Oxford English Dictionary (OED) database. The word represents the “smallest monetary unit in the Bitcoin digital payment system,” according to the definition.
Satoshi, the Smallest Unit in Bitcoin, Added to the Oxford Dictionary
Digital currencies continue to gain mainstream acceptance and the ecosystem’s associated words and terminology have been incorporated into our everyday lives. Oxford University Press recently published its October 2019 update which added a string of new words to the OED database. Words like “Chillax,” “Whatevs,” “Manhattanhenge,” and “Ambarvalia” made it into the OED’s library of terms. Cryptocurrency supporters have noticed the word “satoshi” has been added to the Oxford dictionary as well. The OED database defines the term satoshi as: “The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.”
Bitcoin’s divisibility was decided by Satoshi Nakamoto in 2008 and each bitcoin is equal to 100 million satoshis. Then in 2010, an individual called Ribuck proposed that one-hundredth of a bitcoin should be called a satoshi in honor of its creator, but a few months later he changed this proposal to the one hundred millionth unit. Since then, the word has caught on with the community and people use the word often and pluralized while also shortening it to sat or sats.
For years, digital currency enthusiasts have tried to attach a symbol to the unit ‘satoshi’ but no design has become widely adopted yet.