The word satoshi has been officially added to the Oxford English Dictionary, which is perhaps one of the most popular dictionaries in the world. The exact definition for satoshi in the dictionary is “the smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a Bitcoin”, and the word can be spelled with an upper or lowercase and it is considered a noun. Additionally, the dictionary mentions that the word satoshi is derived from Satoshi Nakamoto, who is the anonymous creator of Bitcoin.

As the price of Bitcoin has increased over the years, from hundreds of dollars to thousands of dollars and even tens of thousands of dollars, the word satoshi has become increasingly important. This is because only fractions of Bitcoins are used when purchasing goods or services, and when making small purchases it is easier to understand the price in terms of satoshis.

For example, USD 1 is currently equivalent to 0.00012195 Bitcoin, which is 12,195 satoshis. It can be seen how defining small purchases in terms of satoshis instead of Bitcoin is easier and prevents missing a decimal place, which can lead to a payment that is an order of magnitude off.

 

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