Crypto Currency Definitions Make it into

Over the past few years, the use of crypto currency such as bitcoin has rocketed. Once exclusive to gaming, this currency is now accepted by a number of retailers and the use of crypto currency is set to continue increasing over the next few years.

An indication that crypto currency is becoming more mainstream is the fact that it is now being included in the online Oxford Dictionary. It has been revealed that, which is part of the Oxford University Press, has added a number of definitions related to this type of currency. The additions were revealed in a blog post.

One of the newly added crypto currency definitions to be added is for the term ‘blockchain’. This term has been defined by as ‘A digital ledger in which transactions made in bitcoin or another crypto currency are recorded chronologically and publicly’.

Another new definition that has been added to relates to bitcoin mining. The term ‘miner’ has been defined by the online dictionary as ‘A person who obtains units of a crypto currency by running computer processes to solve specific mathematical problems’. A similar definition has been added for the term ‘mine’.

The actual term ‘bitcoin’ was added to the online dictionary a couple of years ago but since then the use and popularity of bitcoin and other crypto currencies has continued to increase. As time goes on, it is likely that more and more terms relating to this type of currency will be defined and added to, which the publisher states is focused on ‘current language and practical usage’.

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It has been announced that Coinbase will now be accepting credit card and debit card payments from UK customer who are looking to purchase bitcoin. The new rules also apply to customers in Spain according to reports. Coinbase, which has its headquarters in San Francisco, is a bitcoin wallet and exchange service that operates in more than 25 countries. The company has been in operation since the middle of 2012.

The ability to use credit and debit cards to make purchases means that users in the UK and Spain can now benefit from instant access to bitcoin. Coinbase will utilise the 3D Secure protocol that has been developed by card giant Visa in order to ensure that the credit and debit transactions are secure. This is where the user has to enter a password so that their identity can be confirmed with the card issuer before the transaction and purchase is completed.

An official from Coinbase stated: “Since credit and debit cards will not require a customer to pre-fund their Coinbase account with a bank transfer, customers in the UK and Spain can now received bitcoin instantly.”

The company, which also revealed that it has now applied for a BitLicense, accepts MasterCard, Visa and Maestro transactions at present, all of which have to use the 3D Secure protocol. There is also a ‘convenience fee’ of 3 percent charged on all transactions that are made in pounds or euros. Coinbase officials also advise customers to check that their bank does support the 3D Secure protocol or simply try adding the card they wish to use to their account on Coinbase in order to determine eligibility.