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Xmas

sights and sounds of xmas
Xmas has been used for hundreds of years in religious writing, where the X represents a Greek chi, the first letter of Χριστος, “Christ.” In this use it is parallel to other forms like Xtian, “Christian.” But people unaware of the Greek origin of this X often mistakenly interpret Xmas as an informal shortening pronounced (ĕks’məs). Many therefore frown upon the term Xmas because it seems to them a commercial convenience that omits Christ from Christmas.
Straight from answers.com