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There are different interpretations of the significance of the Eucharist, but "there is more
of a consensus among Christians about the meaning of the Eucharist than would appear
from the confessional debates over the sacramental presence, the effects of the Eucharist,
and the proper auspices under which it may be celebrated."
The phrase "the Eucharist" may refer not only to the rite but also to
the bread and wine (or, in some Protestant denominations morally opposed to the
consumption of alcohol, unfermented grape juice) used in the rite, and, in this sense,
communicants may speak of "receiving the Eucharist", as well as "celebrating the
Eucharist".
Etymology
The Greek noun eucharistía (εὐχαριστία) derives from eú- "good, well" + cháris "favor,
grace". Eucharistéō (εὐχαριστῶ) is the usual verb for "to thank" in
the Septuagint and New Testament. It is found in the major texts concerning the Lord's
Supper.
For I received from the Lord that which I also delivered to you, that the Lord
Jesus in the night in which He was betrayed took bread; and when He had given
thanks (eucharistéō), He broke it and said, "This is My body, which is for you; do
this in remembrance of Me." (1 Corinthians 11:23-24, NASB)
And when He had taken a cup and given thanks (eucharistéō), He gave it to them,
and they all drank from it. And He said to them, "This is My blood of the
covenant, which is poured out for many." (Mark 14:23-24, NASB)
"The Lord's Supper" (Κυριακὸν δεῖπνον) derives from 1 Corinthians 11:20-21.
When you come together, it is not the Lord's Supper you eat, for as you eat, each
of you goes ahead without waiting for anybody else. One remains hungry, another
gets drunk.
"Communion" is a translation of the Greek koinōnía (κοινωνία), found in
1 Corinthians 10:16. The word κοινωνία is commonly translated
"fellowship" in other contexts.
The cup of blessing which we bless, is it not the communion (koinōnía) of the
blood of Christ? The bread which we break, is it not the communion (koinōnía) of
the body of Christ? (1 Corinthians 10:16, KJV)