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Topic: Please support the new XBT bitcoin abbreviation - page 2. (Read 1135 times)

sr. member
Activity: 280
Merit: 253
BTC was an abbreviation that made sense, because it sounds right. but if you go by the ISO 4217 standards it does not anymore.
the first two letter indicate the nation and the third is mostly the first letter of the currency. USD (USA/Dollar) or AUD (Australia/Dollar) or GBP (GreatBritan/Pound).
an X at the beginning indicates that it does not belong to a nation. XAU for Gold, where AU is the symbol from the periodic table.
So for bitcoin XBC would make sense, but it is already taken, so XBT was made the suggestion.
using XBT would make it easier for the financial wold, but since bitcoin wants to change the financial world i think we can push for an exception and stay with the more common BTC.
it would not be the first exception. EUR is also one.
legendary
Activity: 4410
Merit: 4766
most "wall street" exchanges dont hold bitcoins as bitcoin..
they hold it as "baskets" and trade shares of the baskets

and base the shares on the wallstret supply and demand value that supposedly is similar to the real bitcoin market.

emphasis: this is not true bitcoin market value, and so although XBT "kind of" meant to follow the btc price. wall street exchanges have their own price which can go up and down separately and unarbitraged between proper bitcoin deposit/withdrawal exchanges,

as i said XBT are trading ETF shares, not withdrawable bitcoins..
so it makes sense to keep XBT and btc separate so people know XBT is the ETF shares valuation of bitcoin. and btc is the withdrawable bitcoin valuation of bitcoin.

however. i have nothing against wall street promoting XBT as long as its made clear that people trading on wall street are not able to withdraw bitcoin because they are trading ETF shares of baskets instead.
legendary
Activity: 1806
Merit: 1164
Bitcoin will always be BTC to most of us.
legendary
Activity: 1904
Merit: 1074
The introduction of a new abbreviation for Bitcoin will just confuse a lot of people now. With all the Alt coins out there, people would think

that it is a Alt coin, and then they will not buy it. We have been using BTC for many years now, and there was nothing wrong with it.. why

change something, if it is working? Huh
sr. member
Activity: 305
Merit: 250
Have a search on duckduckgo, when you type xbt, it shows up the exchange rate, but when you type btc, it still shows up the same xbt exchange rate, quite interesting.
legendary
Activity: 1372
Merit: 1000
Still prefer BTC over XBT. Any reason why XBT was adopted by a lot of companies for official use ?
sr. member
Activity: 305
Merit: 250
Thank you for that wonderful explanation. Now I learned something but I do not easily believe on things rather I will do some quick research about it later.  I thought it is a new altcoin.  Your username has it and I think you just wanted us to use that xbt for free promotion.  I still like to use Btc instead of that xbt.

Thanks. I think these abbreviations can all co-exist. We can use btc, xbt, satoshi, bit, etc.
sr. member
Activity: 305
Merit: 250
XBT is a new abbreviation for bitcoin since 2014, maybe not many people know this by now, but it is design as an ISO standard, also many big site such as XE.com, bloomberg, cnn money, etc., use this abbreviation to display the bitcoin exchange rate. I just hope people can use the symbol XBT more frequently.

Some self-interest because your website is also named that way?   Wink
That said, I think XBT is used on bloomberg as well. So it makes sense to popularize it.

Thanks for your comment. It makes sense to make it more popular. My website just serves this purpose.
sr. member
Activity: 336
Merit: 250
Thank you for that wonderful explanation. Now I learned something but I do not easily believe on things rather I will do some quick research about it later.  I thought it is a new altcoin.  Your username has it and I think you just wanted us to use that xbt for free promotion.  I still like to use Btc instead of that xbt.
sr. member
Activity: 305
Merit: 250
I personally don't see why it matters, if it has something to do with a market listing then set it as XBT (I know of some exchanges that already use XBT for their listing), however it shouldn't matter beyond that. People talking on here probably have a good idea of what others are talking about regardless of what abbreviation they use.

Plus something 2 years old isn't really new, but that's just my opinion.

'2 years' is definitely not a long period for bitcoin. Not many people aware of bitcoin before 2011.
legendary
Activity: 1582
Merit: 1064
XBT is a new abbreviation for bitcoin since 2014, maybe not many people know this by now, but it is design as an ISO standard, also many big site such as XE.com, bloomberg, cnn money, etc., use this abbreviation to display the bitcoin exchange rate. I just hope people can use the symbol XBT more frequently.

Some self-interest because your website is also named that way?   Wink
That said, I think XBT is used on bloomberg as well. So it makes sense to popularize it.
hero member
Activity: 490
Merit: 520
I personally don't see why it matters, if it has something to do with a market listing then set it as XBT (I know of some exchanges that already use XBT for their listing), however it shouldn't matter beyond that. People talking on here probably have a good idea of what others are talking about regardless of what abbreviation they use.

Plus something 2 years old isn't really new, but that's just my opinion.
sr. member
Activity: 305
Merit: 250
XBT is a new abbreviation for bitcoin since 2014, maybe not many people know this by now, but it is design as an ISO standard, also many big site such as XE.com, bloomberg, cnn money, etc., use this abbreviation to display the bitcoin exchange rate. I just hope people can use the symbol XBT more frequently.
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