Bitcoin Forum

Bitcoin adoption is achieving a critical mass for exponential growth. To maintain this growth Bitcoin needs to be supported on the world's FX systems and seen on data-feeds such as Bloomberg and Reuters.

All the world's currencies have 3-letter ISO standard codes which are used to identify them in computer systems.
http://en.wikipedia.org/wiki/ISO_4217

The first two letters must match the ISO standard country code .e.g. USx codes are reserved for the United States, hence the dollar is known as USD on all FX systems.
BTC is not available as it is reserved for the country of Bhutan.
http://en.wikipedia.org/wiki/ISO_3166-1_alpha-2

Transnational or world currencies begin with an X, for example XAU (gold) and XAG (silver)
XBC has been taken by the European central bank, which leaves only XBT as the most suitable ISO code for Bitcoin.

Below is the institution which needs to be lobbied to assign Bitcoin its currency code:

ISO 4217:2008
Codes for the representation of currencies and funds

Maintenance Agency

c/o SIX Interbank Clearing Ltd (acting on behalf of the Swiss Associa tion for Standardization)
P.O. Box
Hardturmstrasse 201
8021 Zurich
Switzerland

Tel:  +41 58 399 4255
Fax: +41 58 499 4550
E-mail: office@currency-iso.org
Web: http://www.currency-iso.org

The Bloomberg screen used by tens of thousands of people who continually buy and sell the major currencies...

http://dzswc0o8s13dx.cloudfront.net/goldcore_bloomberg_chart1_04-03-13.png

Let's see Bitcoin elbow its way onto this screen!

Sounds reasonable to me. Would this be easier as a poll maybe?

I feel XTC is appropriate because that is how I feel when I buy my BTC.

I'll make a note of other suggested codes and kick off a poll based upon feedback to the idea...
The standards body will have their own view on this as it should be a recognizable abbreviation..

Should be XBC

How about we just use BTC until it's so commonly accepted that ISO just follows along?

+1

Isn't this what is going to happen anyway?

let the market decide.

Thats the point kid

XIO ("ex eye oh") / XOI

may be even, X10 ("ex ten") / X01

numeric are non standard in currency symbols?
but it is ok for BTC, after all it is all ones and zeros.  :)

XAA

X = international.
The first A reminds of the precious metals like properties of Bitcoin.
The second A brings it on top of the list of international currencies / pm, where it belongs.

Joe

I've been going with XBC but someone recently pointed out that EUR is used for the Euro and it's not a country either so it should be possible for ISO to accept BTC as standard symbol for Bitcoin on the same basis. Using BTC would be optimal but after that I kind of lean towards XTC as an homage to the drug trade.

I like XTC too. Very clever  :)

The currency EUR does conform to the ISO country standards as "EU" has been reserved for the European Union, of which the euro is meant to be used by all member countries, even though, so far, half have transitioned to it.

I have experience dealing with standards authorities directly, and I know how they think, and they will never accept BTC as an official code because it would break their own standards to do so. However, BTC is fine for unofficial public use, just as US$ and CA$ are commonly seen. But these codes are not found in any significant financial/FX system.  It is theoretically possible to get XBC, but that is an uphill battle as there are many computer systems with bond transactions denominated already in XBC, and confusion would occur if it was re-assigned.

There is one thing that markets are bad at, and that is defining standards. Standards underpin successful markets, just as mathematics underpins physics. Having standards makes markets work efficiently as everyone is exchanging fairly, price discovery works best.

An ISO currency code for Bitcoin will greatly help cement its future as a rival for fiat.

See https://bitcointalk.org/index.php?topic=127604.0 as an alternative to SIX interbank (good luck in getting them to even read your mails).

Yes, ideally XBT gets included, but you might as well lobby in Bhutan to inquire at SIX for using the symbol BTC for Bitcoins.

Nay. Should be XXX.

XXX is already defined in the ISO list.

Now that IS a good idea!

How about X01? (01 for bits)

Let's get rid of Bhutan.. and take BTC as the ISO standard.

XVB (X Virtual Bitcoin) would also maybe fit, though the "X currencies" seem to rather have 2 letters for the currency identifier (e.g. "XAU" - X AUrum/gold) than one ("XMG" - X Metal Gold).

There are no other currency codes with numbers, so X01 or X10 are probably out of question. XBT or something along these lines probably are the best shot... Ripple was smarter and started to market their currency as XRP from the beginning.

Yeah, I noticed that too. It was a really good move by those guys.


XAA, XIO etc have their merits, but the standards authority prefers an easy mnemonic. If someone had forgotten the codes for Bitcoin or Ripple, and saw a choice between XAA and XIO (for example) then it would be a 50/50 guess. But, remembering XBT and XRP is easier in the first place.

Great discussion. As the founder / developer of an ecommerce system, I was thinking about this also. I like XBC, but XBT would work too. If we can agree on something and setup a system to send a consistent message to the standards group, that would be fantastic.

Great! I will look at doing a poll to see which X code is preferred by the community.

An ISO code is essential to get Bitcoin accepted as a mainstream investment in the world's financial markets.

There is a commercial argument already. Tonga's paanga currency has its own ISO code "TOP". So Bitcoin deserves its own code as it already has a much bigger monetary base (M0) than Tonga which has about US$100 million equivalent.
http://www.spc.int/prism/tonga/index.php/economic/money-and-banking

So the SIX interbank agency, in the OP, can be lobbied to give Bitcoin an X-code. This is the immediate strategy.

If this fails the alternative strategy is based upon BTC. Because Bhutan might be persuaded to register it on Bitcoin's behalf, which would require a fee for them. I am thinking how Tuvalu licensed its .tv top-level domain for all the companies which wanted a .tv website.
Getting Bhutan to accept the idea of allowing BTC to be used would require north of $10 million. This might be doable if Bitcoin was worth many billions, but not before. Much cheaper to get an X-code registered.

If an X-code such as XBT or XTC was used on all wallets and websites then it would eventually force the standards authorities to accept it. They can, however, permanently ignore BTC as it is within Bhutan's allowed set.

XBX

)( B )(

Fixed it for you ^

Right now, some of the establishment ignores B, another considers it a scam and a ponzi only fit for criminals, the third wants to kill it as a deadly competitor, and so on...

It's NOT "required" to follow their ISO.  :D You think you are going to "get Bitcoin accepted as a mainstream investment in the world's financial markets" by adopting their rules of the systems that B was made to make obsolete?  :D As the great Casascius saying goes, that would be "a screen-door submarine with a wood trim!"  :D

Bitcoin is an unprecedented entity, that was made to disrupt the old currency system - to be non-conformist, rather than suck up to the establishment. 

I think Bitcoin should have the code that it already has, and the establishment should just accept that, or call it whatever they wish, IF they ever actually accept it as a mainstream whatever.

Wouldn't it be easier to lobby Bhutan to make bitcoin it's official currency?

Does anyone have Jigme Khesar Namgyel Wangchuck's email address?

There you go. :)

Yes, but it will happen much faster if users of national currencies can use the existing systems they are comfortable with to move value in and out of bitcoin. The name of the game right now is go mainstream as quickly as possible before they get their act together and realize what's happening.

The ECB already wrote that report promising "Further action from other authorities can reasonably be expected in the near future."

The one thing in bitcoin's favor right now is how quickly it's legitimate use is growing. Anything to hurry that along can only help.

There is no part of the establishment which wants kill Bitcoin - yet. Only the ECB and Fed are probably aware of its potential. and they are still mulling over a response. 99.9% of the mainstream establishment in the financial markets have a totally different view: make as much money as humanly possible in the shortest time!

This means 99.9% of the establishment would throw their grandmother under a bus to get a piece of Bitcoin action, if and when it really takes off (and I am thinking $100+ fx rate).  We need to give them this chance as it helps cement Bitcoin before central banks can act against it.

The problem for Bitcoin is that it needs an ISO code to get loaded into existing trading systems as an instrument for investment. Not having one is a monumentally serious handicap, making Bitcoin as fringe as North Korea Telecom.

BTC is fine for informal Joe Doe use, but this is nowhere near enough.

If your making a poll add BTC to it. I know its already used but I want to see how many people prefer to use BTC and not budge.

Can someone explain how bitcoin would likely be traded on these systems? I'm not an FX trader, but I'm going to guess those systems aren't going to change their security and storage system to handle bitcoin. Wouldn't it be likely that they are just trading bitcoin credits, and not the real thing?

Setting up a secure Bitcoin wallet is probably much cheaper than anything else they do - and probably they anyways have a few Bitcoiners amongst their IT staff at least.

Maybe one step at a time. So far we have 2 serious possibilities (next to the alternative IANA registry): Lobby in Bhutan to somehow get them to apply on Bitcoin's behalf for "BT - C" or lobby at SIX in Switzerland to get one of the "X - __" codes, depending on if they still want to keep the "XB_" line for potential future EU options they might or might not even consider "XBT".

My fears are that there is no definite check list that a currency has to fulfill to be listed in that ISO list (rather something along the lines of "We know a currency when we see it") so it might be very hard to get in there as there could be just an irrational "No" as answer. It might be worth it however to have the Bitcoin foundation draft a letter for example - maybe (hopefully) they already did so?

Google and utube US Senator Schumer and bitcoin, and check for details here in the forum also from back in 2011.

If all that matters to them is "make as much money", it won't matter to them what the code is. They'll deal.

Good luck on your quest! Perhaps, check with the B Foundation. Maybe they are already working on this.  :)

+1

XTC is pretty good

XCO - COIN
XIT - exit from fiat currency
XSN - Satoshi Nakamoto
XYZ - just because it's cool

lmao, double quoted for emphasis.

I hear you - but it won't happen. BTC belongs to Bhutan. They have a minor currency unit beginning "C" so they are probably already using BTC internally in some of their systems!

Bitcoin needs a strategy to head off a future attack by central banks. Sticking with BTC as a first and last resort is like trying to swim the East River wearing concrete boots. It is not a smart strategy.

Give the exchange rate another few days and the Bitcoin Foundation can just buy Bhutan. Problem solved.

If BTC were to grow big enough, BTC itself would probably gain adoption regardless of the ISO. But still, I'm all in favor of XTC as a submission to get it done sooner.

When BTC market cap is large enough (something like 5B), we can just bribe Bhutan to switch to BTC as their official currency, and change their ISO code to BTC (currently BTN). Then BTC will become the official ISO name for Bitcoins.

There is no reason to think that by adopting an X** designator the BTC notation will fall out of use. Most countries have ISO designators for their currencies that are not used in day to day speech or writing. For example consider the Japanese Yen. Its ISO is JPY but YEN is frequently used. And there is the Y with two strikethroughs (don't know how to type that on here  :-[), and the characters in the Japanese language.

An ISO compliant designator is likely to make it easier to handle Bitcoins formally on exchanges alongside other currencies and metals, minerals etc. It is likely that merchants and consumers will continue to predominantly use BTC or BTC.

This. Very this.

Lets actually do this, we can buy Bhutan, Kick out central bankers and any oppressive governments that may exist, we can set up legitimate companies and exchanges that trade bitcoin for other currencies, we can invest in infastructure and charitable causes and create a "utopian libertarian state" lol well I'm a dreamer but it would showcase what a fair currency system could achieve (with generous donations).


My vote BTC screw ISO making us all conform to world standards is nessasary in some things but can also lead the way for the whole globalist orwellian nightmare were heading to. If they can accept EUR even though its not a country why can't they accept BTC?

Buying Bhutan is unrealistic, and do we really want Bitcoin to loose it's international status for "BTC"?  I much rather see Bitcoin among XAU, XAG, etc, than among the corrupt curriencies like USD, EUR, JPY, etc.

Actually I hope buying Bhutan never happens.  I don't want history to remember the Buthanese ASIC Design and Development Death Camps, Voorhees Harem, and the Karpeles years of terror.  And the name of Satoshi Nakamoto equated with Satan.  Religion should be interesting since there will be a conflict of interests between Luke Dash-jr and IBB, whats clear there would be no trace left of Buddhism.

Remember Lenin, Hitler, Mao, and Kim Il Sung all started with good intentions...

You have ZERO clue about Bhutan apparently!
It's a great country and looking down on them with disrespect or mockery won't get you any friends there. I'm not sure if it is even smart to consider this option (trying to get BTC by convincing Bhutan to adopt Bitcoin) though, X (international) symbols anyways would make more sense for Bitcoin, and BTC can still stay as "inofficial" abbreviation, just like YEN.

I'll throw my .02 bitcoins in...

How's about XCC for Crypto-Currency, eh?

So, all crypto-currencies would share that code?

Why not use XBT for 1 millibitcoin so 1000 XBT = 1 BTC? By the time that Bitcoin gets widely traded on Forex it will be a far more reasonable unit anyway.  In any case one XBT by the above defintion is already worth more than one JPY and has been so for a while.

You can also compare it to XAU or XPT, then things look VERY differently. I like the idea though, as it might allow for coexistence of 1 BTC = 100 000 000 Satoshis and 1 XBT = 100 000 Satoshis.

On the other hand it might confuse people who hear the "21 million cap" story and then see that there will be 21 billion XBT.

Has anyone actually already inquired at SIX or at the Bitcoin foundation about their next steps regarding this?

Wow that's a cool idea! That way both BTC and XBT will be still used.

Good one. We need a unit to represent 1 milliBit.

When exchanges use XBT, would look entirely different, and generate lots of new interest.

Buying 10 XBT for about ~$2 is entirely different than buying 1 BTC for ~$200.

Hope this new XBT would cross US$ parity and silver parity soon..  ;)

#bitcoinfoundation, are you listening..?!?!

In this site they are using XBT:

http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD (http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD)

Personally I like BTC for one bitcoin. Bhutan may have to adjust.

Wow! Bloomberg have a Bitcoin fx-rate ticker and history, and are using XBT

http://btcgeek.com/bitcoin-ticker-arrives-on-bloomberg/
http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/

Only available for internal (employee) use at present.  

Edi: (Pic courtesy of Zerohedge and their contacts). 
Anyone who wants a $1000 bitcoin - this had to happen first...

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/08/XBT%20Curncy.jpg

great.. XBT is being adopted with Forex sites.. 8)

they already deal with XAU and XAG

Excellent development. Bitcoin price info and news now available to 320,000 Bloomberg Professional subscribers.

http://www.pfhub.com/wp-content/uploads/2014/04/Bloomberg-bitcoin.gif

The choice of Coinbase and Kraken reflects the conservative position of selecting price sources which are furthest down the path of full compliance with US money transmission laws. Coinbase is a good proxy for Bitstamp with regard to pricing.
 

So right now, only people in financial world (such as XE and Bloombeg) use XBT, am I right?

also Kraken, along with a few others.

https://i.imgur.com/xwBwUx6.png

Will it reach $630+ in this week?
Kindly,
      MZ