Campaign for XBT. A new ISO Currency Code is required for Bitcoin

[solex]

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.

[lukestokes]

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.

[solex]

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.

[solomon]

XBX

)( B )(

[paraipan]

XBX

)( B )()( B )(

Fixed it for you ^

[imanikin]

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.  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?  As the great Casascius saying goes, that would be "a screen-door submarine with a wood trim!" 

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.

[hmmmstrange]

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?

[mobile4ever]

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

There you go.

[happywarrior]

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.  

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.

[solex]

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.   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?   As the great Casascius saying goes, that would be "a screen-door submarine with a wood trim!"  
...

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.

[drawingthesun]

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.

[Rygon]

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.

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?

[Sukrim]

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?

[imanikin]

...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!
...

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. 

[imanikin]

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.

+1

[bpd]

XTC is pretty good

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

[Lethn]

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

+1

lmao, double quoted for emphasis.

[solex]

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

+1

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.

[justusranvier]

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!

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

[21after2]

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.