[VOTE] ISO Currency Code bringing Bitcoin into the mainstream financial markets

[solex]

Bitcoin needs an officially recognized currency code to get traction as a valid investment available within mainstream finance. Major benefits would result, which include an even stronger fx rate and a much harder target for central banks to try to kill off.

BTC is fine for an unofficial code, and it may become official if Bhutan registers it on Bitcoin's behalf. This will not be easy, but is do-able in theory. Further investigation shows their minor currency unit is the Chhertum, which means they are very unlikely to give up BTC.

Because Bitcoin is a world currency ideally it should have an X-code to reflect this.
Consider existing ones: XAG (Silver), XAU (Gold), XPD (Palladium) XPT (Platinum). If Bitcoin is "virtual gold" then it needs a code like the other precious metals.

Mainstream financial systems expect to settle with a valid ISO code, and would want to use it in the API with Mt Gox and other exchanges. BTC can run alongside an x-code, because two codes could be treated as valid for Bitcoin, although only the X-code would facilitate inter-system settlement. Ripple are further down the mainstream road in this respect as they have XRP defined which could be forced upon the standards authorities through pressure of widespread usage.

The poll above supports up to three votes per person, so a better ranked list can result, which is ideal as an official letter (from the Bitcoin Foundation perhaps) could offer several alternative codes to the standards authorities.

Background reading:

http://www.xe.com/iso4217.php

Campaign for XBT. A new ISO Currency Code is required for Bitcoin
https://bitcointalk.org/index.php?topic=148229.0

X-ISO4217-A3 (revised draft) Published
https://bitcointalk.org/index.php?topic=127604.0

[MagicalTux]

You have our support for BTC (if we can find someone to talk to in Bhutan) or XBT/XTC. Other names are not much representative of Bitcoin.

[solex]

You have our support for BTC (if we can find someone to talk to in Bhutan) or XBT/XTC. Other names are not much representative of Bitcoin.

Wow. Thanks for the fast feedback on this!
I do think this is very important as it is a pawn takes queen quality move in the chess game with central banks...

[dree12]

There are several advantages to XBT:

1. Clearly indicates Bitcoin's non-governmental and decentralized nature.
2. Backwards-compatible with the current symbol. Applications can simply look for BT to detect the Bitcoin currency code during the transaction period.

To use on the forums, you can add an invisible X before the currency symbol:

Code:

[color=transparent]X[/color][btc]

[Cubic Earth]

This may be a silly question, but is BIT not possible?

[Carlton Banks]

Because Bitcoin is a world currency ideally it should have an X-code to reflect this.
Consider existing ones: XAG (Silver), XAU (Gold), XPD (Palladium) XPT (Platinum). If Bitcoin is "virtual gold" then it needs a code like the other precious metals.

Not sure, I'm thinking "is worldwide, isn't a metal". And any counter-arguments about sharing price dynamics with metals don't quite work for me: all the known Bitcoins in the universe will be produced here on earth. Not so precious metals. This planet likely only has a minute fraction of the universes reserves of metals. I'm fairly sure the Russian Central Bank would have people out to that meteorite crash recently pretty damn quick, as any significant tonnage of gold or silver would quickly disappear one way or another.

BTC upvote, Bhutan don't own sequences of letters, plus, bitcoin might become a little more significant than the Bhutanese currency. Basically already is, in reality.

[solex]

This may be a silly question, but is BIT not possible?

Country code "BI" identifies the African state of Burundi, which means BIA through BIZ currency codes are reserved for them. It represents the same problem as Bhutan.

Not sure, I'm thinking "is worldwide, isn't a metal".

X-codes are for any worldwide currency, not just precious metals, although in practice PMs are the main type of these.

[MagicalTux]

ISO 3166-1 defines "BC" prefix as free, if ISO 3166/MA was to assign "BC" to the Bitcoin Community, it could open other possibilites too (BCX?). It is however unheard that an ISO entity assigns a prefix to a community.

[Luceo]

I'm a fan of BTC for obvious reasons, but alternatively XBC/XBT would be best.

[solex]

ISO 3166-1 defines "BC" prefix as free, if ISO 3166/MA was to assign "BC" to the Bitcoin Community, it could open other possibilites too (BCX?). It is however unheard that an ISO entity assigns a prefix to a community.

Indeed. Even the EU country code which makes EUR a valid currency code was reluctantly assigned as an "exceptional code" and the EU represents over 500 million people!

http://en.wikipedia.org/wiki/ISO_3166-1_alpha-2#Current_codes

The path of least resistance is with an unused X-code...

[Mike Christ]

If BTC is an issue, XBT has my vote, or XBC is just as good.

[dree12]

Because Bitcoin is a world currency ideally it should have an X-code to reflect this.
Consider existing ones: XAG (Silver), XAU (Gold), XPD (Palladium) XPT (Platinum). If Bitcoin is "virtual gold" then it needs a code like the other precious metals.

Not sure, I'm thinking "is worldwide, isn't a metal". And any counter-arguments about sharing price dynamics with metals don't quite work for me: all the known Bitcoins in the universe will be produced here on earth. Not so precious metals. This planet likely only has a minute fraction of the universes reserves of metals. I'm fairly sure the Russian Central Bank would have people out to that meteorite crash recently pretty damn quick, as any significant tonnage of gold or silver would quickly disappear one way or another.

BTC upvote, Bhutan don't own sequences of letters, plus, bitcoin might become a little more significant than the Bhutanese currency. Basically already is, in reality.

X-codes are reserved for not only metals. XDR (Special Drawing Rights) is one example. Bitcoin should not have a local code because Bitcoin is decentralized and not local to a country. Assigning a Bhutan code is counterproductive to that goal.

[Zangelbert Bingledack]

XTC sounds bad for obvious reasons. BTC is most familiar to us but it hardly matters for mainstream adoption. XBT sounds best. Or BIT if we can buy that one away.

[potato5491]

XBT is my favourite. I would pronounce as "EcksBit" which is easier to say and identify with "bitcoin" than XBC "EcksBeeSee".

[Narydu]

It's true that XBT echoes nice but XBC is far more according. My vote goes for XBC.

[Merralea]

But maybe that's just me.

[solex]

But maybe that's just me.

You da man!

[Stardust]

Looks like XBT is winning, I will start using XBT from now on.

[markm]

What is the ECB? Is it European Central Bank?

If so, is XBC an obsolete old code from back before Europe got assigned the EU country-code?

If XBC is actually a European Bond, how is that a world currency? Isn't a US Bond, a Bhutan bond, etc etc equally much a world wide currency? How come all countries don't get an X code for their bonds?

Is maybe XBC being wrongly squatted by the EU?

-MarkM-

[solex]

What is the ECB? Is it European Central Bank?

yes.

If so, is XBC an obsolete old code from back before Europe got assigned the EU country-code?

If XBC is actually a European Bond, how is that a world currency? Isn't a US Bond, a Bhutan bond, etc etc equally much a world wide currency? How come all countries don't get an X code for their bonds?

Is maybe XBC being wrongly squatted by the EU?

-MarkM-

I agree it is possible that XBC is "squatted" today, however bonds often have very long maturity dates and Bitcoin just can't wait years for existing issuance in these to hit expiry. A new X-code is the answer, with BTC retained for informal use.