BTC - XBT / mBTC - Choosing a better trade unit

[btcusr]

BTC - XBT / mBTC.

1 BTC = 1 million XBT = 1000 mBTC

• XBT currency code adoption, is the next big thing for bitcoin.
• 1 cent increase in XBT-USD exchange rate is million times higher than 1 cent increase in BTC-USD exchange rate.
• XBT is like, 1:1000000 share split; May be we can experiment with milliBTC (1:1000) or bitcents (1:100)

Total worth of bitcoins, for 21 million coins when 1 trade unit reaches in parity with 1 USD cent, and 1 USD.

Code:

Trade Unit    = 1 USD cent    = 1 USD 
----------    ------------    -------
BTC           $210,000        $21 million
bitcent       $21 million     $2.1 billion
milliBTC      $210 million    $21 billion
XBT           $210 billion    $21 trillion
satoshi       $21 trillion    $2,100 trillion

I will let you decide for a better trade unit.

Edit - 1: edited completely to explain total worth of  bitcoins, for different trade / exchange units

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[worldinacoin]

Standardization will help in the faster adopting of Bitcoin, I don't think it is a bad thing.   What do you think are in their minds?

[btcusr]

Standardization will help in the faster adopting of Bitcoin, I don't think it is a bad thing.   What do you think are in their minds?

It doesn't matter what I think. 
I just wanted to know whether 'they' are really interested, and any plans to push this forward.

[worldinacoin]

Isn't it self explanatory?  Standardization helps in faster adoption of the currency.  Isn't faster adoption a good target? 

[grau]

Currencies have popular names like Yen, Dollar and standard names like JPY, USD.

XBT is not about renaming Bitcoin, but to agree on the unit compatible with legacy financial software and thinking of the rest of the world, so it helps adoption.

Traditional currencies are dividable by 100 (and not more), therefore virtually none of existing financial databases support currency columns with higher precision. This is why it is suggested that the standardized unit for those applications should be: 

        1 XBT = 100 satoshi 

that also leads to
       
        1 Bitcoin = 1 million XBT

The notation is handy since:

        1,234,567.89 XBT = 1.2 Bitcoin or 1,234mBTC.

It is XBT and BTC because BTC is actually taken by Buthan and X is reserved for supranational currencies.

No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you.

[solex]

Currencies have popular names like Yen, Dollar and standard names like JPY, USD.

XBT is not about renaming Bitcoin, but to agree on the unit compatible with legacy financial software and thinking of the rest of the world, so it helps adoption.

Traditional currencies are dividable by 100 (and not more), therefore virtually none of existing financial databases support currency columns with higher precision. This is why it is suggested that the standardized unit for those applications should be: 

        1 XBT = 100 satoshi 

that also leads to
       
        1 Bitcoin = 1 million XBT

The notation is handy since:

        1,234,567.89 XBT = 1.2 Bitcoin or 1,234mBTC.

It is XBT and BTC because BTC is actually taken by Buthan and X is reserved for supranational currencies.

No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you.

+1

[worldinacoin]

+1 can't have explained it better.  Thanks

[Sukrim]

Currencies have popular names like Yen, Dollar and standard names like JPY, USD.

Especially interesting about JPY:
There is the "popular" abbreviation YEN and the official ISO standard name JPY

BTC would be probably used similarly and to convert to XBT (the proposed standard name) you'd just need to multiply by a million.

[btcusr]

1 million XBT = 1 BTC, is also quite OK. 

Younger member in the family already started using XRP.

Then, what Bitcoin foundation is waiting for ?!?!

[Razick]

BTC - XBT.

I have seen a thread in this forum which was asking for XBT currency name (to represent 1 milliBit), like XAG, XAU.

Bitcoinfoundation is anyways interested with this push / standardization.

What people who 'controls' bitcoin, think about this

They really want to go for it, or have something else better in their minds

Shouldn't it be XBC?

[jackjack]

XBC would be BTC

Then 1 XBC = 1 BTC = 10^6 XBT = 10^6 µBTC

[btcusr]

BTC - XBT.

I have seen a thread in this forum which was asking for XBT currency name (to represent 1 milliBit), like XAG, XAU.

Shouldn't it be XBC?

No coin please.

Just like, XAG and XAU.

XBT.

[btcusr]

Just imagine, what if we could buy 1000 XBTs for 12.862 USD cents... 

[Sukrim]

Shouldn't it be XBC?

http://en.wikipedia.org/wiki/ISO_4217
XBC is already taken (http://en.wikipedia.org/wiki/European_Unit_of_Account_9)

This might even be an issue for XBT, if SIX wants to keep the "XB_" namespace reserved to these european accounting units for the future.

[David Rabahy]

The correct spelling is Bhutan https://en.wikipedia.org/wiki/Bhutan and their official currency designation is BTN http://www.nationsonline.org/oneworld/bhutan.htm -- so there is no conflict with BTC per se.

For the term supranational I found http://en.wikipedia.org/wiki/World_currency but no reference to a leading X being anything special.

The ISO 4217:2008 standard is the most recent http://www.iso.org/iso/home/standards/currency_codes.htm -- the table is available http://www.currency-iso.org/dam/downloads/dl_iso_table_a1.xls -- plenty of codes start with the letter X but they do appear to be currencies that are not specific to just one country, e.g. XAF, or not specific to any country, e.g. XAU (gold).

Does anyone want to purchase the standard for 140,00 CHF = $146.60?  One can imagine a day when the ISO guys accept Bitcoins.

Per http://en.wikipedia.org/wiki/Voice_vote;

The question is on the adoption of the motion to submit XBT to ISO, all in favor say aye ...

[Sukrim]

It has been submitted already... multiple times already reaching back some years.

...responses haven't been very enthusiastic to say the least.

[yona]

+1
i believe the market should be allowed to grow in it's own organic pace. bitcoin economy is more important then psychological adoption at this stage.
nevertheless, this is a good idea to add names to smaller fractions of bitcoin, and i am well for it.

[btcusr]

It has been submitted already... multiple times already reaching back some years.

...responses haven't been very enthusiastic to say the least.

Submitted?! What was the response from them?

Another way is just to push XBT usage from exchanges, like mtgox, etc.

[CurbsideProphet]

No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you.

No Bitcoin moves hands but there is a psychological factor that generally takes place, similar to a stock split.  Generally this is to the upsize and short-term but there is usually an impact on price even if there shouldn't be one.

[btcusr]

Just letting the world know of how important is this XBT.. 

https://twitter.com/_vjy/status/341428748677152768