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Author Topic: Use code XBT, not BTC for bitcoins  (Read 8848 times)
Peter Lambert
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July 15, 2011, 01:13:03 PM
 #1

The ISO 4217 currency codes are an international standard way to refer to currencies. They consist of three letters, written all caps. For currencies issued by nations, the first two letters are a code for the country, and the third letter represents the currency issued. Example national currencies are the USD (United States, Dollar), GBP (Great Britain, Pound), or JPY (Japan, Yen). Non-national currencies are designated by an X (no nation) followed by a two letter code. This can be precious metals, such as XAG (Silver), XAU (Gold), or XPT (Platinum). It can also be international currencies, such as XAF (African Francs), or XCD (East Caribbean Dollars).

Many people have been using the code BTC for bitcoins, which is clearly wrong. There exists a currency BTN (Bhutan, Ngultrum); BT is the country code for Bhutan. BTC, by the code rules, stands for Bhutan Colones, or Bhutan Crunchies, or Bhutan Calafragilistics. BTC is not Bitcoins.

The rules are pretty clear. Bitcoins are not issued by a nation state, so the code should start with X. BitCoins is comprised of two words, so we can abbreviate that BC. So we should use, and ask for international recognition of, XBC. XBC = (Non-national currency) BitCoins.

This code is for use anywhere the official international codes are used. Exchanges should adopt this code immediately, and stop using BTC. For example, "The current exchange rate is 14.15 USD/XBC." Or "Please send payment of 456.78978466 XBC to the following address."

That being said, in an informal setting you can still use the abbreviation "btc" or "Btc" (lower case, to avoid confusion). I realize this is an uphill battle for implementation since the incorrect use of BTC is spread through the entire bitcoin community, but we need to change this NOW while the community is still small rather than later.

If bitcoins do well, in the future we may have very small prices for items and people will want to use millibitcoins or microbitcoins for convenience. (Reminder: 1 satoshi is 0.01 microbitcoin.) I propose using the terms mBC for millibitcoins and µBC for microbitcoins (use uBC if you can't type µ (mu)).

IN SUMMARY: Everybody, please stop using the abbreviation BTC and pretending it is a good international abbreviation, and start using XBC to refer to bitcoins.

EDIT: As was pointed out later in the thread, XBC is already claimed, so I am supporting XBT instead.

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elggawf
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July 15, 2011, 01:18:51 PM
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All that research and you didn't already figure out that XBC is already used....

^_^
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July 15, 2011, 01:23:36 PM
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All that research and you didn't already figure out that XBC is already used....

is it? I couldn't find it on the ISO 4217 code list

edit, nm some obsolete European thing used it

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July 15, 2011, 01:24:51 PM
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IN SUMMARY: Everybody, please stop using the abbreviation BTC and pretending it is a good international abbreviation, and start using XBC to refer to bitcoins.
I can't believe this information is coming out now.   I can see "real" exchanges who already have an established format of the three letter code just dropping whatever label fits their format at the time and that is it.  If this is all formatting for the three letter, then I think 'btc' (the term) is going to end up being out of our hands, much like our taking of the Thai symbol.  Karma lol.    

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July 15, 2011, 01:30:28 PM
 #5

XCN - The "x" coin or, The "x" cartoon network.  I leave that up to user interpretation.

elggawf
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July 15, 2011, 01:37:10 PM
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XCN - The "x" coin or, The "x" cartoon network.  I leave that up to user interpretation.


We might be calling them "XCoins" or something anyway if that cocksucker lawyer and shitty countries that allow you to patent someone else's non-physical invention get their way.

^_^
elements
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July 15, 2011, 01:39:04 PM
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All that research and you didn't already figure out that XBC is already used....

is it? I couldn't find it on the ISO 4217 code list

edit, nm some obsolete European thing used it

Although I really dig doing things logically and the "right way" I have to say, that in this case it might be indeed to late.

Furthermore if found the XBC -Iso-Code here:

http://www.exchangerate.com/currency-iso/european-unit-of-account-9-e-u-a-9-XBC.html


BTW: EUR = Euro ... why? If the rules were applied consistently it should be XEU

I really could live with "BTC" (now that is is somehow established).
BUT I do not like / support the usage of the Thai symbol!
It is confusing and if people really wanted a symbol it should be a new one.

Furthermore I don't like the usage of currency symbols anyway since they are applied differently anywhere which only leeds to confusion and misunderstanding in a global community

Exp: USA: $1'000'000.00
         EU:   1.000.000,00 €

I strongly suggest the usage of iso codes (and BTC while no better proposal comes up)


BTW the rate is BTC/USD = 14.00 or USD/BTC = 0,0714 (the numbers tell you how much of the second currency you have to pay for one unit of the first currency)


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vector76
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July 15, 2011, 01:51:19 PM
 #8

Yes, everybody please stop pretending that bitcoin is an official international currency with an ISO 4217 code of BTC.

And while we're at it, would everybody please stop pretending that money within Eve Online is an official international currency with an ISO 4217 code of ISK.  It is certainly not the same as the Icelandic krona, which DOES go by the ISO abbreviation ISK.  People can not tell the difference and currency markets are in chaos as a result!
MrWizard
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July 15, 2011, 01:57:12 PM
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I say we nominate Bhutan as the "official" home of bitcoins.   Tongue

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Piper67
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July 15, 2011, 02:00:10 PM
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I say we nominate Bhutan as the "official" home of bitcoins.   Tongue

The alpaca would thrive in Bhutan... I second the motion  Grin
BitcoinPorn
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July 15, 2011, 02:01:11 PM
 #11

I say we just get everyone in Thailand to switch over to Bitcoin and go from there.

foo
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July 15, 2011, 03:01:22 PM
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The ISO 4217 currency codes are an international standard

"Standards are paper. I use paper to wipe my butt every day. That’s how much that paper is worth."
  -- Linus Torvalds

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I know this because Tyler knows this.
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July 15, 2011, 03:04:58 PM
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XCN - The "x" coin or, The "x" cartoon network.  I leave that up to user interpretation.


XXX coins?
BitcoinPorn
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July 15, 2011, 03:09:20 PM
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XXX coins?
This really speaks to me.

BillX
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July 15, 2011, 04:37:26 PM
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XBS - This will work well!
Synaptic
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July 15, 2011, 04:38:50 PM
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XBS - This will work well!

Xchange Bull Shit.

I like it.  Fitting.
BitcoinPorn
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July 15, 2011, 04:44:43 PM
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I really really like the idea of XBS.  Bold.  You have to think of bullshit, but Bitcoin is "Ex-Bullshit!".. no more of that other crap.

Raoul Duke
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July 15, 2011, 05:38:50 PM
 #18

Furthermore I don't like the usage of currency symbols anyway since they are applied differently anywhere which only leeds to confusion and misunderstanding in a global community

Exp: USA: $1'000'000.00
         EU:   1.000.000,00 €

I'll take it that you are not from the EU, or else you would know that the Euro symbol (€) is always used BEFORE the ammount, like this: €5.000.000,00(five million euros and zero cents) Wink

Jaime Frontero
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July 15, 2011, 06:08:52 PM
 #19

did you know that when the baldness drug Rogaine was trademarked, the name was the result of a typo by the secretary who typed and submitted the application?  it was supposed to be Regaine.  but they had to go with it because of time constraints - and here we are...

language - especially that most current variety of it which leaps up seemingly unannounced - is a funny thing.

the plain fact is, it's BTC.  nobody's going to change that any more than you could get people to start calling them 'tissues', instead of kleenexes.

but hey... good luck.
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July 15, 2011, 06:13:47 PM
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Exp: USA: $1'000'000.00
         EU:   1.000.000,00 €
Should be $1,000,000.00 for USA.
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