Use code XBT, not BTC for bitcoins

[Peter Lambert]

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]

All that research and you didn't already figure out that XBC is already used....

[BitVapes]

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

[BitcoinPorn]

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.    

[BitcoinPorn]

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

[elggawf]

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]

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)

[vector76]

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]

I say we nominate Bhutan as the "official" home of bitcoins.   

[Piper67]

I say we nominate Bhutan as the "official" home of bitcoins.   

The alpaca would thrive in Bhutan... I second the motion 

[BitcoinPorn]

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

[foo]

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

[Bitcoin Swami]

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

XXX coins?

[BitcoinPorn]

XXX coins?

This really speaks to me.

[BillX]

XBS - This will work well!

[Synaptic]

XBS - This will work well!

Xchange Bull Shit.

I like it.  Fitting.

[BitcoinPorn]

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]

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)

[Jaime Frontero]

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.

[SgtSpike]

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

Should be $1,000,000.00 for USA.

[tvbcof]

My vote (if this were a vote and I had any voting power) would be 'XC0' for 'Chain #0'.

[JohnDoeZ]

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.

Still need a paperworks and money to implement it. Your "we might..." bullshit way ain't gonna do it right. Talk is cheap.

[elggawf]

Still need a paperworks and money to implement it. Your "we might..." bullshit way ain't gonna do it right. Talk is cheap.

...the fuck are you talking about?

More specifically how did you interpret what I said to even think that a response such as yours is even remotely congruent? It wasn't a call to action or anything of that nature, just a snarky comment about how the letters B, T, and C may not even be usable in the future regardless.

[Synaptic]

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.

Still need a paperworks and money to implement it. Your "we might..." bullshit way ain't gonna do it right. Talk is cheap.

I think this guy's reading comprehension is tenuous at best...

[JohnDoeZ]

...the fuck are you talking about?

More specifically how did you interpret what I said to even think that a response such as yours is even remotely congruent? It wasn't a call to action or anything of that nature, just a snarky comment about how the letters B, T, and C may not even be usable in the future regardless.

if that cocksucker lawyer and shitty countries that allow you to patent someone else's non-physical invention get their way.

childish, baseless and imbecile cheap crap post.

[TiagoTiago]

Is there anything registred as IBC? (the I is for Internet)

[elggawf]

childish, baseless and imbecile cheap crap post.

Go on....?

I get the feeling that your point is probably obvious to you, but it sure as shit isn't obvious to me what exactly you're getting at.

[Synaptic]

childish, baseless and imbecile cheap crap post.

Go on....?

I get the feeling that your point is probably obvious to you, but it sure as shit isn't obvious to me what exactly you're getting at.

I think his point belongs to him and him alone.

Better allow him his "precious." *wink wink, nudge nudge*

[elements]

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)

Hm, funny thing. I don't know in which part of the EU you are, but in Germany the Euro symbol is always behind the numbers.

Actually this constitutes my point - too confusing.

[Raoul Duke]

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)

Hm, funny thing. I don't know in which part of the EU you are, but in Germany the Euro symbol is always behind the numbers.

Actually this constitutes my point - too confusing.

I'm in Portugal, altho i lived for several years in The Netherlands and they use the sign before the amount, like they do in Belgium. Can't speak about other places cause i haven't been there. But i remember when the Euro was introduced in Portugal and they specificaly said that the symbol should laways come before the amount, so i was thinking it would be like that in the whole EU. It seems it isn't after all   
Never visited Germany, so i can't tell.

[opticbit]

Is there anything registred as IBC? (the I is for Internet)

IBC- BeerCoin

I was thinking it was Beer, but its RootBeer, after a quick google, IBC bank came up first.

[Rassah]

I think most Bitcoin are minted in the sovereign silicon nations of ATI/AMD GPUs. Can we call it ABC? Or is that taken by Sesame Street?

[Peter Lambert]

Euros should really be EUE - European Union Euros.

I think its important we start with X, but remember x stands for nothing, so dont say it! XAU is gold, not X-gold.

XBT I think is unused, could that work?

[elements]

Euros should really be EUE - European Union Euros.

I think its important we start with X, but remember x stands for nothing, so dont say it! XAU is gold, not X-gold.

XBT I think is unused, could that work?

Not true - the EU is a supranational organization not a country (at least for now).
So to be consistent it would have to be XEU.

But that EUR was chosen only shows that the ISO commitee isn't consistent anyway

[Peter Lambert]

XBC currently stands for the "European Unit of Account", which was discontinued in 1979. Since that currency is now defunct, I think we can request the code be used for bitcoins.

[Fireball]

Any standard has exceptions, as has been stated about EUR. So why not push an exception to this standard too and list Bitcoin as BTC?

After all, bitcoin is all about community, and if millions of people use BTC, then BTC becomes the de-facto standard, not vice-versa.

Or, well, someone should fly to Bhutan and get them to officially use bitcoin as their national currency

[Nagios]

Did I miss something critically important here? Why all the discussion to change the name.

[nmat]

I like XBC or XBT.

[elggawf]

Did I miss something critically important here? Why all the discussion to change the name.

Because non-conformity to ISO 4217 is the only thing stopping them recognizing Bitcoin as a legitimate world currency! \o/

[phelix]

Any standard has exceptions, as has been stated about EUR. So why not push an exception to this standard too and list Bitcoin as BTC?

After all, bitcoin is all about community, and if millions of people use BTC, then BTC becomes the de-facto standard, not vice-versa.

+1

That is what will happen anyway because changing habits is hard.

[Rassah]

Oh, hey, how about IBC, for Internet currency BitCoin? If what people are saying about alternative currencies being an eventual possibility, having them classified as internet-based as opposed to country or local region based would help. Plus it'll give Bitcoin the "first to use I" status.

[dserrano5]

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)

Hm, funny thing. I don't know in which part of the EU you are, but in Germany the Euro symbol is always behind the numbers.

Actually this constitutes my point - too confusing.

I'm in Portugal, altho i lived for several years in The Netherlands and they use the sign before the amount, like they do in Belgium. Can't speak about other places cause i haven't been there. But i remember when the Euro was introduced in Portugal and they specificaly said that the symbol should laways come before the amount, so i was thinking it would be like that in the whole EU. It seems it isn't after all   
Never visited Germany, so i can't tell.

FWIW, in Spain we write it after the number: 123 €.

I recall reading something official (hosted on ecb.europa.eu, or maybe ecb.int, or maybe ecb.eu, or maybe...) about the usage of both the word "EURO" and its symbol, but I'm known for not being able to find something for the second time despite my best efforts...

[Rassah]

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)

Hm, funny thing. I don't know in which part of the EU you are, but in Germany the Euro symbol is always behind the numbers.

Actually this constitutes my point - too confusing.

I'm in Portugal, altho i lived for several years in The Netherlands and they use the sign before the amount, like they do in Belgium. Can't speak about other places cause i haven't been there. But i remember when the Euro was introduced in Portugal and they specificaly said that the symbol should laways come before the amount, so i was thinking it would be like that in the whole EU. It seems it isn't after all   
Never visited Germany, so i can't tell.

FWIW, in Spain we write it after the number: 123 €.

I recall reading something official (hosted on ecb.europa.eu, or maybe ecb.int, or maybe ecb.eu, or maybe...) about the usage of both the word "EURO" and its symbol, but I'm known for not being able to find something for the second time despite my best efforts...

Maybe you guys should start a war over this. Help get the Eurozone economy going 

[riceberry]

I like the IBC idea, internet origins

[Raoul Duke]

Maybe you guys should start a war over this. Help get the Eurozone economy going 

That war should've been started when the politicians had the "wonderful" idea of copying the federal reserve scheme and introduce it in the EU back in the 90's, not because of a common way to use the currency symbol

[Peter Lambert]

Did I miss something critically important here? Why all the discussion to change the name.

Because non-conformity to ISO 4217 is the only thing stopping them recognizing Bitcoin as a legitimate world currency! \o/

It is not necessary, but in some situations having a proper ISO code would be useful.

[Rassah]

What the hell is up with all these old necro threads coming back this week? O.o
Are we really running out of topics to discuss?

[Peter Lambert]

What the hell is up with all these old necro threads coming back this week? O.o
Are we really running out of topics to discuss?

I have just seen a bunch of threads related to this topic, I wanted to resurrect this thread since it has all been discussed before and so that the new people would see we already had this conversation a long time ago.

[solex]

What the hell is up with all these old necro threads coming back this week? O.o
Are we really running out of topics to discuss?

I have just seen a bunch of threads related to this topic, I wanted to resurrect this thread since it has all been discussed before and so that the new people would see we already had this conversation a long time ago.

Peter, I confess that I didn't find this thread when I kicked off the subject again a few months ago. You were certainly thinking ahead.
However, one new conclusion (thanks grau) is that XBT best represents 100 satoshi, not 1 BTC.

https://bitcointalk.org/index.php?topic=149150.msg1630511#msg1630511

There are huge advantages. It means Bitcoin can easily be represented in all the world's FX and accounting systems, plus it leaves our favorite BTC as the informal code for one Bitcoin.

As the fx rate comes to exceed $1,000 then quoting rates in XBT will become more sensible.

With all the talk of regulation and seeing some banks boycotting Bitcoin businesses, it is becoming more urgent than ever that Bitcoin becomes meshed into computer systems worldwide. The more it is integrated the harder it will be for the banking system to strangle it, or a single national regulator to attack it.
If the Bitcoin Foundation has any purpose (apart from funding Gavin) then it should be pursuing this a matter of priority.

[Daily Anarchist]

Two things you're forgetting. Gold is quite often referred to as GLD and silver is referred to as SLV. Plus, in the not-too-distant future all of those other bullshit national currencies aren't going to exist anyways, flushing all of the current ISO labels right down the toilet. The new labels will be BTC, LTC, FRC, NMC, etc.

[solex]

Two things you're forgetting. Gold is quite often referred to as GLD and silver is referred to as SLV. Plus, in the not-too-distant future all of those other bullshit national currencies aren't going to exist anyways, flushing all of the current ISO labels right down the toilet. The new labels will be BTC, LTC, FRC, NMC, etc.

Yes. But don't you want that future to arrive faster, and help raise the probability that it arrives at all?

[Daily Anarchist]

Two things you're forgetting. Gold is quite often referred to as GLD and silver is referred to as SLV. Plus, in the not-too-distant future all of those other bullshit national currencies aren't going to exist anyways, flushing all of the current ISO labels right down the toilet. The new labels will be BTC, LTC, FRC, NMC, etc.

Yes. But don't you want that future to arrive faster, and help raise the probability that it arrives at all?

Yes, but I'm not convinced that placating the current system is the way to do that.

[solex]

Two things you're forgetting. Gold is quite often referred to as GLD and silver is referred to as SLV. Plus, in the not-too-distant future all of those other bullshit national currencies aren't going to exist anyways, flushing all of the current ISO labels right down the toilet. The new labels will be BTC, LTC, FRC, NMC, etc.

Yes. But don't you want that future to arrive faster, and help raise the probability that it arrives at all?

Yes, but I'm not convinced that placating the current system is the way to do that.

It's not placating, it's using a larger opponent's strength against him. I see it like this:

http://www.grapplearts.com/Blog/2012/09/stabilizing-and-attacking-larger-opponents-from-sidemount/

[Peter Lambert]

Two things you're forgetting. Gold is quite often referred to as GLD and silver is referred to as SLV. Plus, in the not-too-distant future all of those other bullshit national currencies aren't going to exist anyways, flushing all of the current ISO labels right down the toilet. The new labels will be BTC, LTC, FRC, NMC, etc.

Maybe you do not understand what ISO is? They are an international standard setting organization, the currency codes are just one of many, many things they have set standards for. Most people in the US never use the abbreviation USD, they just say $. But people in many other countries also use $ as the symbol for their currency, and so in places (like foreign exchange) where there is room for confusion it is better to use the clear, standardized form, USD. There is a systematic standard set up, it is useful, we should embrace it and use it to our advantage rather than just throwing it out.

[Daily Anarchist]

Two things you're forgetting. Gold is quite often referred to as GLD and silver is referred to as SLV. Plus, in the not-too-distant future all of those other bullshit national currencies aren't going to exist anyways, flushing all of the current ISO labels right down the toilet. The new labels will be BTC, LTC, FRC, NMC, etc.

Maybe you do not understand what ISO is? They are an international standard setting organization, the currency codes are just one of many, many things they have set standards for. Most people in the US never use the abbreviation USD, they just say $. But people in many other countries also use $ as the symbol for their currency, and so in places (like foreign exchange) where there is room for confusion it is better to use the clear, standardized form, USD. There is a systematic standard set up, it is useful, we should embrace it and use it to our advantage rather than just throwing it out.

I'm actually indifferent to the idea of the ISO using XBT, but I don't think it makes sense for "us" as a community to use XBT in our everyday lives.

[Gabi]

Currencies are all fiat money. Bitcoin is like gold and silver. So, GLD, SLV and BTC!

[Ares]

Xzibit





























Xzibit

[solex]

After nearly two years since this thread was started XBT has now been added to Wikipedia by an official editor. The usage by xe.com was decisive.

http://en.wikipedia.org/wiki/Bitcoin

Some companies thinking of representing bitcoin in their systems will check this source.

[notme]

Two things you're forgetting. Gold is quite often referred to as GLD and silver is referred to as SLV. Plus, in the not-too-distant future all of those other bullshit national currencies aren't going to exist anyways, flushing all of the current ISO labels right down the toilet. The new labels will be BTC, LTC, FRC, NMC, etc.

Yes. But don't you want that future to arrive faster, and help raise the probability that it arrives at all?

Yes, but I'm not convinced that placating the current system is the way to do that.

It's not placating, it's using a larger opponent's strength against him. I see it like this:

http://www.grapplearts.com/Blog/2012/09/stabilizing-and-attacking-larger-opponents-from-sidemount/

You mean farting in their face?

[Peter Lambert]

After nearly two years since this thread was started XBT has now been added to Wikipedia by an official editor. The usage by xe.com was decisive.

http://en.wikipedia.org/wiki/Bitcoin

Some companies thinking of representing bitcoin in their systems will check this source.

This is       awesome.

[Stemby]

OpenStreetMap currently uses XBT:

http://wiki.openstreetmap.org/wiki/Key:currency#Notes

[Bitcoin Magazine]

this thread makes me want to cry.  BTC is much more valiant of a nomenclature   

[Aswan]

this thread makes me want to cry.  BTC is much more valiant of a nomenclature   

This.

I will stick with BTC. There is no reason to go with an X for the word Bitcoin....

[Peter Lambert]

this thread makes me want to cry.  BTC is much more valiant of a nomenclature   

This.

I will stick with BTC. There is no reason to go with an X for the word Bitcoin....

The X is not for the word "bitcoin" any more than the X is for the word "gold" in XAU.

[syebotext]

a few of you guys can use XBT all you want but everyone else is going to use BTC and it is and will continue to be the standard...sorry.

[Xello]

code XBT is very new to me. Where can i read more about it?

[Soappa]

code XBT is very new to me. Where can i read more about it?

XBT is proposed to follow the ISO 4217 standard. You can find the details of the standard on the wiki page http://en.wikipedia.org/wiki/ISO_4217.

[Aswan]

this thread makes me want to cry.  BTC is much more valiant of a nomenclature   

This.

I will stick with BTC. There is no reason to go with an X for the word Bitcoin....

The X is not for the word "bitcoin" any more than the X is for the word "gold" in XAU.

Sure but theres literally no reason to have it for gold as well. Just AU will do, or just go with Gold. Its short and even shorter than "AU" or "XAU" when spoken and written its not that much longer. Sure some people started using it and other adapted but for BTC that will most likely not be the case since BTC is an established term that won't go away or be replaced by a random X thingy. if you dont like BTC, writing out bitcoin shouldn't be too much trouble.

code XBT is very new to me. Where can i read more about it?

XBT is proposed to follow the ISO 4217 standard. You can find the details of the standard on the wiki page http://en.wikipedia.org/wiki/ISO_4217.

I think this isn't relevant to bitcoin. The term "BTC" has been established and adapted by most bitcoiners and it works. I think we dont need a switch =/

a few of you guys can use XBT all you want but everyone else is going to use BTC and it is and will continue to be the standard...sorry.

I think thats the point here. Everyone is free to use whatever he wants and I dont discriminate against people using XBT. However, when people talk or write about "XBT" and it only becomes apparent that it's something about bitcoin after others ask what this "XBT" is, the switch to BTC will be an immediate one.

If XBT was used from the beginning it might have had a chance, but it's too late now.

[joinmicah]

Very Interesting Discussion I noticed a while ago I believe it was about year ago that on the Global Currency Exchange website known as http://xe.com you can see under Special Currencies XBT and it lists it as BITCOIN.

I thought that was very interesting when I found that. I wonder what the T stands for?

[Minnlo]

Very Interesting Discussion I noticed a while ago I believe it was about year ago that on the Global Currency Exchange website known as http://xe.com you can see under Special Currencies XBT and it lists it as BITCOIN.

I thought that was very interesting when I found that. I wonder what the T stands for?

XBC has been taken already, so the closest we can have is XBT.

[tvbcof]

My vote (if this were a vote and I had any voting power) would be 'XC0' for 'Chain #0'.

...just in case there develops an interest in 'sidechains' when it is more widely appreciated (in, say, 2.83 years) that high Bitcoin utilization rates can cause problems for a design with something like the enduring blockchain which can at best be only partially reorganized for optimization.

[Bitcoinpro]

Bhutan has only 700,000 people so I'm pretty sure its not going to make much difference if we take BTC

[Peter R]

My vote (if this were a vote and I had any voting power) would be 'XC0' for 'Chain #0'.

...just in case there develops an interest in 'sidechains' when it is more widely appreciated (in, say, 2.83 years) that high Bitcoin utilization rates can cause problems for a design with something like the enduring blockchain which can at best be only partially reorganized for optimization.

My understanding is that the innovation and appeal of sidechains is the two-way peg (bitcoins can freely more from the main chain to any sidechain and back, paying only transaction fees).  If this is the case, then arbitrage would close any difference in exchange-rate between Sidechain N and the main chain.  

[tvbcof]

My vote (if this were a vote and I had any voting power) would be 'XC0' for 'Chain #0'.

...just in case there develops an interest in 'sidechains' when it is more widely appreciated (in, say, 2.83 years) that high Bitcoin utilization rates can cause problems for a design with something like the enduring blockchain which can at best be only partially reorganized for optimization.

My understanding is that the innovation and appeal of sidechains is the two-way peg (bitcoins can freely more from the main chain to any sidechain and back, paying only transaction fees).  If this is the case, then arbitrage would close any difference in exchange-rate between Sidechain N and the main chain.  

My 'understanding' is, to be honest, mostly hopium that something along the lines of what I'd envisioned back in 2011 was actually being implemented.  I've spent a few months being fairly out-of-touch and busy with other things, and to lazy to delve into the technical details.

Back when I suggested '{x}{x}0', I noted that it was cool, but entirely unnecessary, that 'my purchase of Skittles live along side some goat cheese sale in Mongolia' and do so in nearly real time on every computer who wishes to be a full peer (edit: forever!)  A possible solution would be to 'spawn' sidechains when needed.  e.g., when a chain got to big for comfort meaning that it would require a Google-like datacenter and a 'load balancing supernode' to handle the load.

Generally I would personally maintain sidechains which I actually used (in addition to 'xx0'.)  Once in a blue moon I may actually have some desire to buy some goat cheese from a vendor in Mongolia.  In that case I would need to cross chains.  A universal (if potentially less convenient and more expensive) chain which was able to do this robustly and reliably would be desirable.  That is what I hoped (and continue to hope) the first Bitcoin blockchain evolved into.

Of course my actual 'savings account' would be a paper wallet on 'xx0'.

Happily, your description of 'sidechains' seems to be geared toward providing the foundation for what I was imagining.

[Meuh6879]

ISO values are for industrial bank system.
Bitcoin is not a bank system.



Even Bank use "Eur" notation instead of € standard sigle.

[MarketNeutral]

After nearly two years since this thread was started XBT has now been added to Wikipedia by an official editor. The usage by xe.com was decisive.

http://en.wikipedia.org/wiki/Bitcoin

Some companies thinking of representing bitcoin in their systems will check this source.

Decisive indeed.

In the financial industry, XBT will very likely become the standard abbreviation for bitcoin. The bitcoin community will undoubtedly continue to use BTC, but XBT will be used when traders look at currency crosses and spot tickers. X** is quite common for currencies that are new, offbeat, or supra-national. For example, IMF Special Drawing Rights are often abbreviated SDR in common parlace, but carry the ISO designation XDR. Similarly, gold's official currency code is XAU (au being gold's elemental symbol). I suspect Ripple abbreviating their currency XRP was deliberately based upon this naming convention by ISO and banking standards.

In terms of abbreviations, I wonder if bitcoin will take the path of the Chinese currency. When I travel internationally, I see some currency exchangers list RMB (renminbi) whereas others list CNY (Chinese Yuan).  See http://www.bbc.com/news/10413076 for clarification.

[Aswan]

After nearly two years since this thread was started XBT has now been added to Wikipedia by an official editor. The usage by xe.com was decisive.

http://en.wikipedia.org/wiki/Bitcoin

Some companies thinking of representing bitcoin in their systems will check this source.

Decisive indeed.

In the financial industry, XBT will very likely become the standard abbreviation for bitcoin. The bitcoin community will undoubtedly continue to use BTC, but XBT will be used when traders look at currency crosses and spot tickers. X** is quite common for currencies that are new, offbeat, or supra-national. For example, IMF Special Drawing Rights are often abbreviated SDR in common parlace, but carry the ISO designation XDR. Similarly, gold's official currency code is XAU (au being gold's elemental symbol). I suspect Ripple abbreviating their currency XRP was deliberately based upon this naming convention by ISO and banking standards.

In terms of abbreviations, I wonder if bitcoin will take the path of the Chinese currency. When I travel internationally, I see some currency exchangers list RMB (renminbi) whereas others list CNY (Chinese Yuan).  See http://www.bbc.com/news/10413076 for clarification.

an X and 2 more characters is way too limited tho. Theres lots of altcoins slowly getting traction and they wont get less. This naming "standard" cannot be kept with crypto currencies.

[Crossbow376]

In terms of abbreviations, I wonder if bitcoin will take the path of the Chinese currency. When I travel internationally, I see some currency exchangers list RMB (renminbi) whereas others list CNY (Chinese Yuan).  See http://www.bbc.com/news/10413076 for clarification.

Similarly, many people here preferred BTC over XBT.

In the world's high-flying financial circles, the word "renminbi" (or RMB) is often preferred to "yuan" (or CNY, short for "Chinese Yuan").

[Crossbow376]

an X and 2 more characters is way too limited tho. Theres lots of altcoins slowly getting traction and they wont get less. This naming "standard" cannot be kept with crypto currencies.

True, but I doubt many cryptocurrencies will make to mainstream...

[doolittle]

yawn ... another nitpicker who wants to tell us abut right and wrong ... 

[franky1]

XBT for forex BTC, BTC and bitcoin for common people
GBP for forex £, quid and pound for common people
USD for forex $, bucks and dollar for common people

now i think that wraps up the argument

[molecular]

After nearly two years since this thread was started XBT has now been added to Wikipedia by an official editor. The usage by xe.com was decisive.

http://en.wikipedia.org/wiki/Bitcoin

Some companies thinking of representing bitcoin in their systems will check this source.

Hmm, from above page:



seems yahoo chose BTC: http://finance.yahoo.com/q?s=BTCUSD=X

[Deviant1]

BTC forever!! No way I'm switching 

[Meuh6879]

[Ilsk]

Maybe one day all people will use xbt for practical reasons, but until that day btc it's so much better.

[Cryptopher]

I don't think that anybody is pretending that BTC is a "good international abbreviation", I think that it was just a term that came with the most peoples' exposure to Bitcoin.

It's funny how you would turn to ISO 4217 Currency Codes for something that generally isn't recognised as a currency Internationally.

But you have a point, it would take some doing - there would be a lot of confusion, which could be reduced by rolling the changes out responsibly. No doubt a few people will get scammed in the process. Are there any coins squatting on the abbreviation 'XBT'?

[molecular]

Maybe one day all people will use xbt for practical reasons, but until that day btc it's so much better.

I kinda liked the idea to use BTC for 1 Bitcoin, and XBT for 100 satoshis. That way trading / financial software can cope (only 2 decimals) with XBT.

1 XBT = 1 bit = 1 mBit = 100 satoshis

1,000,000 XBT = 1 BTC

[solex]

Maybe one day all people will use xbt for practical reasons, but until that day btc it's so much better.

I kinda liked the idea to use BTC for 1 Bitcoin, and XBT for 100 satoshis. That way trading / financial software can cope (only 2 decimals) with XBT.

1 XBT = 1 bit = 1 mBit = 100 satoshis

1,000,000 XBT = 1 BTC

Yes agreed.

In March last year when I started a thread promoting XBT I thought that the lack of an ISO code was a major handicap. It is, but it was only recently that I realized the 8 decimal places is an even bigger handicap. So assigning the ISO without having a unit for 100 satoshis is putting the cart before the horse.

[SnakePlisken]

I think it is too late to switch now. Too many people are used to using BTC.

[Peter Lambert]

I think it is too late to switch now. Too many people are used to using BTC.

It is not too late to switch. I have seen several places that use the XBT abbreviation. I works well for places that do foreign exchange, where you see the other currency codes. We will see over time, but I suspect that soon everybody will recognize both XBT and btc as abbreviations for bitcoins, just as you might see gold abbreviated XAU or Au, depending on the context.

[Cryptopher]

I think it is too late to switch now. Too many people are used to using BTC.

I think that franky1's post summed it up best:

XBT for forex BTC, BTC and bitcoin for common people
GBP for forex £, quid and pound for common people
USD for forex $, bucks and dollar for common people

now i think that wraps up the argument

That there makes sense, how BTC should be used as an informal reference to the actual 'currency'. That would therefore mean that it isn't too late to change. Technically it's never too late, just that the longer you leave it, the longer it takes to establish itself.

[jc01480]

Lol...  Trendsetter fails...

[BittBurger]

Lol...  Trendsetter fails...

lol