There is no consensus between different cryptocurrency exchanges on what Bitcoin ticker should be universally accepted. For instance, if you want to google the price of Bitcoin, BTC is your best bet (however, the XBT cryptocurrency will work just fine as well). Now that you know the origin of the ‘XBT’ ticker (if you knew about its existence in the first place), let’s compare it with BTC, the old-timer that has been associated with Bitcoin since its very inception in 2008. The answer is simple: there is already a currency with this ISO 4217 currency code that stands for a European Unit of Account. XBC is by far the most obvious variant if you take into account the name of the currency (‘bit’ and ‘coin’). Given that Bitcoin is an international currency, it is now crystal clear why it starts with X, but the third letter of the new abbreviation might still seem rather confusing for uninitiated traders. These currencies are also dubbed ‘X currencies’ due to the fact that they always begin with this very letter: Apart from the vast majority of national currencies, ISO 4217 also provides codes for the so-called ‘super currencies’ that are not restricted to a certain currency and pose as a global medium of exchanging money. That eventually prompted the appearance of a brand-new Bitcoin code: XBT (it is still not considered to be the official ticker of Bitcoin). When it comes to Bitcoin, there was an issue with Bhutan - the ngultrum (BTN), the country’s national currency, created roadblocks given that its very first letters coincide with that of Bitcoin. According to these rules, the first two letters of the currency symbol are supposed to represent the country (case in point: USD where ‘US’ stands for the United States). So, what is XBT? When the popularity of the flagship currency started skyrocketing (along with its price), there was a need for a currency code, but the problem was that the ‘BTC’ ticker name actually violated the ISO 4217 standard. As mentioned above, the BTC ticker was created by Bitcoin’s elusive creator Satoshi Nakamoto, so there was no need to come up with another variant - everyone perfectly understands what BTC is. The tale of two Bitcoin tickersīefore Bitcoin hit the mainstream, the only existing Bitcoin ticker was BTC (the logical shorthand that doesn’t raise any additional questions). However, when it comes to the decentralized world of cryptocurrencies, it is not an easy feat - there are certain coins in the likes of Nimiq’s NET that fail to get listed on exchanges because it coincides with another cryptocurrency. In order to list stocks, bonds or other securities on the NYSE, there is an approval process involved, but there are no geographical restrictions, which essentially means that the same ticker could work in another country. They are perceived as the standard ones due to the fact that they come straight from Satoshi’s and Vitalik’s respective white papers.įor ICO issuers, it is a mundane practice to specify the name and the ticker of the token to avoid confusion. It pertains to all known crypto tickers, including the ubiquitous BTC and ETH. Despite some common beliefs, no one registers a cryptocurrency ticker (they are not protected under copyright law).
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