Will Bitcoin Have a Common Symbol for Trading?
The Bitcoin trading or stock symbol is not unified or standard. You can not find a standardized one such as USD for the American dollar or EUR for European currency. This is an interesting detail because it is a decentralized currency, without any authority or running establishment like the US Treasury or the Bank of England. Therefore, the whole network usually creates such things. That’s why there are occasionally several alternatives at the same time. Let’s look at them here.
There are Different Symbols
Today there is no unified “label” for Bitcoin on the market, exchanges or online wallets. Through the internet you can find XBT, BTC and others. The most common and well-known is BTC. BTC is not only a stock abbreviation but also an abbreviation of Bitcoin itself. The community often uses these three letters, as do exchanges and online wallets. You can find the price of a bitcoin using BTC and search engines such as Google can usually provide the current price.
Another is XBT and it is also very common among the Bitcoin community. It is used for comparing against other currencies such as the USD or GBP. The letter ‘X’ is supposed to show that Bitcoin is an international digital currency without any national borders or jurisdictions.
Browsing the internet you will probably come across the abbreviation ‘NYXBT’. NY is New York. NYXBT is used on the NYSE or the New York Stock Exchange, since May 2015 when the exchange launched its own index to track the price of digital currencies. So, NYXBT is used to define the price of Bitcoin on the New York Stock Exchange. However, this currency does not trade itself on NYSE, they simply take the information from the famous American exchange Coinbase and reflect its value on their index.
Another interesting abbreviation of digital currency is GBTC. A very popular and well-known Bitcoin Investment Trust uses it. One share of BIT is labeled on the market as GBTC. When you buy a stock of BIT you do not have digital currency itself but the main asset of the company is digital coins. Therefor, the price of GBTC firmly correlates with the price of the cryptocurrency.
Uniformity is Better
This gives rise to an important question for the Bitcoin community. Does the cryptocurrency need to have a standard code for all markets and exchanges? Some may suggest that such diversity is an indication of the currency’s immaturity. A standardized code for Bitcoin may be a sign to the whole world that the big financial institutions accept Bitcoin. If this is the case, such institutions including banks, big companies, hedge funds and others, all see this as a sign that the cryptocurrency is mature enough and can be used in ‘the world of large finance’. Moreover, such an admittance is an indicator to the markets that the cryptocurrency has a bright future and this is not the risky asset it was once considered. In other words, this standardization will lead to more investment of funds into the cryptocurrency. The adoption of a common code could lead to a reliable and well-known organization like ISO (International Standard Organization, located in Geneva), which provides many standards and unified codes for various products, goods, currencies, and services. As an example, one abbreviation already mentioned is XBT. The company, which adopted this code, is Bloomberg. They created and announced testing of XBT for their platform to track and indicate the current price of Bitcoins.
It was a big step by investors towards accepting the cryptocurrency.
If an organization like ISO admits a common code for the cryptocurrency and its community adopts it, then Bitcoin will have a very bright future.
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