XBT is a code that represents Bitcoin in global foreign exchange markets, where currencies are traded. In essence, XBT stands for 'Bitcoin'. It follows the tradition of other currency codes like USD for the U.S. dollar or EUR for the Euro. The first two letters represent the country and the last letter signifies the currency. In this case, the 'X' denotes that Bitcoin is an international currency, and 'BT' is short for Bitcoin.

What is XBT?

Why Use XBT Instead of BTC?

Though it is more common to see BTC in most casual settings, XBT is used under certain circumstances in the larger global financial system. There is a universal standard named 'ISO 4217', used by banks and financial institutions, which dictates the format for currency codes. According to ISO 4217, non-national or international currencies like Bitcoin should begin with the letter 'X'.

Difference between XBT and BTC

In practical terms, there is no intrinsic difference between XBT and BTC. They both represent the same thing -- Bitcoin. The choice between using XBT or BTC is merely a matter of preference.

XBT in the Cryptocurrency Trading World

In some cryptocurrency exchanges, you might encounter the acronym XBT as an identifier for Bitcoin. This is especially true for exchanges that operate within traditional institutional finance platforms or work closely with banks. However, in more mainstream and consumer-oriented platforms, you're more likely to encounter BTC.

Knowing XBT: Key Points

  • XBT and BTC both represent Bitcoin.
  • XBT follows the ISO 4217 standard for currency codes.
  • Both XBT and BTC are used interchangeably and don't indicate any difference in value or the coin itself.