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This site has been created to assist in establishing and promoting standards for Bitcoin Denominations. The aim is for a sustainable and universal set of denominations for the digital currency. The basis of the current bitcoin denomination proposals has been based on functional integration with existing monetary systems and internationally accepted data inspired labelling in recognition of the digital nature of the currency. In theory, two countries currently use non-decimal currency: For a modern financial system based in mathematical algorithms it makes sense to adhere to the decimal standard that also happens to be used by almost every currency in the world.
This also allows for standard international naming conventions and SI prefixes to represent intermediary steps in between significant units. Another choice of name is some form of derivative of the political entity. Following this rational it loosely makes sense to base the currency in bits which are the base digital unit within most data systems. It should be noted that bits is not a literal translation as the unit of data does not directly correlate with a unit of currency.
Semantically speaking bits would also be a smaller part of a total bitcoin. Whilst BTC is commonly used to refer to the currency by its users it is not always used to represent an actual unit of value within the currency system. At the same time XBT is becoming recognised by significant money market players e.
Therefore it would make sense when establishing internationally accepted denominations to use the XBT code to fully integrate Bitcoin with existing financial systems and make a clear distinction for the newly accepted denominations and avoid confusion with existing common names and nicknames. Your email address will not be published.
Notify me of new posts by email. Skip to content This site has been created to assist in establishing and promoting standards for Bitcoin Denominations. XBT Whilst BTC is commonly used to refer to the currency by its users it is not always used to represent an actual unit of value within the currency system. Utilization of bits denomination Share: Comments Thank you, very helpful. Leave a Reply Cancel reply Your email address will not be published.
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