Cryptocurrency Q&A
What does X stand for in cryptocurrency?
What does X stand for in cryptocurrency?
Federico
Sun Aug 04 2024
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6 answers
1800
Could you please clarify for me, what does the letter "X" typically represent or signify within the realm of cryptocurrency? I'm interested in understanding if it holds a specific meaning or designation that is commonly used and recognized within this field. Your explanation would be greatly appreciated.
6 answers
Daniela
Tue Aug 06 2024
ISO 4217, in particular, mandates that the first letter of a global commodity's code, if not representing a country, should be 'X'. This rule ensures consistency and clarity in international financial transactions.
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Lorenzo
Tue Aug 06 2024
The fundamental unit of measurement in the Bitcoin ecosystem is the bitcoin itself. It is universally recognized and denoted by the symbol ₿, alongside the currency code BTC.
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EclipseChaser
Tue Aug 06 2024
Notably, the BTC code, though widely used, does not adhere to the international standard set by ISO 4217. This standard prescribes specific formatting guidelines for global currencies and commodities.
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DigitalDynasty
Tue Aug 06 2024
A key discrepancy lies in the use of 'BT' as the initial letters, which coincidentally aligns with the country code of Bhutan in the ISO 3166-1 alpha-2 standard. This coincidence creates potential for confusion and misinterpretation.
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GyeongjuGloryDays
Mon Aug 05 2024
Despite this technical inconsistency, BTC has emerged as the de facto standard for representing Bitcoin in various contexts, including exchanges, wallets, and merchant transactions.
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