XBT
XBT is the lesser-known ticker symbol for Bitcoin.
What Is XBT in Crypto?
As crypto grows more popular, lots of complicated names, tokens and symbols are popping up. This can make things confusing for folks new to crypto. But the story of “XBT” isn’t new.
Simply explained, XBT is the lesser-known ticker symbol for
Bitcoin.
Why Do Some Crypto Exchanges Call Bitcoin XBT Instead of BTC?
This can seem strange at first glance. But the reasoning for XBT makes sense when we look closer. Bitcoin was created in 2009 by
Satoshi Nakamoto. Back then, it didn’t have a symbol. It was just called “Bitcoin.” The abbreviation BTC naturally got popular in the crypto community eventually.
However, the International Organization for Standardization (ISO) decided Bitcoin needed an official international currency code. These codes start with “X” based on ISO rules. Therefore, the ISO assigned Bitcoin the code “XBT” instead of the popular BTC. Both versions stuck around.
Is XBT Widely Accepted and Known Like BTC?
While BTC is more popular, some groups still use XBT too. Similarly, some exchanges adopted ISO codes, therefore, they adopted XBT in place of BTC. But BTC still dominates everyday talk and retail transactions.
Familiarity breeds comfort – BTC feels established and rooted in crypto’s origins. But as some exchanges make sure to comply with the rules of local authorities, XBT may keep gaining traction in certain areas. In the end, both tickers point to Bitcoin, like “pop” and “soda” refer to the same soft drink.
Which Trading Platforms Use XBT Instead of BTC?
Several major exchanges use XBT, including BitMEX and
Kraken (Futures). These exchanges aligned with ISO standards for Bitcoin’s currency designation. Big financial institutions like the
Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) also use XBT for Bitcoin futures trading.
How Do I Buy XBT?
Purchasing XBT, or BTC (the more popular ticker symbol), is quite easy for regular investors.
The first step is choosing a cryptocurrency exchange that supports BTC, such as Binance. These platforms allow linking your bank account or debit card to fund your account balance. Most exchanges require
KYC to comply with
anti-money laundering regulations.
Once your exchange account is funded, simply navigate to the BTC trading pair page and enter the amount you wish to buy. Exchanges support
market orders which purchase BTC (XBT) at the current market price, or
limit orders which set a maximum price you're willing to pay per coin, and it’s done! You have BTC (or XBT) in your wallet!
Now you can either keep your asset on the exchange or move it to
cold storage. Start small, research reputable exchanges, and enable
two-factor authentication to securely begin buying and holding this popular digital asset.