What Is XBT in Crpytocurrency?

XBT is a less popular ticker symbol for Bitcoin in the crypto world.

Get to Know With XBT in Cryptocurrency

As the crypto world gains more attention, it's getting filled with complex terms and symbols, which can be puzzling for newcomers. But the story behind "XBT" isn't new.

To put it simply, XBT is another way of referring to Bitcoin using a ticker symbol.

Why Do Some Crypto Platforms Use XBT Instead of BTC?

At first glance, this might seem odd. However, there's a logical explanation for using XBT when we dig deeper. Bitcoin came into existence in 2009, created by Satoshi Nakamoto. Initially, it didn't have a symbol; it was just known as "Bitcoin." The abbreviation BTC became popular within the crypto community over time.

Following The ISO Rules

Nonetheless, the International Organization for Standardization (ISO) believed that Bitcoin needed an official international currency code. According to ISO rules, these codes start with "X." Hence, Bitcoin was assigned the code "XBT" instead of the widely used BTC. Both versions remained in use.

Is XBT as Well-Known and Accepted as BTC?

While BTC enjoys greater popularity, some entities still prefer to use XBT. Some exchanges have opted for ISO codes, hence adopting XBT over BTC. However, BTC remains the dominant term in everyday conversations and retail transactions.

Depends on Where It's Available

People feel more comfortable with what they're familiar with - BTC feels firmly established and connected to the origins of crypto. Nevertheless, as certain exchanges ensure compliance with local regulations, XBT may gain traction in specific regions. 

Ultimately, both tickers refer to Bitcoin, akin to how "pop" and "soda" denote the same soft drink.

Which Platforms Use XBT Instead of BTC?

Several major exchanges utilize XBT, such as BitMEX and Kraken (Futures). These exchanges have aligned with ISO standards for Bitcoin's currency designation. Moreover, prominent financial institutions like the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) also employ XBT for Bitcoin futures trading.

How Can I Purchase XBT?

Buying XBT, or BTC (the more commonly used ticker symbol), is relatively straightforward for average investors.

First Step

Select a cryptocurrency exchange that supports BTC, such as Binance. These platforms enable you to link your bank account or debit card to fund your account balance. Most exchanges require KYC to adhere to anti-money laundering regulations.

Second Step

Once your exchange account is funded, navigate to the BTC trading pair page and specify the amount you wish to buy. Exchanges offer market orders, which purchase BTC (XBT) at the current market price, or limit orders, allowing you to set a maximum price per coin you're willing to pay. 

And there you have it! You now possess BTC (or XBT) in your wallet!

Conclusion

You can choose to keep your asset on the exchange or transfer it to cold storage. Begin by starting small, researching reputable exchanges, and activating two-factor authentication to securely start purchasing and holding this popular digital asset.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.