Bitcoin Foundation: Bitcoin to be standardized

Bitcoin Foundation Executive Director Jon Matonis reiterated this position:

The Bitcoin Foundation has provided insight into the priority list for the next six months and announced that the Bitcoin code, Bitcoin symbol and Bitcoin units will be standardized.

The group presented the rough plans as early as June, when they were looking for volunteers in the community for the measures. The Bitcoin Foundation sees the group as an entity that should pave the way for a Bitcoin mass adoption by creating certain standards such as uniformly recognised symbols for a Bitcoin currency and ensuring compliance with international currency compliance.

Bitcoin secret Foundation Executive Director Jon Matonis reiterated this position:

Standardization is an important step for Bitcoin secret mass adaptation, especially in a financial innovation with such an international reach. Read more about it:

Goodbye BTC?
The Commission’s first task will be to apply for ISO 4217 approval, ensuring a single Bitcoin currency code. ISO codes are a global standard for banks and businesses and compliance would further integrate Bitcoin.

The current BTC code does not comply with ISO 4217 as the initial letter for global commodities must be an “X”. The abbreviation for gold, for example, is XAU. Supranational currencies such as the euro are also classified with an “X”. XEU therefore also stands for the euro.

The Bitcoin Foundation already pointed out that leading tools for currency trading such as, Oanda and Bloomberg already use the code XBT as code for Bitcoin.

However, most Bitcoiners and media continue to use BTC as an abbreviation for Bitcoin.

B, ฿ or Ƀ?
The Foundation also wants to agree on a unified sign for Bitcoin. This is a matter that has been hotly debated for quite some time. Without a unified Unicode symbol, there is no option to include the symbols in a standard computer shift. Even if only a few, some community members complain that the problem of the uniform sign can stand in the way of a mass adaptation. Online and print media must constantly help themselves to display the characters correctly.

The absolute favorites for the Bitcoin symbol are B, ฿ and Ƀ. For a final decision, however, the Bitcoin Foundation also wants to involve the Bitcoin community.

“The working group will use a consensus-based procedure to select an official currency symbol,” the Foundation said.

How many decimal places?

Last but not least, the group is also working on standardizing Bitcoin splitting. Since 1 BTC is worth several hundred euros, a way must be found to easily split the currency into commercial currency units.

“Today’s currencies usually have two decimal places (€ 1.00). At Bitcoin, however, we currently have eight decimal places. Someone could pay you 0.00000001 or a hundred millionth of a Bitcoin. Not only is this confusing, it’s not software or accounting.”

The workgroup is largely volunteer and is led by NASA veteran Beth Moses. Moses had previously helped standardize extravehicular interfaces for the International Space Station. Currently, Moses is also designing and developing parts for Virgin Galactica – flights that can already be paid for in BTC. Or XBT?