The Bitcoin community prefers to use BTC as their acronym, while the mainstream markets have coined the acronym XBT for use in the established financial setting. This seemingly conflicting position for BTC and XBT seem to imply that Bitcoin, which has become very popular in recent times, is a currency to watch because it could become a very significant player in the dominant financial markets. The two terms, BTC and XBT have the same meaning although with different backdrops and alternate significance.
Why the Interest in Cryptocurrencies
The term cryptocurrency is actually very new and not many people had heard about it or knew what it meant or stood for. That is until the price of Bitcoin made a dramatic rise. This also meant that people were more interested in the currency in a greater degree. Today, everyone is interested in learning more about cryptocurrencies.
Most people are interested in Bitcoin although there is also huge interest in other currencies such as Ethereum, Ripple, and Litecoin. With the dramatic rise in value of the cryptocurrency in the market, more naysayers began changing their minds. This could be one of the reasons why the shift from BTC to XBT has taken place in mainstream financial setups.
Institutions Accepting Bitcoin as a Currency
Many institutions have begun to take notice and are actually making plans to accommodate digital currency exchange. No other sector is growing as fast as the cryptocurrency sector in the financial world. This is a reason enough for people to stand and take notice leading to the adoption of blockchain technologies and a reason why the mainstream financial sector have coined an abbreviation that is acceptable for Bitcoin.
There are many websites where Bitcoin is now accepted as a form of payment and many have integrated the currency as a medium of exchange. Many retailers have also accepted the currency as one of their payment options. The major advantage that Bitcoin has over other currencies is that it uses the blockchain technology to keep money safe from fraud. Perhaps this is a major reason why it is becoming acceptable as a currency as well.
Bitcoin Getting into Trading Platforms
In recent times, online trading companies have increasingly looked made their platforms acceptable to the demand of their clientele for virtual currency products. As a result, most have started including bitcoin trading on their platforms. Most clients have opted to invest in Bitcoin against the Euro or against the US Dollar in the same way that they can trade with other currencies.
With many companies now expanding their cryptocurrency platforms, it has become necessary to use the XBT abbreviation in exchange platforms. This means that in a trading platform that accepts Bitcoin, you will see for example the US dollar paired with the Bitcoin.
You will thus see something like USD/XBT abbreviations. Bitcoin is thus a new asset category and it requires looking into as an investment option and a payment option. Bitcoin users are increasing every day and it is time for businesses to start considering it as another option for payment of goods and services.
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