Bitcoin Financial undertakes steps to propel Bitcoin mainstream

Wednesday 8 October 2014 14:45 CET | News

The Bitcoin Foundation’s Financial Standards Working Group has undertaken steps to propel Bitcoin mainstream.

The group’s priorities for Q4 2014 and Q1 2015 will focus on applying for ISO 4217 approval for a Bitcoin currency code as well as drawing up recommendations for a Bitcoin currency symbol and Bitcoin subunits.

The first task of the Financial Standards Working Group will be to apply for ISO 4217 approval for a Bitcoin currency code. Obtaining an internationally recognized currency code for Bitcoin will enable more fluid international transactions and currency conversion.

ISO 4217 is the International Standard for currency codes and currencies are traditionally represented as a 3-letter alphabetic code. Currently, BTC is the leading candidate as it is in common use globally. However, ISO 4217 standards expect a leading letter “X” for global commodities like gold (XAU) and emergent supranational currencies like the precursor to the Euro (XEU). To this effect, some foreign exchange tools and services have already adopted the leading code “XBT” such as, Oanda and Bloomberg.

Secondly, the working group will examine the options for and recommend a Bitcoin currency unicode symbol. Currently, the leading symbols for Bitcoin are B?, ?, and ?. The working group will deploy a consensus-based process for reaching an agreement for the official currency symbol.

In addition, the working group will recommend Bitcoin subunits. In a currency, there is usually a main unit (base), and a subunit that is a fraction of the main unit. Currencies today operate with two decimal spaces to the right (USD 1.00). In Bitcoin, there are currently 8 so one could theoretically pay you 0.00000001 or one hundred-millionth of a Bitcoin.

With a shared goal of achieving standardisation for mainstream adoption, the volunteer working group of 20 Bitcoin Foundation members is led by volunteer chair Beth Moses, who led the standardisation and testing of extravehicular interfaces for the International Space Station while at NASA.

Established in July 2012, the Bitcoin Foundation is a member-driven non-profit digital currency trade organisation dedicated to serving the business, technology, government relations and public affairs needs of the Bitcoin community.

The foundation works to protect and standardise the Bitcoin protocol and software, to broaden the use of Bitcoin through public education and by fostering a legal and regulatory environment, and to support local Bitcoin efforts by connecting a network of Bitcoin communities worldwide.

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Keywords: Bitcoin, Bitcoin Foundation, Mainstream, ISO standards, symbol, BTC, cryptocurrency, currency code, Financial Standards Working Group
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3

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