-By Milly Bitcoin - October 28, 2013.
A new abbreviation for Bitcoin is starting to come into use, “XBT.” Up to this time “BTC” has been the generally accepted notation for Bitcoin. Since Bitcoin is decentralized there is no standard or anyone to dictate what it should be. The XBT comes from an International Standards Organization (ISO) that keeps a list of currencies. If a currency is not associated with a country then it starts with an “X.” US Dollar is USD and Gold is XAU. A more detailed discussion of the standard is discussed by the Bitcoin Foundation Director Jon Matonis:
Bitcoin exchanges have begum to start using the XBT notation but many merchants still use BTC. It remains to be seen how it will be used in the long term.
There are also other discussions over what fractional terms will be used since 1 Bitcoin is close to $200 in value at this time. 0.001 Bitcoin is one milliBitcoin (expressed as mBitcoin, MillyBits, BitMills, Millies, etc.) which is worth 20 cents when Bitcoin is worth $200. At this time many sites are still using decimals but this often leads to confusion and errors even by experienced Bitcoin users.
There is also discussion over the standard for the Bitcoin symbol which is similar to the Bhat currency in Thailand:.
Some common uses got Bitcoin are: