What is the abbreviation XBT?

Do you want to deposit Bitcoin at a platform, but you see XBT instead of BTC? Don’t worry, you’ll find the answer below.

Short answer: XBT is exactly the same as BTC. So, feel free to transfer your Bitcoin to the platform. Well-known platforms that use XBT instead of BTC are: Kraken and BitMEX.

What is the difference between BTC and XBT?

BTC is used because it contains the letters of the word (Bitcoin). But why do some platforms use XBT? Isn’t that irritating and confusing?

The abbreviation XBT originated from a special ISO certification for currencies and for uncovered assets, such as gold. According to this certification (ISO 4217) the first two letters must contain the country code and the last letter must be the first letter of the currency. That is why the US dollar consists of the abbreviation USD (United States Dollar).

BTC cannot be used, because the country code BT is used by the country Bhutan. Known uncovered assets start with the letter X followed by the symbol of the chemical element, so gold is XAU and silver is XAG. Therefore the alternative abbreviation XBT has been chosen. Very confusing, but there is no difference between BTC and XBT (except for the letters).