How does BitMEX quote XBT and what is the significance?

3 answers

• Dec 17, 2021 · 3 years ago
  BitMEX quotes XBT by using the ticker symbol for Bitcoin. XBT is derived from the ISO 4217 currency code for Bitcoin, which is BTC. The use of XBT instead of BTC is mainly for convenience and standardization purposes. It allows BitMEX to align with other financial markets that use traditional currency codes. The significance of using XBT is that it helps to establish a common language and understanding among traders and investors in the cryptocurrency market.
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• Dec 17, 2021 · 3 years ago
  BitMEX quotes XBT as a way to represent Bitcoin in a standardized manner. The use of XBT instead of BTC is similar to how USD represents the US dollar. It helps to avoid confusion and ensures that everyone understands that XBT refers to Bitcoin. This is especially important in the cryptocurrency market where there are many different digital assets. By using XBT, BitMEX provides clarity and consistency in their trading platform.
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• Dec 17, 2021 · 3 years ago
  BitMEX, a popular cryptocurrency exchange, quotes Bitcoin as XBT. This is a common practice in the industry, as it aligns with the ISO 4217 currency code for Bitcoin. BitMEX uses XBT instead of BTC to provide a standardized representation of Bitcoin, similar to how traditional currencies are represented. The significance of this is that it helps to create a unified language and understanding among traders and investors in the cryptocurrency market. Other exchanges may use different ticker symbols, but the underlying asset remains the same.
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