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benjarobbi / bitcoin-wallet.github.io

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XBT currency code support #186

Closed GoogleCodeExporter closed 9 years ago

GoogleCodeExporter commented 9 years ago 
Please add support to use XBT currency code.

1 XBT = 100 Satoshi

Please go through Bitcointalk.org discussions for more details.

https://bitcointalk.org/index.php?topic=220761.0

Original issue reported on code.google.com by vijayakumar.subburaj on 4 Jun 2013 at 4:07

GoogleCodeExporter commented 9 years ago 
The reasons for using XBT:

1. Legacy financial databases (that is everything other than Bitcoin) usually 
can not deal with 0.00000001 but can deal with billions.
2. Representation of Bitcoin amounts in XBT allows storage without loss of 
precision in database columns that hold other currencies.
3. Common people are used to conventions:
     i. There is an undividable unit of currency (e.g. cent)
     ii. 100 of these smallest currency units are the major currency unit.
4. ISO currency codes are 3 letters (BTC is already reserved) and currency 
codes starting with X are supranational use.
5. XBT is not yet occupied and got the highest votes in the poll: 
https://bitcointalk.org/index.php?topic=149150.0
6. The units mBTC and uBTC often mentioned in the community are engineering 
scale. Common people do not use and understand them.

Above reasoning leads to a definition:

   1 XBT = 100 satoshi
   1 Bitcoin = 1 million XBT

Some practical magnitudes:

  The current default transaction fee (0.0001 Bitcoin) is: 100 XBT

  If 1 Bitcoin is 100 USD then about 0.54 cent is the dust limit (54 XBT).

  You can easily read other popular units of Bitcoin out of an XBT:

       1,234,567.89 XBT = 1.2 BTC = 1,234 mBTC = 1,234,567 uBTC

XBT is actually uBTC with an ISO conform name.

From, https://github.com/bitsofproof/bop-bitcoinspinner

Original comment by vijayakumar.subburaj on 5 Jun 2013 at 2:04

GoogleCodeExporter commented 9 years ago 
There is no sign of progress to adopt the XBT currency code. For now, I'll 
reject this.

As for the denomination change, I'll dupe this with issue 183. A beta version 
is up for download.

Original comment by andreas....@gmail.com on 26 Nov 2013 at 11:09