What is XBT? XBT vs BTC
in Bitcoin (BTC)
What is XBT (What Does XBT Stand for)?
XBT is an alternative ticker symbol (name) for BTC. When an exchange or other financial services provider uses the XBT symbol, they are referring to BTC.
- The same network
- Same price
- Same great fundamentals
The symbol XBT comes from the ISO (International Organization for Standardization), which designates that non-sovereign currencies should have an X as the first letter of their ticker symbol. For example, gold is XAU and platinum is XPT.
Interestingly, this “X” also explains the ticker symbol for currencies like Ripple, Stellar Lumens and Tezos. XRP, XLM, and XTZ make more sense once you know that the X designates a non-sovereign currency.
While the crypto ecosystem mostly uses the BTC ticker symbol, some exchanges have elected to use XBT.
What is XBT Kraken?
Kraken is one of the cryptocurrency exchanges that has chosen to use the XBT ticker symbol instead of BTC. The name is different but the network is the same. Investors sending Bitcoin to Kraken can safely deposit their BTC to the XBT address provided by Kraken.
What is XBT BitMEX?
BitMEX is the largest cryptocurrency exchange to use the XBT ticker symbol.
What sets BitMEX apart is that they have perpetual futures contracts for several different cryptocurrencies, including Bitcoin.
Typical futures contracts have an expiration date, whereas BitMEX’s perpetual futures rollover indefinitely. More information about these contracts and the XBT symbol are available on BitMEX’s website.
XBT vs. BTC
XBT and BTC are the same cryptocurrency; only the ticker symbol is different.
China is an example of one currency that has two different names. The Chinese currency is referred to either as Yuan or Renminbi. Same currency, different name.
For more information about where the XBT symbol comes from, you can check this Investopedia article which elaborates on ISO currency codes.
How Do I Buy XBT (BTC)?
Whether you buy XBT on Kraken with US dollars or on Exodus by trading another crypto for it, the currency is the same.
One of the best places for Americans to buy XBT (BTC) with dollars is the Cash App. The Cash App lets investors link up their bank account so that they can instantly buy Bitcoin and lock in the price at the time of purchase.
For international investors, Coinbase is one of the best cryptocurrency exchanges to buy Bitcoin on. A full list of the countries that Coinbase supports is available on their website.
With Coinbase, you can link your bank account or use a debit card to buy BTC, giving you ultimate flexibility.
You can also buy XBT (BTC) by trading another cryptocurrency for it. Exodus has a built-in swap feature so that you can exchange cryptocurrencies without having to send the coins to an actual exchange.
The Exodus team has written a detailed guide for exchanging cryptocurrencies.
How to Store XBT
With Bitcoin and other cryptocurrencies, it’s the investor’s responsibility to keep the coins safe. If a hacker can steal your coins, they’re gone for good and there is no FDIC insurance to make you whole again.
An essential security feature of the Exodus XBT (BTC) wallet is that it’s non-custodial. That means that the wallet owner has 100% control over the coins in their wallet. Nobody else, not even the Exodus development team, can access the cryptocurrency.
Another important security feature is the Trezor integration. Exodus integrates directly with the Trezor hardware wallet for ultimate security in storing your Bitcoin. Hardware wallets are great since they protect against software attacks. You can plug a hardware wallet into a computer infected with viruses and your Bitcoin will still be safe.
Another option is to buy a Ledger Nano S hardware wallet. At just $75 the Nano S is one of the cheapest hardware wallets on the market. That doesn’t mean a compromise on safety, though, since the Nano S has an excellent security track record.
Ledger recently released the Ledger Live wallet that interfaces directly with their hardware wallets. Ledger Live has a sleek, modern layout that’s easy to use even for investors just getting started with crypto.
Finally, you can store your XBT (BTC) in an old school, simple wallet like Electrum. Unlike Exodus, the Electrum wallet only supports Bitcoin. It’s not fancy, but it is reliable and safe.
Just one note of caution: always download Electrum directly from Electrum.org. Sometimes phishing websites try to get investors to download fraudulent clones of the wallet that will steal your Bitcoin.
XBT or BTC?
XBT or BTC, call Bitcoin what you want, it’s still the same great asset. Censorship resistant, decentralized, and none of that crazy inflation like you get with fiat currencies and lavish central banks.
Bitcoin is the currency of the future, and if recent price action is any indication, it’s going to be quite popular for the foreseeable future.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.