The non-profit corporation, Unicode Consortium, describes it as a “latin capital B with stroke” that has the hex Alt +0243, which is already an existing Unicode character.
Also, you can check out a wiki page dedicated to this proposed symbol, here.
B is for Better?
Currently, Bitcoin's unofficial abbreviation is BTC while the commonly used symbol is B with a line across a la the US dollar.
The group claims that the current problem with Bitcoin’s current image is that it is represented by a logo.
“It’s a unique image file, just like it could be used by a company to sell or promote a product,” states the website.
Meanwhile currencies are represented by symbols such as $, € or ¥, with the idea that they will be used everywhere by everybody and, thus, enabling consistency and avoiding any confusion.
The new symbol not only hopes to make it easier for everyone by working in different fonts and format but also add legitimacy and better present the virtual currency to the public when it is referred to in the media and the press.
The group’s website reads:
“As a widely distributed, peer-to-peer digital currency, Bitcoin needs an open-source graphic identity, designed with open source sofware by and for the community. It has to be as minimal as possible to allow further adaptations. Because the new B symbol is simple, extendable and perennial, it fulfills all those requirements.”
A few Bitcoin companies already started using this symbol for Bitcoin. This includes ZeroBlock, Lamassu and Tip4Commit as well as the real-time exchange rate website, Preev.
This dialogue has been going on for quite some time. And despite the US Government announcing that Bitcoin is not a currency, its use has been increasing with each passing day.
So perhaps it is high time to add some credibility by adopting a real symbol? So which do you think will be a better fit for Bitcoin? We would love to hear your thoughts in the comments sections below.
Reactions from the Bitcoin community
Meanwhile here are some reactions from the Bitcoin community to the newly proposed symbol:
HLTGRP Disqus group: “Marketing 101 - never change a wildly successful recognized brand symbol. Get Unicode to add the symbol instead. The last thing Bitcoin needs right now is something to make it less recognizable. I hope the Community will speak out against this, while simultaneously organizing an effort with Unicode.”
Neal M Gafter, Ph.D. (Bitcoin Foundation): “The decision was made long ago to use the current bitcoin symbol and it is widely accepted and used. I am working on a formal proposal to add the character to the Unicode standard.”
Ariel Deschapell (Author at CoinDesk): “I like it. Gives it a simpler, more international feel as a logo. I think some commentators may be overstating the recognition the current logo has. The Unicode thing is an added advantage.”
David Achkar (Bitcoin startup entrepreneur): “My iPhone couldn't even process the double dashed logo, I'd get a generic square. That's more than enough reason to switch.”