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October 13, 2017 16:31
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How the Moneywagon project will handle the possibly new BTC ticker
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The moneywagon project provides a symbol normalization service through it's API. | |
For instance, the HitBTC exchange calls Bitcoin Cash BCC. Most other exchanges | |
use BCH as the symbol for Bitcoin Cash. If you do a lot of trading, this can | |
be confusing for you. If you use the Moneywagon software to execute your trades, | |
you always use the BCH identifier to buy or sell Bitcoin Cash, no matter which | |
exchange you're dealing with. | |
Other examples of currencies that have different symbols on different exchanges | |
are Dash and Myriadcoin. Some exchnages give Dash the symbol "DASH", while others, | |
such as Wex, call it "DSH". Also Myriadcoin is sometimes called "MYR", and | |
sometimes called "XMY". When using moneywagon, you always use DASH for Dash and XMY | |
for Myriadcoin, regardless of which exchange you're using. | |
This symbol normalization concept is central to Moneywagon's function. | |
Up until recently, the Bitcoin currency has always been traded as "BTC" across | |
just about every exchange in existence. With the upcoming upgrade coming | |
in November, some exchanges have come forward and announced they will change Bitcoin's | |
symbol. | |
Just like how the moneywagon project "decided" to use XMY for Myriadcoin, and DASH | |
for Dash, the project needs to decide which symbol bitcoin will get after the November | |
hard fork. | |
Moneywagon will call the chain with the most work BTC. The chain with less hashpower | |
will get a new symbol, granted it even survives. The actual symbol will be what most | |
exchanges use, most likely something like "B1X". |
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