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Created October 13, 2017 16:31
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How the Moneywagon project will handle the possibly new BTC ticker
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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