Symbol: Connecting Businesses with Blockchain

Symbol is the ticker of a cryptocurrency; for example, the Bitcoin symbol is BTC.

What is symbol?

Symbol is an shortened name for a cryptoasset. For example, the symbol for Bitcoin is BTC and the symbol for Ether is ETH. Other examples are Binance Coin (abbreviated BNB) and Dogecoin (DOGE).

In the stock market, symbols are also used for well-known public companies – Apple becomes AAPL and Facebook becomes FB.

One might wonder why symbols are actually needed. In fact, they can help investors distinguish between digital assets that may have similar names. As a result of the seemingly endless number of hard forks, there are many cryptocurrencies that have Bitcoin in their name – Bitcoin, Bitcoin Cash and Bitcoin SV among them.

Traders use symbols to distinguish between coins - turning them into BTC, BCH and BSC. In case the assets are also displayed on a fast-moving screen, these symbols also guarantee a quick understanding of the information.

There can be different numbers of letters in a symbol – some have only one symbol, while others can consist of four or five.