Let’s be honest: sometimes in the bitcoin realm, there’s confusion on what to call this and what to call that. For example, the abbreviation for the digital currency: some peg it as BTC while others refer to it as XBT.
Said committee will also be responsible for exploring items like bitcoin denominations — another topic that is the subject of great debate in the community.
We’ve seen a number of variations in the symbol used to depict bitcoin: the ฿, for example, is commonly used, but was designed to represent the the Baht — the currency of Thailand.
Another is Ƀ. It’s been used by companies like Blockchain (for the bitcoin.com domain at one point), but hasn’t quite caught on.
The Standards Committee will take a look at different proposed options and create a “recommended standard”, as per Brad Wheeler in his post on the Bitcoin Foundation forums.
Committee members would be responsible for meetings/discussion on an as-needed basis. The committee would also need a member to serve as chairperson, who would have opportunities to work closely with Foundation Staff. Other members would be able to participate in the capacities they deem best.
It’s an interesting concept here, but also has the opportunity to be controversial. As a decentralized currency, some might have issues with a centralized organization making recommendations on behalf of an entire base of users, but it will be interesting to see what comes of this nonetheless.