Crypto Terms: Letter S

What is Symbol?

Symbol - is a shortened term for a crypto asset, token, or currency used in trade.
1 minute

Let's find out Symbol meaning, definition in crypto, what is Symbol, and all other detailed facts.

For trading purposes, a symbol is a shortened name for a crypto asset, token, or coin. One of the primary functions of a symbol is to let traders identify between currencies and convert them into BTC, BCH, and BSC. When assets are shown on a fast-moving display, such symbols help to guarantee that data is immediately comprehended.

For instance, Bitcoin's symbol is BTC, whereas Ether's is ETH. Then there's Dogecoin (DOGE) and Binance Coin (BNB). Furthermore, symbols can be used on the stock market for the largest and most popular public firms, such as Apple, which becomes APPL, and Facebook, which becomes FB.

Because of the infinite number of hard forks, Bitcoin, Bitcoin SV, and Bitcoin Cash are only a handful of the cryptocurrencies with the word "Bitcoin" in their names. Furthermore, there is no specific amount of characters that should be in a symbol - it generally varies. Some may have only one character, while others may have four or even more.

Why are Symbols Necessary?

To put it simply, symbols let investors identify between digital assets with identical names.