Bitcoin Diamond

Bitcoin Diamond

Bitcoin Diamond is a hard fork of Bitcoin established in November 2017. It’s an altcoin designed to offer greater transaction capacity to users, with ten times more Bitcoin Diamond (BCD) released in market supply than Bitcoin, equating to 210 million tokens.

As with all other hard forks of Bitcoin, the original Bitcoin blockchain will remain unaltered, with users of Bitcoin Diamond’s new blockchain able to take advantage of the altcoin’s improved privacy and anonymity, as well as:

  • Faster transactions than Bitcoin
  • Encrypted transaction amounts and balances
  • Greater transaction capacity on the BCD blockchain
  • Still at a cheap price to invest

What is Bitcoin Diamond about?

There’s no doubt that Bitcoin remains the most popular cryptocurrency, but it’s not without its flaws. That’s why hard forks of the Bitcoin blockchain occur, as developers and organisations claim to have fresh ideas to build upon the foundations of Bitcoin and offer an improved form of Bitcoin – hence the creation of Bitcoin Diamond.

The creators of Bitcoin Diamond have sought to cherry-pick the best bits of Bitcoin and the cryptocurrency’s other hard forks, including Bitcoin Cash, to provide an exciting alternative.

What is Bitcoin Diamond’s purpose?

There are several reasons why Bitcoin Diamond has been hard-forked from Bitcoin, not least because of BTC’s privacy issues. BCD offers improved anonymity, with encryption for transaction amounts on the BCD blockchain, as well as users’ balances, keeping them away from prying cyber-criminals. Bitcoin Diamond is also designed to offer faster transactions due to its 8MB block size limit, alleviating congestion on the Bitcoin Diamond network.

It’s hoped that Bitcoin Diamond’s network will be capable of processing up to 4.8 million transactions daily, drawing upon elements of Bitcoin Cash such as its 135GB blockchain size. For those wondering what is Bitcoin Diamond about, speed is definitely a top priority.

The team behind Bitcoin Diamond

The concept of Bitcoin Diamond was developed by two Bitcoin miners, Team Evey and Team 007, who both wanted to change the way the network’s protocol operated. They sought to improve the Bitcoin Core by creating their own improved protocol, now known as Bitcoin Diamond.

How does Bitcoin Diamond work?

If you are wondering how Bitcoin Diamond works, its transactions operate much like Bitcoin. Like the Bitcoin blockchain, the BCD blockchain stores thousands of transactions on just as many computers, called nodes.

New transactions are put into groups known as blocks and are validated by each node before being added to the Bitcoin Diamond blockchain.

How does Bitcoin Diamond compare to Bitcoin?

One of the biggest differences between BCD and BTC is that the former’s block size limits are eight times that of Bitcoin. Bitcoin’s restrictive 1MB block limit has always held it back, causing issues of scalability in recent years. Bitcoin Diamond’s blocks are 8MB each, allowing them to process more transactional data within the network.

Unlike Bitcoin, which allows ASIC miners to mine Bitcoin, Bitcoin Diamond allows BCD mining to be carried out using a GPU, making it more inclusive to the whole BCD community.

How can you get Bitcoin Diamond?

Keen to know how to get Bitcoin Diamond? There are several ways you can get your hands on BCD as part of your cryptocurrency portfolio:

You can buy it

With the price of Bitcoin Diamond currently hovering at a little over $1 per BCD, now is a very good time to get involved and buy Bitcoin Diamond. Fortunately, several of the leading cryptocurrency exchanges now offer BCD to buy, notably Binance, HitBTC and KuCoin.

If you don’t want the rigmarole of physically buying and storing BCD in a cryptocurrency wallet, you can always speculate on the value of BCD using a contracts for difference (CFD) broker. At the time of writing leading CFD brokers such as eToro do not yet offer BCD to ‘buy’ or ‘sell’ – watch this space.

You can trade it

The volatility of altcoins such as BCD makes day trading Bitcoin Diamond a possibility. You could open a buy or sell position on BCD at the start of the day with someone like Binance and close it if the price moves in your direction within a matter of hours.

You can mine it

Bitcoin Diamond crypto mining is easily achieved using a GPU – or graphics card for those who aren’t up with the tech lingo!

It’s cost-effective, with no need to pay through the nose for CPU resource like Bitcoin’s ASIC miners.

Get it for free!

There are many Bitcoin Diamond faucets available to help you get tiny fractions of BCD absolutely free!

How to store Bitcoin Diamond

As you cannot use an eToro account to speculate on the price of BCD just yet, you’ll have to make do with storing your BCD in a crypto wallet for safe keeping. At bestbitcoinexchange.io, we recommend BitPie, Bitgo.cc and Kcash as Ledger wallets are not yet available for BCD.

Bitcoin Diamond price, market cap & supply

At the time of writing, the price of Bitcoin Diamond is $1.15, with an available supply of 188.15 million BCD and an overall market cap valued at $217 million, making it the 37th biggest cryptocurrency.

Bitcoin Diamond advantages & disadvantages

√ BCD transaction processing is much faster than its BTC predecessor
√ GPU mining makes BCD mining more inclusive for its network
√ BCD’s swift transaction speeds and low value make it ripe for use to buy and sell inexpensive real-world products

X BCD yet to launch lightning network technology, as promised
X BCD still battling to win the trust of the crypto community

Should you invest in Bitcoin Diamond or not?

There’s much to like about the Bitcoin Diamond project. Whether it’s ever likely to realistically compete with Bitcoin is another matter. However, it could rival Litecoin as the crypto-coin of choice for buying and selling everyday inexpensive goods and services.

With this information to hand, you now have a good idea what is Bitcoin Diamond. BCD is certainly worth an initial investment to see where the project goes next!

FAQ’s – Frequently Asked Questions about Bitcoin Diamond

Is Bitcoin Diamond safe?

All transaction amounts and balance sizes are encrypted on the BCD blockchain. However, BCD cannot make its blockchain too anonymous, as it runs the risk of being de-listed from crypto exchanges.

What is a hard fork?

This is a system upgrade that features a new protocol, designed to change the way an existing cryptocurrency network processes new transactions.

What does Chimpion have to do with BCD?

Chimpion is the first accelerator launchpad project on the BCD blockchain, creating an all-in-one digital wallet with crypto-to-fiat settlement capabilities.

What is BCD Pay?

BCD Pay is an online portal of merchants that accept the sale of their goods or services in exchange for BCD.

What is BCD Bazaar?

BCD Bazaar is the #1 global marketplace for products and services for consumers looking to buy using BCD.

Additional Resources

Featured image source: Akarat Phasura/Shutterstock.com

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