You've read our eToro review, created an account and now you've got a growing portfolio of crypto CFDs. Things are starting to take shape but now you're looking for a new investment. Thanks to something known as a fork, Bitcoin has produced a number of alternatives in recent times and one of those is Bitcoin Diamond (BDC).
Designed to increase privacy and speed up transactions, this coin looks as though it could become the next hit. With that in mind, we're here to show you how to buy Bitcoin Diamond. After reviewing the leading crypto exchanges, we’ve come up with a comprehensive buying guide to save you time. So, if you want to know how to buy Bitcoin Diamond, come with us now as we take you through the basics…
1. Create an account at Binance.
2. Input your name, email address and phone number.
3. Make a deposit by sending Bitcoin to your account.
4. Search for Bitcoin Diamond.
5. Select how many coins you want to purchase.
6. Complete the transaction and store your BCD on Binance or send to your personal wallet.
Although our top-rated crypto exchanges are well-established businesses, they aren’t regulated. Because financial regulations aren’t fully formed for the crypto world, exchanges lack a certain amount of oversight. If you’d prefer to wait for regulation, brokers are a better option. By reading through our eToro review, you’ll see that your funds and trades are protected by two regulators. Although this site doesn’t offer Bitcoin Diamond yet, it has plenty of major altcoins available, including ETH, XRP and BTC.
If you’re a fan of Bitcoin, its diamond tinged offspring should be of interest. Released at the tail-end of 2017, BCD is the result of a fork. This basically means it’s an offshoot of Bitcoin. As with all forks, the new product promises to deliver a better service. When it comes to Bitcoin Diamond, the main selling points are better privacy and lower costs. However, for those looking to buy Bitcoin Diamond, the best reason to invest is the BCD price. Valued around the $3 mark towards the latter half of 2018, this coin has plenty of room to grow. Sure, we’re here to tell you how to buy Bitcoin Diamond. However, when you look at the facts, it’s certainly a crypto with potential.
Where can I buy Bitcoin Diamond? Despite being a relatively new coin, it’s possible to buy BCD on more than 30 exchanges. When you scroll through our list of recommended sites, we feel the best exchange to buy Bitcoin Diamond is Binance. Aside from being one of the largest exchanges, our Binance review explains how this platform was founded using cryptos and offers some of the best liquidity out there.
To buy Bitcoin Diamond at Binance, complete these simple steps:
Use our link to visit Binance, create and account and login.
Send Bitcoin from your wallet to your Binance account.
Search for Bitcoin Diamond or BCD.
Signal that you want to buy Bitcoin Diamond coins by inputting the amount you want in the empty box.
Confirm the transaction and either store your coins on Binance or send them to an external wallet.
An alternative option to Binance is HitBTC. So that you know how to buy Bitcoin Diamond at this exchange, read our HitBTC review first and then make the following moves:
Follow our sign-up link and register an account.
Verify your account via email and login.
Go to the deposit page and add funds to your account. The easiest way to is buy Bitcoin using Visa or MasterCard via the link provided.
Head to the exchange and search for Bitcoin Diamond or BCD.
Select “Market” and input the number of coins you want.
Buy Bitcoin Diamond and store the funds in your HitBTC account or an external wallet.
Although buying Bitcoin Diamond isn’t possible at eToro just yet, this social trading platform is a great way to buy cryptos. In addition to being fully regulated, this broker site specialises in contracts for difference (CFDs). This means you’re not buying an ‘asset’ but a ‘contract’. This means you can speculate on price increases as well as decreases. In other words, it’s a better way to invest if you want a diverse portfolio. To learn more about this site, read our eToro review and check out the table below.
|Create an account in minutes.||Verification can take days, sometimes weeks.|
|Regulated by two financial authorities: CySEC & the FCA.||Exchanges aren’t regulated.|
|Crypto Copyfund gives you the support of experts when creating a diverse portfolio.||You’re left to your own devices.|
|Use the social trading feature to follow and mimic the trades of experts.||Your trades are based on your own knowledge and no one else’s.|
You can make payments using a variety of methods, including:
Debit/Credit Card, Giropay, Neteller, PayPal, Skrill, Webmoney, Wire transfer and Yandex.
|To buy Bitcoin Diamond, you’ll typically have to own some Bitcoin first. This is because most exchanges don’t allow you to deposit in fiat currencies.|
|Commissions are typically lower.||Commission tends to be higher.|
|Because you don’t own any coins, you don’t need a crypto wallet. This means all of your business is conducted inside eToro.||
Although you can store coins in an exchange, it’s not advisable to keep large amounts there. This means you need to know about wallets as well as how to buy Bitcoin Diamond.
This can be a lot for novices to deal with and potentially lead to mistakes.
One of the most stages in learning how to buy Bitcoin Diamond is the actual payment process. If you look through our payment methods page, there are plenty of ways to pay in the crypto world. However, because BCD is such as new coin, it's not yet possible to buy it using PayPal or credit/debit cards.
The best way to buy BCD is to buy Bitcoin using PayPal first. As we noted in our HitBTC example, you can buy Bitcoin using other crytpos or fiats via the likes of Visa and MasterCard. Once you own some BTC, send it to the exchange you're using and you'll be able to buy Bitcoin Diamond that way.
Before you buy Bitcoin Diamond, always make sure you have a safe wallet for storage. You can keep your currencies on an exchange for a short while but it’s not a long-term storage solution.
We have had a look through the best crypto wallets and these all work with Bitcoin Diamond.
- BitPie is a wallet that allows users to send and receive coins quickly. It has a built-in escrow function and users are able to buy and sell using peer-to-peer dealers globally.
- Bitgo.cc is a wallet known for its security with its multi signature wallet and two factor authentications. Android and iOS are supported by Bitgo and users can use their devices to keep their private keys on too. It is not an open-source service which some users do prefer.
- Kcash is another wallet that supports BTD. It offers a number of different verification methods, two step authentication and multiple signatures.
*Ledger wallets are currently not available for BTD.
If you don’t want to buy Bitcoin Diamond, you can do something known as crypto mining to create your own BCD.
For those with experience using cryptos, it’s possible to mine BCD via a pool or using a full node client. The hashtag algorithm for Bitcoin Diamond is different to Bitcoin and mining equipment like ASICs cannot be used. So, to mine new BCD blocks, miners use graphic cards and the following:
1. To acquire the wallet address first, so that you can receive BCD
2. To buy mining software (you will need to purchase N Card Worker software)
3. Membership of an exchange
4. A reliable internet connection
5. A location to store your equipment
6. A reliable desktop computer, ideally one dedicated purely for the purpose of mining
As well as being available on the market, a reserve of BCD has been put aside for mining in a ‘rewards pool’.
Mining pools available for BCD include:
Now you know how to buy Bitcoin Diamond, the only question left to answer is “should I buy BCD?” In reality, you’re the only person that can answer that. However, there is a lot of potential in this coin. As a fork of Bitcoin, it comes from good stock and the price is low enough to suggest there is room from growth in the coming years. Additionally, security and transaction fees are lower for BCD than Bitcoin. When you look at it like this, it’s possible to say Bitcoin Diamond could be the new and improved Bitcoin.
Of course, only time will tell if that’s the case. If you don’t fancy buying Bitcoin Diamond coins just yet, we’d suggest using a broker to buy more established assets. By registering at eToro, you can take out CFDs on everything from Ethereum to Ripple. What’s more, you’ll have the protection of financial regulators and a selection of simple, secure ways to pay. Indeed, if you’re a crypto novice, our advice would be to start here before seeking out the best exchange to buy Bitcoin Diamond.
Bitcoin Diamond is similar to Bitcoin but it is bigger thanks to the 8 times size block making it capable of creating more than three million more transactions per day than its counterpart. This means it’s likely to be more repsonsive to a higher demand on its network than Bitcoin.
Also, Bitcoin uses a different algorithm, SHA-256, whereas Bitcoin Diamond uses Optimized X 13 – this means that the usual mining equipment cannot be used e.g. ASIC miner equipment if you are planning on mining BCD.
At the time of the Bitcoin fork, there were 16.7 million in existance, equating to 167 million BCDs created at the time. For people who were holding BTCs at the time, it is possible to claim their BCDs.
As mentioned, you cannot buy Bitcoin Diamond with PayPal, debit card or credit card directly, the best way to buy BCD is through buying Bitcoin or Ethereum first, using a bank account, then exchanging for BCD. This is one of the cheapest ways you can do it. If you want to buy BCD fast, then use your credit card but be prepared to pay a higher fee for this. At the moment, BCD is still not on all exchanges, but this is likely to change as its popularity increases.
Anyone can buy Bitcoin Diamond so long as the purchase of cryptocurrencies in general is accepted in your country.
You can sell BCD by moving it from your wallet onto an exchange, e.g. Binance.
The BCD fork happened at the block height of 495866, if you were in ownership of BTC at this time then you are eligible to have BCD at the ratio 1BTC to 10 BCD.
No, it is not possible at the moment unless you buy another cryptocurrency first. If you have USD to trade with you will need to go through an exchange like Coinbase where you can connect your bank account ( cheaper fees than credit cards), then create another account on a crypto-to-crypto exchange.
If you want to do this you will need to go through a larger exchange that takes deposits from PayPal.
There is no direct way to buy BCD as this is a new coin. It is available on some crypto-to-crypto exchanges as detailed above.
It is advisable to use either Bitcoin or Ethereum when you buy Bitcoin Diamond. Do this by registering your bank account and then trading it on an exchange.
If you want to buy BCD with Cash then you will have to first of all buy use a Bitcoin ATM, purchase BTC and then convert this on an exchange like Binance.
Remember, you will need a safe and secure wallet. It is important not to store your BCD or any coins on an exchange, only to keep them there temporarily.