What is Bitcoin Diamond?
The Bitcoin Diamond coin or BCD is a hard fork of Bitcoin.
There is a max cap of 210,000,000 BCD which is 10 times more than the max cap of Bitcoin.
All users who held Bitcoin prior to the BCD hard fork received Bitcoin Diamond. The amount of BCD received was directly tied to the amount of BTC owned. For example, users who had 1 Bitcoin received 10 Bitcoin Diamonds.
Besides this, there are several ways to acquire BCD. Firstly, users can mine it. The mining algorithm used for mining Bitcoin Diamond is an optimized X13 which is a type of Proof-of-Work (PoW) algorithm. It can be used on less powerful computers.
Secondly, BCD can be purchased via major supported exchanges. You can have a look at our recommended exchange list provided above.
All digital wallets that can store Bitcoin are also able to store Bitcoin Diamond.
Volatility is an inherent part of the crypto industry. Therefore, it’s crucial to monitor price changes before making any cryptocurrency purchase decisions, Bitcoin Diamond included.
The BCD price chart above will provide you with an in-depth look at the BCD price history and trends, among other details.
What are the Main Features of Bitcoin Diamond?
As discussed in the What is Bitcoin Diamond section, the project was hard forked from the first cryptocurrency ever made - Bitcoin. The hard fork happened at the block height of 495,866.
One of the primary goals of the project is to tackle the issues prevalent in Bitcoin. Particularly the ones related to transactions such as transaction fees and transaction time, among other things.
Bitcoin Diamond resolves the issue of speed by increasing the block size which can reach 8 MB. When comparing this to Bitcoin whose block size is generally between 2 to 4 MB, BCD has managed to triple it. In turn, Bitcoin Diamond reaches around 100 transactions per second (TPS).
Another major issue of Bitcoin is that it remains to be highly technical and difficult to use for the average person. Most importantly, Bitcoin is not the best payment method to use in the real world. Bitcoin Diamond could be a possible solution to this problem.
As a result of the hard fork, Bitcoin Diamond is deployed on a BCD-exclusive blockchain. This new blockchain has the same transaction history as Bitcoin up to the point of the hard fork.
As mentioned in the What is Bitcoin Diamond section, the BCD blockchain is secured via a Proof-of-Work (PoW) algorithm called X13. This type of mining algorithm makes BCD mining accessible to nearly everyone. To put it simply, this means that miners don’t need expensive mining rigs to be able to mine BCD.
The only downside is that a significant amount of hard drive space is required to download the core client needed for the BCD mining process.
Lightning Network has been integrated into the Bitcoin Diamond crypto project. This integration brings increased network capacity and incredibly low transaction fees.
Moreover, the Lighting Network allows network participants to launch dedicated channels.
If you’re considering purchasing BCD, make sure to check out the Bitcoin Diamond price graph above.
When was Bitcoin Diamond Launched?
The Bitcoin Diamond crypto project was launched in November 2017.
