After nine years of the rapid development of Bitcoin, high transaction fees, and Bitcoin no longer meets the demands of rising numbers of clients.
And various kinds of problems have arisen, which mainly consist of the following aspects:
- Slow transaction confirmations.
- High threshold for new members.
The above are the major areas that Bitcoin Diamond (BCD) attempts to solve.
Bitcoin Diamond uses blockchain and cryptocurrency technology to provide the world’s unbanked and underserved people with a currency they can access, trust, and use.
They believe in a world where everyone has an equal opportunity to build wealth.
Yet there are 1.7 billion people who are repressed from owning a bank account.
As a fast, secure digital currency, Bitcoin Diamond aims to free the trapped capital, intellect, and creativity of the world’s emerging population.
With Bitcoin Diamond, you have access to a currency that is convenient and secure to use no matter where you live.
Meanwhile, Bitcoin Diamond didn’t sprout up as a competitor of Bitcoin rather Bitcoin Diamond is a fork of the Bitcoin blockchain with upgraded technology while preserving the original features of Bitcoin.
Adding on new techniques – Lightning network to faster transaction speed, more efficiently applied in the field of daily payments.
Besides, it raises the storage size and the block-out speed of each block to an optimum value, to follow segwit and increase the usage of block unit storage trading of the Bitcoin Diamond and minimize the production of isolated blocks.
What is Bitcoin Diamond (BCD)?
Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495866 and there with a new chain will be generated as the BCD.
Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and improve the transaction speed based on the original features of BTC.
This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue unaltered, but a new branch of the blockchain will split off from the original chain.
It shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges.
As a result of this process, a new cryptocurrency was created which we call ‘Bitcoin Diamond’.
What is Hard Fork
In blockchain, a hard fork is a change to a cryptographic protocol that causes a permanent divergence from the previous version.
When this changes occurs, all users must decided whether to adopt the new protocol (fork to the new blockchain) or continue to support the old protocol.
If enough users remain on the old chain, two blockchain will then exist which possess identical transactions from before the forks, but now run on a separate chains with their own unique history, nodes and protocols.
It was through this kind of hard fork that Bitcoin Cash (BCH), Bitcoin Gold, Segwit 2x, and now Bitcoin Diamond was created from the final Bitcoin chain.
Is Bitcoin Diamond Legit?
Yes Bitcoin Diamond (BCD) is Legit. It is just like every other cryptocurrency out there in the market.
Throughout human history, people have been making transactions. Currency has evolved over the years in the form of shells, beads, jewellery, coins, and most recently, fiat money.
Fiat money is what most people nowadays are used to. It offers significant benefits over its predecessor in terms of being relatively easy to transport and easily measurable.
However, fiat money is not without its limitations —
- It can be subject to volatile inflation, particularly under the control of unstable governments.
- It can be inconvenient to use when traveling between countries.
- It can be counterfeited and it can be stolen relatively easily.
Cryptocurrency solves these problems.
Here is a simplified explanation of how a cryptocurrency transaction works.
For example, Maria in Venezuela wants to purchase a cell phone case from Carlos in Colombia. Maria purchases some Bitcoin Diamond (BCD) from an exchange and transfers it to her digital wallet.
From her wallet, she sends a BCD payment to Carlos’s wallet address. The transaction is verified by multiple computers around the world (known as miners) with a cryptographic signature.
Once the transaction is confirmed, it is added as a new block to the BCD blockchain. With BCD, each transaction and wallet balance is kept fully anonymous.
Almost instantly, the funds will appear in Carlos’ digital wallet and he delivers the cell phone case to Maria
Where can I Buy Bitcoin Diamond (BCD) Cheap
Bitcoin Diamond (BCD) is available in various exchanges. To get it cheaper and easily I recommend Binance Exchange, and if it your first time to hear of binance or you know about it but you don’t know how to use the app then read our A-Z tutorial on Binance Exchange.
Bitcoin Diamond Wallet
Any secured Bitcoin wallets can store your BCD before they reach the predetermined height as of block 495866.
If your Bitcoin is stored by a third party, such as an exchange, then you must inquire with them about your Bitcoin Diamond.
Verified wallets that support BCD are:
- Ledger Nano
- Atomic Wallet
- BCD pay
Bitcoin Diamond Exchange
Bitconin Diamond is avaible on several cryptocurrency exchange platform, and it has it trading pair as BCD/BTC.
Popular trading platform to trade Bitcoin Diamond are:
- Binance Exchange
- Covesting and a lot more
Bitcoin Diamond BCD Pay
Everything you need in a single app such as:
- Predict Crypto Movement: AI-powered Crypto Tracker will Predict Crypto price from Binance exchange.
- Crypto Tracker: AI-powered Quant Trader will buy and sell your crypto on your Binance API.
- Crypto News: AI-powered New Bots that finds and serves the latest trending crypto news.
- Shop with Crypto: Dozens of online stores that allow you to pay with crypto right from your wallet app.
- Scan and pay: Pay, Receive, Exchange, and Withdraw your Crypto into other coins or fiat currency.
- Own your Private Keys: Integrated Crypto Wallet allowing you to be your own bank and own your private keys.
In the age where many people are forced to serve money, Bitcoin Diaomond is a currency that serves the people.
The initiative will especially focus on people living in areas where other currencies and financial insitutions have failed them such as:
- International transactions
- Security and
- Wealth storage
Ultimately, this will increase the adoption of Bitcoin Diamond (BCD) and provide marginalized people with a currency that works in their interest.