Marc Serafino
Bitcoin just can’t help it — it is not only appreciating in value like it’s nobody’s business, but is also getting new variants on a regular basis. After Bitcoin Cash and Bitcoin Gold, we now have Bitcoin Diamond.
Like that was the case with previous forks, Bitcoin Diamond (which token is marked as BCD) wants to make for a better coin. And like other forks, it too offers what is essentially the free money to all current Bitcoin holders.
We’ve read it all, and wanted to sum it up for you. Here are the key things you should know about Bitcoin Diamond…
1. Bitcoin Diamond forked on Nov 24
Bitcoin Diamond (BCD) started its life at block 495,866 and assumed its very own chain. The fork took place on November 24, 2017, due to the efforts of Team EVEY and Team 007, two Bitcoin miners who were “not happy with some of the major downsides of Bitcoin,” according to the Reuters report.
As many have stated before, Bitcoin may be the most popular cryptocurrency out there, but it is not without its problems. Which leads us to our second point…
2. Bitcoin Diamond wants to be a better Bitcoin
And is by no means the first such effort. Let us remind you that Ethereum’s founder, Vitalik Buterin, suggested changes to the Bitcoin network, which later led to him creating the second most popular cryptocurrency. What Buterin wanted to add were smart contracts that are an integral part of Ethereum.
Similarly, the Bitcoin Diamond team wanted to improve Bitcoin by increasing the block size from one to eight MB, increasing the speed of transactions and making transactions more affordable. Also, they made sure Bitcoin Diamond can be mined with regular desktop PCs equipped with powerful graphic cards.
“Our primary objective is to lower the cost for participation thresholds by reducing the transaction fees and the cost of participation,” a BCD executive said at a press conference announcing the new cryptocurrency.
3. There will be 210 million Bitcoin Diamond tokens
The total amount of Bitcoin diamond is 10 times as much of Bitcoin, which translates into reduction of the cost for new participation and reduction of the thresholds.
Hundred-and-seventy million of these coins would be on the market, while the rest would be reserved for the community in a “rewards pool” for the purposes of tributes and mining.
4. Bitcoin Diamond offers more privacy than Bitcoin
At the moment, transactions made in the “regular” Bitcoin network are visible in the public domain and anyone can see data related to how much amount is in another person’s wallet along with all of their conducted transactions.
On the other hand, BCD will encrypt the amount and balance, affording greater privacy to users of the new cryptocurrency.
5. Bitcoin Diamond is already trading at multiple exchanges
As I’m writing this, BCD has already been launched at 33 exchanges around the world, according to the Bitcoin Diamond Foundation. Some of the exchanges that have embraced it include Binance, OKEX, Huobi.Pro and Bit-Z, while EXX.com has announced futures trading of Bitcoin Diamond.
In addition, the foundation claims that at least six wallets will support BCD, including BitGo, Bitpie, Coldlar and ATOKEN.
6. Bitcoin Diamond has great plans for China
The cryptocurrency already has established community in China, as well as in Italy and South Korea, with North American and Australian “branches” being in development as we speak.
Also, the BCD Foundation has added Linke Yang, co-founder of BTCC, as one of its advisors; and BTCC was the first digital currency exchange in China. There are no doubts that Yang will help the new cryptocurrency gain ground in the world’s most populous country.
So what do we make out of Bitcoin Diamond?
I’m not sure we would buy into it, but since we got it for free — we’ll take the money. BCD is still in its early days, and it’s hard to predict where it will be going from here.
On the other hand, if we look at the recent past and compare it to Bitcoin Cash and Bitcoin Gold, we can say that good days are ahead for those owning this yet-another Bitcoin variant. So we love it, and we hope that you’re in the lucky group of Bitcoin owners, as well. If you’re not — what are you waiting for?
