Bitcoin is one of these oldest digital currencies of this generation. The fact that it comes with a very basic design, the chances of emergent hard forks is more than in other crypto currencies. That should not come as a surprise to you though. There is no crypto coin which was designed to be perfect. All the glaring issues which come with this coin are what the altcoins are trying to resolve. In addition to that, Bitcoin does not have the capability to fulfill the desires of its users by providing ultimate privacy and anonymity online. This calls for a hard fork Bitcoin Diamond (BCD).
Bitcoin Diamond was built using the Bitcoin-core protocols although still hasn’t picked up a wide scope yet. The team behind this currency has majorly invested on its privacy protocols. In this case, it has come up with different and better ways of encrypting the transactions of its users. This makes the privacy protocols of Bitcoin Diamond somehow similar to Monero crypto coin. The major difference that distinguishes Bitcoin Diamond from Bitcoin is that the supply of BCD is multiplied ten. In lesser time than everyone imagines, the coins will be two hundred and ten million Bitcoin Diamonds in circulation which will be ten times the number of Bitcoins.
With regards to our brief introduction, the rest of the article will be aimed at discussing the founders and history, its use, market performance, wallets and any other additional information to enhance your understanding.
History of Bitcoin Diamond
The Bitcoin Diamond was first launched in the year 2017 in November. During this time,most of the crypto currencies were performing pretty well. During the month that BCD was launched, Bitcoin had made it to extreme heights of about $19,500. Soon after this rise, the Bitcoin Diamond was introduced to the market and its price was on the rise soon after. By the time it was 25th November, it had reached a high of about $103.
Unlike most crypto currencies whose success depend so much on Bitcoin, the price of Bitcoin Diamond dropped significantly to a final touch down to about $8 as at February 2nd 2018. However, the BCD made it to $49.84 although by the time it was 6th of the same month the price went down again to about $29. The prices of this coin are rather inconsistent making the market cap of this coin down to zero.
Understanding Bitcoin Diamond
The Bitcoin Diamond uses legacy signing which is used for all the non-segregated witness’s transactions and BIP143 for all segregated witness’s transactions. The number of Bitcoin Diamonds which will be in circulation will be very high. This being the case, it’s not clearly explainable how the Bitcoin Diamond is a hard fork of Bitcoin.
The algorithm used by miners of Bitcoin Diamond is X13 which engages the users of GPUs fully. And unlike other hard forks of the Bitcoin, the Bitcoin Diamond does not necessarily need the Bitcoin’s blockchain. The distribution of this coin however is not as generous as other coins launched in the same year as Bitcoin Diamond. This is because per every one Bitcoin, you get 0.5BTX. The developers actually claim that this coin was developed as a free dividend for the Bitcoin holders.
The Bitcoin’s Diamond intention in the market are still not well known. People still don’t know whether it was developed for monetary, ideological or technical purposes. This is because, currently this coin does not provide the needed source development code which is used for exodus. This code is always meant to give the users of that specific crypto currency a smooth and less bumpy experience.
The control team of Bitcoin Diamond is a secret Bitcoin Diamond Foundation. No one knows the registration information or any other thing about this foundation. The development team is anonymous too. This makes the willing supporters who want to pledge their support towards this cryptocurrency back down. It might be doing pretty well in the market but still there is not so much about this coin. This is a limitation for the cautious investors who may be interested.
All in all, there are a few things that we can say about this coin:
- The Bitcoin Diamond plans on switching from the proof of work to proof of stake. This means the best for the holders already in place because they will gain interest on this coin. Simply meaning that they will gain New Bitcoin Diamonds for being holders of Bitcoin Diamonds in the BCD wallets.
- The users who were holders of Bitcoin’s by this time there was the hard fork now has 10 Bitcoin Diamonds for each of the Bitcoin’s they possessed.
- The fact that the fork was not so much publicized. It would be great if the investors proceed with caution. Assumption that the fork is safe might disadvantage you in the long term. We are always urged to wait for the dust to settle before we proceed.
- By using a third party wallet, you could lose or have to wait for too long in order to get your Diamond. For instance, a globally known wallet known as Coinbase has not given people any heads up on Bitcoin Diamond or Gold either. By using this platform, you have to wait until the coin is stable.
Bitcoin Diamond Wallets
Wallets are like online banks. They usually contain private keys that resemble the exact number of cryptocurrency in a given blockchain system. It is always a hard task finding the right cryptocurrency wallet that can safely keep your coin. Fortunately, for the Bitcoin Diamond, it is only supported by one wallet. That is the Biepie wallet.
In conclusion, hard forks are becoming a norm and you should not be surprised that there will be more to come very soon. All in all, they are all proving to have something better and advanced for its users. This is because they are trying to bring in more secure ways to handle private keys. In this volatile world of cryptocurrencies, we can only hope the best for Bitcoin Diamond. Everything is unpredictable. It could fall or rise and pick a position among the big leagues. Who knows?