What is Bitcoin Diamond? Bitcoin Diamond is a fork of Bitcoin that aims to provide fast processes, low prices and extensive mining. Koindeks.com In this article, we tried to answer the questions of investors such as what Bitcoin Diamond is, what it offers, what is BCD, what it does, how to buy it. Let’s examine this fork, which has a different mining model than Bitcoin.
What is Bitcoin Diamond?
Bitcoin Diamond is a Bitcoin hard fork that occurred in November 2017. A hard fork means the emergence of a new protocol following a blockchain split. In this event, the brand new Blockchain remains. But a new network also emerges. Basically, the hard fork shares some similarities with the original Blockchain. However, unlike the previous network, the hard fork has some changes and features.
Two Bitcoin miners using the names Team Evey and Team 007 found flaws in the Bitcoin Core protocol. Bitcoin Core is the most widely used software for connecting the Bitcoin network. The main problem Evey and 007 found with the Bitcoin protocol was its inability to provide users with fast processes. On top of that, Bitcoin’s user privacy and scalability limits were a problem for miners. That’s why the two miners spearheaded the Bitcoin Diamond hard fork.
What does Bitcoin Diamond offer?
The developers argue on Bitcoin Diamond’s website that BCD is “better than a credit card, cash and prestige money”. First, Bitcoin Diamond works faster than Bitcoin. The BTC network is capable of performing only a handful of processes per second. Bitcoin Diamond, on the other hand, has the potential to perform 100 processes per second. This is because the fork increases the block size up to 8MB. In BTC, this size is 1 MB.
In addition to the transaction speed, Bitcoin Diamond works with much lower transaction prices. This is a big plus, especially for users who do regular Blockchain processes. However, the network places a high value on privacy, unlike Bitcoin. So much so that all processes and wallet balances of users can be kept anonymous. Finally, the developers removed the SHA-256 algorithm in Diamond to offer more decentralized mining than BTC. Proof-of-Work mining on this network is much easier than BTC.
What is BCD? What’s the use?
BCD is the native cryptocurrency of the Bitcoin Diamond Blockchain. This cryptocurrency offers a number of features as we mentioned earlier. These features include unknown process execution, low process prices and high speed. In addition, BCD secures its network with the Proof-of-Work consensus mechanism. Users who want to mine BCD can obtain the token in various ways, such as GPU and ASIC mining.
What is Bitcoin Diamond? How to get BCD?
The BCD coin is currently listed on a number of major cryptocurrency exchanges. This BTC fork is currently trading on KuCoin, Huobi Global, Gate.io, OKX and HitBTC exchanges. Interested investors can become a member of one of these exchanges and buy Bitcoin Diamond by depositing money in their wallets.