What is Bitcoin Diamond? - Bitcoin Diamond (BCD) Explained
I don’t know about you but I keep hearing about bitcoin diamond. If you are like me you are probably wondering what the heck is this? I finally had to break down and go look it up. So this presentation will cover what is bitcoin diamond (bcd) and will allow you to more fully understand this new bitcoin hard fork cryptocurrency.
What you already know is bitcoin is the first successful cryptocurrency to prove it’s true worth and stability . It has done this so well to where major financial institutions are backing it and it helps to bring in lots of new investors to cryptocurrency exchange markets. Sometimes when a currency is so popular developers want to branch out and take the same idea but improve upon it or make some changes to make it work in a better way. This can also be in a way that the original wasn’t capable of performing.
This is how we end up with things like bitcoin cash, bitcoin gold and now bitcoin diamond. The code for the original bitcoin was modified with some light changes and then pushed out to those who held the original bitcoin cryptocoin before block 495866 was created. If so then you were eligible to receive 10 bcd for every 1 bitcoin that you held at the time.
How is Bitcoin diamond really different from Bitcoin original?
Well first off there is will be a supply that is 10 times more than bitcoin at 210 million bcd coins versus bitcoin which will eventually be at 21 million.
Bitcoin diamond is focused on being a privacy-oriented coin, similar to another coin called monero. It plans to achieve this by encrypting the transaction amounts and balances of all BCD users. In it’s current state the original bitcoin isn’t exactly anonymous when it comes to transactions. They are all displayed on a universal ledger. Every bitcoin wallet address and every transaction for public view.
How Do You CLAIM Bitcoin diamond?
Well if you were holding bitcoin originally before the creation of block 495866 then you are eligible. You can then claim your amount.
If you hold your bitcoin on exchanges they will start or have started trading them already. The blockchain for bitcoin diamond should go live by the end of January 2018.
Exchanges that currently deal with bcd are binance,, Yobit,gate.io.
If you don’t currently hold bitocoin on any of these exchanges that trade or will trade in bitcoin diamond then one should look for alternative ways to claim their free coins manually.
So what we have is a new hard fork added to the bitcoin cryptoverse that promised to help with increasing privacy of users transcations and balances. It will have 10 times the supply of coins as the original bitcoin and will run on it’s own blockchain once it goes live. This also hopes to free up congestion from the main bitcoin blokchain network and allow for smoother transactions on a regular basis. So it does show some promise but only time will tell with this one.