~ Anonymity, Digital currency, Payments.
Bitcoin Diamond started its journey into the crypto world when it was launched back in 2017. The launching of the crypto occurred at the point when the Bitcoin blockchain got to block 495,866. The challenge then was that those behind Bitcoin Diamond failed to release tangible information to confirm that they really mean business.
There was no community or white paper. In fact, there was very limited information regarding the project, and people felt that there was really no blockchain since they also failed to release a source code at the time or a GitHub account. This resulted in all kinds of speculation that Bitcoin Diamond was a scam while others simply believed that the coin was created just to leverage Bitcoin’s popularity.
Amid all these questions and doubts surrounding Bitcoin Diamond, the coin’s price gained significantly within a few days of its existence and reached $94 with its all-time high of $99.37. However, the price of BCD has been on the decline since then though it still experienced some spikes. After the coin’s launch, the team behind the crypto came out with the source code and started working on their communication by becoming more active on social media. At this point, most of the concerns regarding its authenticity were resolved.
So, who exactly is behind Bitcoin Diamond?
Just like Bitcoin (its parent blockchain), the founders of Bitcoin Diamond are anonymous as the developers used pseudonyms. The three of them used pseudonyms as two of them identified themselves as “007” and “Evey.” The third person also remained anonymous.
How Bitcoin Diamond Works
Like other blockchain projects, the coin is a decentralized network that’s focused on offering users a way to exchange value. It also shares so many similarities with Bitcoin but with some differences. The use of the Proof-of-Work algorithm and mining for verifying transactions is one of the similarities it shares with Bitcoin.
While Bitcoin blocks can only accommodate 1 MB of transaction data, Bitcoin Diamond’s blocks can hold 8 MB. So, even though both blockchains have the same block time of ten minutes, Bitcoin Diamond’s network is capable of processing eight times more data than Bitcoin’s network. Also, one of the differences between the two coins has to do with the coin’s total supply. Bitcoin, its parent coin has a total supply of 21 million, while that of BCD is 189 million. The reason for increasing the total supply of the currency is to ensure that the price remains affordable to all users.
Two Bitcoin miners in 2017 decided to alter Bitcoin Core which is the network’s protocol. They were not satisfied with the way Bitcoin was working and felt that they can make significant improvements to it. So, they eventually named the enhanced protocol Bitcoin Diamond. The major improvements that the developers intended to make to the Bitcoin protocol included:
· Lower transaction fees: The fees charged for each transaction on the Bitcoin network has over time become too high. They believe that digital currencies are supposed to offer users an alternative to the high transfer fees charged by banks so Bitcoin fees are supposed to be going down and not up.
· Faster transaction times: While other cryptocurrencies are making remarkable efforts to cut down the time required to complete transactions, the Bitcoin network has lagged behind with its seven transactions per second. This is extremely low when compared to traditional payment processing services that can handle thousands of transactions per second like Visa and Mastercard. The developers were convinced that Bitcoin needed to improve its transaction times significantly.
· Encourage new users: Over the years, Bitcoin has increased in value, making it difficult for new users to purchase one Bitcoin. They are of the view that Bitcoin should be for everyone and not just for a few individuals who can afford it.
The developers wrote the changes they desired to see into the Bitcoin protocol and hoped that their mission would be accomplished. Despite the dramatic drop in the price of BCD, it has remained stable for some time now, and the total value of the coin is over $150 million.
As we continue to see a good number of Bitcoin fork coins in the market, we shall be seeing the ones that will eventually succeed with time. Find out more about other Bitcoin forks by reading “The Digital World of Crypto riches.” You will also learn about other top-performing digital currencies, their challenges, use cases and achievements.
The truth is that Bitcoin Diamond may eventually win over a good number of Bitcoin users due to its faster transaction times, easier access to new users as well as lower fees. Presently, Bitcoin has become a popular coin that’s not easy to use. Many Bitcoin critics believe that Bitcoin may not be a valid replacement for fiat currency until the average user can make small purchases with it easily and quickly.
This implies that any network that offers all these features may eventually appeal to small businesses that are offering high-volume goods such as fast food and coffee. But before Bitcoin Diamond can attract big brands such as McDonald’s and Starbucks, it needs to be more stable. If you would like to purchase Bitcoin Diamond, you can get it on OKEx, Huobi Global, Binance, and HitBTC. According to CoinMarketCap, the current market rank of BCD based on Market cap is 113.
~ The official website of Bitcoin DIAMOND is https://www.bitcoindiamond.org/
