Continuing the series of articles about Coin and Token by Techtipsnreview. Today, let’s learn about Bitcoin Diamond (BCD).
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What is Bitcoin Diamond (BCD)?
Bitcoin Diamond (code: BCD) is a cryptocurrency fork from the Bitcoin blockchain at block 495866 on 11/24/2017.
Before this block number 495866, those holding 1BTC will receive the corresponding amount of BCD in the ratio 1:10.
Bitcoin Diamond (BCD) is operated and developed by Team EVEY and Team 007 based in Singapore.
Bitcoin Diamond (BCD) Basics
- Ticker: BCD
- Type: Coin, Mineable
- Blockchain: Bitcoin Diamond
- Consensus: Proof of Work (PoW)
- Algorithm: X13
- Block time: 10 minutes
- Block reward: 125 BCD
- Total supply: 210,000,000 BCD
- Circulating supply: 186,492,897 BCD
Bitcoin Diamond (BCD) Vs. Bitcoin (BTC)
Looking at the comparison table above, you can easily see that Bitcoin Diamond is not too different from Bitcoin.
You may be interested: What is Bitcoin (BTC)? The Complete Guide to Bitcoin Investing for Beginners
Bitcoin Diamond is only slightly different in a few points:
- Max supply: 10 times more than Bitcoin.
- Block size: Increase the block size from 1 to 8mb. This helps Bitcoin Diamond improve transaction speed.
- Using the X13 algorithm makes Bitcoin Diamond resistant to ASIC miners.
- Replay Protection will help Bitcoin Diamond avoid attack when the transaction is confirmed.
- Lightning Network helps Bitcoin Diamond have an off-chain transaction solution to reduce on-chain transaction burden on Bitcoin Diamond’s blockchain, thereby improving transaction speed.
Bitcoin Diamond (BCD) Rate Today
What is Bitcoin Diamond (BCD) used for?
BCD is used for 3 main purposes in the Bitcoin Diamond Blockchain network. Including:
Gas fees
BCD is used to pay transaction fees in the Bitcoin Diamond network.
Rewards
BCD is used as a block reward for miners to mine, confirm transactions on the Bitcoin Diamond network.
Payments
BCD is used as currency just like Bitcoin. BCD can be used to make payments on ecosystems that support BCD payments such as BCD Bazzar, BTCPay…
How to mine Bitcoin Diamond (BCD)?
Bitcoin Diamond runs the X13 mining algorithm which is a limited algorithm for ASIC miners. Therefore, from the first days BCD could only be mined with GPUs.
However, there are now dedicated miners dedicated to mining BCD.
You can dig Bitcoin Diamond in SOLO style or join large mining pools. Because you also know that POW mining will compete on hashrate.
The list of Bitcoin Diamond mining pools you can refer to here: https://wheretomine.io/coins/bitcoin-diamond/
Bitcoin Diamond (BCD) Secure Wallet
Currently, you can store BCD coins on the official wallet issued by Bitcoin Diamond called BCD Pay Wallet.
This BCD Pay wallet has a mobile version and supports popular operating systems such as Microsoft, iOS and Android.
In addition, you can also store BCD on some 3rd party wallets that support Bitcoin Diamond such as: Atomic Wallet, Bitpie, Magnum, Paytomat…
Bitcoin Diamond Exchange (BCD)
After nearly 2 years since the successful Fork from Bitcoin, Bitcoin Diamond (BCD) is currently being traded on many large and small exchanges.
With the total trading volume in the past 24 hours reaching more than 3 million USD, it shows that BCD’s liquidity is quite good.
In which, BCD is being traded the most on Vindax, accounting for 58.67% of the total trading volume.
Bitcoin Diamond (BCD) Futures
After only 3 months of launching BCD, it was immediately traded at ~$150. But since then, the price of BCD has plummeted, now only ~0.6$ per BCD.
Do you see the terrible division of Bitcoin Diamond?
The reason for the sharp drop in the price of BCD is partly due to the strong downtrend of the entire market.
However, the main reason is that Bitcoin Diamond (BCD) is not widely used making it very difficult to increase the price.
Now, try to see that BCD is only accepted for payment on 2 e-commerce sales platforms that are not large and very few people know about.
But, since BCD has reshaped itself as a payment currency, you can understand a little bit about the future of Bitcoin Diamond.
In addition, from June 2019 Bitcoin Diamond does not update development progress on their official website. Asking a question about whether Bitcoin Diamond’s DEV team is still active?
Should Bitcoin Diamond (BCD) Invest?
I think, when you read this far, you have already grasped the most core information about Bitcoin Diamond (BCD).
Hopefully from the information provided in the article, you can recognize the potential opportunities and risks before making an investment decision in BCD.
Techtipsnreview Will continue to monitor and update the latest information about this project.
Disclaimer: This article is for informational purposes only about Bitcoin Diamond (BCD) and should not be considered investment advice. Investment Cryptocurrency is a form of risky investment, you only participate with the amount of capital you can lose.
Epilogue
Since the Hard Fork of Bitcoin Cash has been a continuous chain of fork events. And there was a period when Fork from Bitcoin was a hot trend because it was seen as a free money printing machine for Bitcoin holders.
However, the chain of Fork projects out of Bitcoin did not have a good result after a year of operation.
In which, Bitcoin Diamond is still no exception. The catastrophic price drop has clearly shown the community’s interest in Bitcoin Diamond.
By the way, I also want to know what you guys think about this Bitcoin Diamond (BCD). Don’t hesitate to leave your comments below the article!
And if you see information made by me and the team Techtipsnreview offer is helpful. Don’t forget to share this article with your friends!
Best regards and see you in future posts!
Source: What is Bitcoin Diamond (BCD)? Complete set of BCD cryptocurrency
– TechtipsnReview
