What is Bitcoin Diamond? Bitcoin Diamond is a fork of Bitcoin that aims to offer fast transactions, low fees and extensive mining. cryptocoin.com In this article, we tried to answer the questions that investors wonder, such as what Bitcoin Diamond is, what it offers, what is BCD, what it does, how to get 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 after a blockchain split. In this case, the original Blockchain remains. However, a new network also emerges. Basically, the hard fork shares some similarities with the original Blockchain. However, the hard fork has some changes and features unlike the previous network.
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 offer users fast transactions. 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 claim on Bitcoin Diamond’s website that BCD is “better than a credit card, cash, and fiat.” First, Bitcoin Diamond works faster than Bitcoin. The BTC network is only capable of processing a handful of transactions per second. Bitcoin Diamond, on the other hand, has the potential to perform 100 transactions 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 fees. This is a big plus, especially for users who make regular Blockchain transactions. However, unlike Bitcoin, the network places a high value on privacy. So much so that all transactions 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 does it do?
BCD is the native cryptocurrency of the Bitcoin Diamond Blockchain. This cryptocurrency offers a number of features as we mentioned earlier. These features include confidential transaction processing, low transaction fees and high speed. Additionally, 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 traded 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.
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