Comprehending the Bitcoin Diamond fork.
Bitcoin
Bitcoin was the very first cryptocurrency. It is well known and understood, at least until this point of time, that it is doesn’t provide enough scalability to become a global cryptocurrency; hence, the fact must be agreed upon that better version of Bitcoin or other cryptocurrencies offering other better implementations must be adopted. As Bitcoin is the Pioneer in the field, many of them want to modify the protocol of the original Bitcoin version and make it available. Make it ready for the future transactions of the cryptocurrencies. Bitcoin went through many forks in the past. Bitcoin diamond is one of the many that aims to increase scalability, speed, and cost of bitcoin. Other forks include bitcoin cash, super bitcoin, and bitcoin gold, etc.
What is Forking?
This process of changing the protocol is known as forking. Forking has two types, hard fork, and a soft fork. A hard fork is nothing but the change of protocol code and initiation of a new blockchain from where the fork is initiated. It is to be understood that during a hard fork, backward compatibility is not possible, which means, the uses of the older Blockchain would not be able to use the features of the newer ones. The hard forks are usually implemented to improve some of the characteristics of the cryptocurrency whichever it is lagging. In the case of Bitcoin: Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond are some of the hard forks which were undertaken within the past few years.
Bitcoin diamond fork
The Bitcoin Diamond hard fork took place on November 2017. It was done to improve the functionalities of Bitcoin, on block number 495866. It was a friendly fork because it was not made to compete with its original parent chain. Even this particular hard fork was initiated in order to solve the scalability, lack of privacy as well as slower confirmation of the transactions. In order to improvise the Blockchain.
The details of the fork
According to the marketing strategy of the fork, users with one bitcoin would get 10 Bitcoin diamonds on joining the new upgrade. The fork was compelling enough and increased the block size from 1 MB to 8 MB, and in turn, a number of transactions were able to get verified.
Increased privacy
It even provided for increased privacy through encryption. This Bitcoin fork is the only fork, which concentrates upon privacy, which until now no other forks have been known for. The protocol effectively encrypts the transactional information such as the amount and the addresses, as this data was easily accessible by the unethical masses on the Bitcoin Blockchain.
How to claim bitcoin diamond
To claim bitcoin diamond, you can download apps like Bither and BitPie from App Store. Next, you have to create a wallet, enter the seed of your bitcoin wallet. As soon as it syncs, your fork balances will show up. You can send your forks to the app wallet and then to the exchanges. Currently, there is a handful of Bitcoin Diamond wallet that supports BCD. Bitcoin diamond Trezor wallet is one of the most reliable and highly secure storage formulae for the fork.
Bitcoin Diamond price
At the time of writing, BCD attains the price of $0.473702. As per the predictions, investing in the coin can prove to be profitable as analysts determine a significant surge in the bitcoin diamond price in the next five years.
Fixed market cap
The market cap was fixed and was 210 million coins, i.e., ten times the market cap of Bitcoin. The community personals held around 170 million coins, and the rest 40 million was released for the mining purposes in the form of rewards.
Mainnet
The mainnet was launched in December 2017 along with node codes, API release, and open-source release on GitHub. The cryptocurrency supports AMD as well as Nvidia GPU Mining capabilities. Similar to the anonymity maintained by Satoshi Nakamoto, the developers of Bitcoin diamond, too is unknown to date. People know them only through their pseudonym EVEY and 007.
Adoption and popularity
BCD coin was quite famous in its initial days and was listed on 33 cryptocurrency exchanges, and six wallet providers also supported it. Linke Yang, the co-founder of BTCC, is also deemed to be supporting this fork and has helped the currency gain momentum in China, as BTCC was China’s first cryptocurrency exchange.
Bitcoin Diamond Reddit
The most popular and significant social news aggregator has a separate section for BCD. The Bitcoin Diamond Reddit forum keeps you acquainted with the ongoing updates, changes, prices, and more. You can follow and join the discussions, give your opinions and information on the bcd coin Reddit section.
Other than this, There also exists another BTC fork: Bitcore, which carries out Bitcore airdrop for everyone that had at least 1.0 BTX in the registered Bitcore address.
Super Bitcoin
Super Bitcoin is another crypto coin forked from BTC. This off-shoot was announced in 2017 and launched at the block height of 498888 of the main chain. SBTC features smart contracts, lightning networks, zero-knowledge proofs, and bigger blocks.
Super bitcoin price
At the time of writing, the super bitcoin price is $2.19. However, looking into the predictions and analysis, SBTC is set to turn into one of the profitable assets in the coming years.
Conclusion
In the case of Ethereum, when the network experienced a DAO attack, the community members decided to initiate a hard fork, which was named as Ethereum and the original Blockchain continued as Ethereum Classic.
There is an ambiguity about the mainstream adoption of the Bitcoin diamond when compared to that of Bitcoin itself as the cryptocurrency coin provides enough scalability with its segwit nature, but it’s also downsides persist, where the developers of the community along with the roadmap doesn’t seem to be quite trustable. In this fluctuating cryptocurrency in the market, it only happens once in a blue moon, that the happenings of a cryptocurrency go in line with our predictions as the cryptocurrency market is dependent upon the assumptions and beliefs of the investors itself.
