Connect with us

Bitcoin

Bitcoin Diamond Fork. All you need to know about Bitcoin Diamond.

Published

on

The Bitcoin Diamond hard fork took place in the November 2017. It was done in order to improve the functionalities of Bitcoin, on block number  495866.

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 like bitcoin cash, bitcoin diamond, bitcoin gold etc.

 

  • Fork

This process of changing the protocol is known as forking. Forking has two types, hard fork, and soft fork. A hard fork is the 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 one. The hard forks are usually implemented to improve some of the characteristics of the cryptocurrency whichever it is lagging behind. 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 in the November 2017. It was done in order 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 effective 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 an 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.

 

  • Fixed market cap

 

The market cap was fixed and was  210 million coins i.e 10 times the market cap of Bitcoin. Around 170 million coins were held by the community personals 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

Bitcoin Diamond was quite popular in its initial days and was listed on 33 cryptocurrency exchanges and 6 wallet providers also supported it. Linke Yang, 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.  

 

  • Conclusion

In 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 also 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.

#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

Published

on

Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

Continue Reading

#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

Published

on

Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

Continue Reading

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

Published

on

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.