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Bitcoin Diamond (BCD) - what is it and what is worth knowing about it?

4 min reading

Bitcoin diamond - one of Bitcoin hard forks who attracts many with their name and functions. Learn more what Bitcoin Diamond is and how it was created!

bitcoin diamond

Bitcoin Diamond - what is it?

It is a cryptocurrency that was created in November 2017 as a result of bitcoin network hard forks. The purpose of the new coin was to create a bitcoin equivalent that would run faster, cheaper, and provide greater anonymity. In addition, the bictoin diamond network was to be much less centralized by digging with GPUs - i.e. graphics cards that are much more accessible and affordable compared to cryptocurrency excavators. The new coin, however, was not enthusiastically received by the public. Most cryptocurrency fans considered it a low-value project based only on the use of the word bitcoin in the name.

Bitcoin Diamond price (BCD)

Currently bitcoin diamond (BDC) is in 60th place in terms of capitalization, and its turnover within 24 hours is about $ 14 million. The current BDC price (as of 20/05/2020) is around $ 0.56. ATH cryptocurrency took place on December 25, 2017 and its price was then $ 88.74, which is over 158 times more than today. According to the developers, it uses the functions of private public addresses, which allows you to hide the balance and transaction history. This is not full anonymity, but you can actually say more privacy than in the case of bitcoin. SegWit (Segregated Witness) is used for BCD transactions, which reduces transaction fees. It also increases network bandwidth, which is eight times higher than bitcoin.

How to get Bitcoin Diamond

Cryptocurrency could be obtained by having BTC coins on your address on the day of the forka, i.e. November 24, 2017. Each Bitcoin owner was then given a bitcoin diamond in a ratio of 1:10. This means that with 1 BTC the user received 10 BDC.

Currently, bitcoin diamond can be purchased on cryptocurrency exchanges. The OKEx platform is responsible for half the turnover on the market. In addition, bitcoin diamond is listed, among others, on Binance, Huobi or KuCoin, where it can be purchased in tandem with USDT, BTC and ETH. An alternative method of obtaining Coin BCD is to dig it.

Bitcoin Diamond mining - is it possible?

Bitcoin Diamond, like Bitcoin, is a cryptocurrency whose network is maintained using the PoF (Proof of Work) method. This means that in return for confirming the transaction, 'miners' receive their remuneration. In addition, they receive a reward in the form of newly mined blocks for their work. The current gratification is 125 BCD, and the next halving will take place on August 7, 2020 and will reduce it by half to 62.5 BCD. The SHA-3 algorithm used when mining is to ensure greater network decentralization. Mainly thanks to resistance to mining through specialized ASICs commonly known as cryptocurrency excavators. Currently, there are devices on the market using ASIC that cope with SHA-3 immunity. However, they are not very popular, which is why the assumptions of the creators were partly met. This means that BCD can be dug through your computers with good gaming graphics cards most often.

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