Bitcoin was the first most cryptocurrency of its generation, but it is a very basic version of the latest crypto projects. After evolving and research it came out that bitcoin has some issues with anonymity and privacy of data. To resolve those issues Bitcoin Diamond was developed. It is hard fork of bitcoin but with the main focus on privacy part.
Another core difference between Bitcoin and Bitcoin diamond is; its supply is 10 times more than BTC. So, the total amount of Bitcoin Diamond is 210 million.
The team behind bitcoin diamond is never found anywhere. There are only two developers listed on few resourced which is Every and 007. In most the publications it seems as the company is organized by the bitcoin diamond foundation but who is the founder and team; no one knows.
Hard forks are new coins which make the upgrade of existing coins without changing the existing features. While the original bitcoin processes 1mb block with 3-4 transactions per second then BCD works there 5x faster.
- Trade can be possible on HitBTC only
- Not popular in blockchain market because of not enough visibility
- Communication is limited with the audience to keep them updated
- Currently has a low market cap which lets other investors join in
- Team of experts from theloop/Dayli
- Despite having privacy, the main feature; it doesn’t reach that level of security and privacy
- Delayed in meeting the future goal with latest features i.e. lightening network
- People have trust issue as associated with hard fork projects
Bitcoin Diamond hasn’t published any official whitepapers but only news and roadmap.
Bitcoin Diamond has also the same use as bitcoin, it is also electrical funds which can be used to mine, send & received and make purchases. BCD has the lightning network in its roadmap which will increase the chances of transaction outside the blockchain network as well.
Because of being a hard fork of bitcoin; it is known in the market, plus it gives ease of mining which really attracts to those who are the fan of bitcoin but can afford to mine it. Some of the researches show that coin will get a boost over bitcoin after gaining some more trust.
While comparing BTC & BCD; there is the main difference in the transaction which is now version 12, which requires a block hash. This block hash comes as a field and accounts for replay protection. For non-Segwit transaction, Bitcoin Diamond uses legacy signing whereas for Segwit transactions BIP44.
There is no concrete information published about investors or major contributions to this project. The project is continuing with the anonymity of its team and founder along with its investors.
- 2018 Q3: Finish mainchain of Lightning network & BCD wallet
- 2018 Q4: Build BCD application ecology
- Begin 2019: Better Bitcoin
The hard fork is a new trend of 2018 but most of the time it lacks user trust because the original cannot be copied. But with the passage of time if project earns some repute it’s not a big issue. BCD is getting an edge over BTC because of being fast and ease of mining but debate is still open for its future if it will fulfill its promised features sooner.
How to get crypto