Bitcoin is the most widely used cryptocurrency in the world. It has its drawbacks, just like every other crypto. Transactions can take time and are costly due to Bitcoin’s small block size. There is also a limited number of transactions per second. These problems are often addressed by developers who begin to think of possible solutions. The simplest and most obvious is to fork the network. This involves changing the cryptocurrency protocol to allow operations and blocks previously deemed unacceptable. Read about Bitcoin Diamond below.
What is Bitcoin Diamond (BCD) and how does it work. The project’s potential investment potential will be understood by readers who have done extensive research and evaluated it. This article will review the project’s basics, analyze BCD features, and conclude with expert predictions on Bitcoin Diamond prices.
Bitcoin Diamond’s origin
The first mention of the upcoming Bitcoin fork appeared on 22 November 2017, on the OKEx cryptocurrency exchange’s official website. Users and visitors could view a message regarding the upcoming listing of Bitcoin Diamond on this trading platform. A message was also posted announcing that the new BCD cryptocurrency would now be credited to the wallets where BTC was stored previously. Two days later, on 24/11/2015, the Bitcoin Diamond fork was created from the Bitcoin blockchain. Bitcoin Diamond’s history started right after block number 495866 in Bitcoin.
Three developers headed the project, and users didn’t know anything but their nicknames at the start. The creators stepped in later, and Connor Cui became the project’s leader. This led to an increase of 15 members. They wanted to make Bitcoin more widely-used and popular worldwide. If you’re wondering ‘Why is Bitcoin Rising? Please read our blog. The problem with Bitcoin’s original blockchain was the main reason for the fork. Bitcoin Diamond provided an 8 MB block size, which solved the problem of transaction size. BCD tokens were issued in 210 million total, surpassing the original system 10 times. Bitcoin Diamond is pursuing the same goal as all forks: to create a unique payment system. The developers were able to improve consensus algorithms, encryption methods, and network anonymity. Bitcoin holders received new tokens at a ratio 1:10.
Currently, not all of the provisions in the project’s roadmap are being implemented. The most important milestones in the project’s progress were covered by the latest roadmap update, which was updated on 4 June 2019.
What is Bitcoin Diamond (BCD), and how can it be used?
Bitcoin Diamond is a Bitcoin Fork that aims to increase network anonymity and lower transaction costs. This cryptocurrency has taken over the block sizes as well as the development algorithm. Bitcoin Diamond’s hard fork was possible thanks to the efforts of anonymous developers who were unhappy with Bitcoin’s original properties. Bitcoin block number 495866 was the point at which the fork took place, resulting in the creation of Bitcoin Diamond and cryptocurrency. Bitcoin Diamond has the same purpose as Bitcoin, namely to provide an online payment system that is convenient and can be used as a substitute for fiat currency.
BCD is different from the basic Bitcoin version in that it removes significant security and scaling issues. Bitcoin Diamond’s developers at the beginning were anonymous. The project didn’t even have a page on GitHub. Fortunately, developers emerged from the shadows and BCD’s code was eventually listed on GitHub. The community has grown steadily since the inception of the project, and new partnerships were established. This increased BCD’s adoption rate and use cases.
How Bitcoin Diamond (BCD), works?
Bitcoin Diamond follows BIP44, which is the standard that makes an deterministic wallet essential. To use this standard, the wallet owner needs to keep their private key and use a secret phrase (the “seed” value) to generate many associated addresses that can be linked to your wallet. Only a backup copy or master seed of the master private keys or master seed will be required.
Access to all funds will be lost if the user forgets their secret phrase. It is important to note that hackers can easily access the secret phrase stored electronically.
The blockchain information block for Bitcoin combines information about transactions and signatures. This means that transactions are rare in each block. The creators of Bitcoin Diamond managed to increase block size to 8MB and thus build up transactional capacity. The new block generation process is five times faster than the original Bitcoin.
Segwit’s move makes it possible to improve the block and transaction structure. Transactions include signatures that are moved into a separate structure. Bitcoin Diamond has increased the block size to increase network throughput and thus increase blockchain scalability. Due to the dynamically increasing fees, Bitcoin transactions are becoming less lucrative every day. Transaction costs are falling in the BCD network.
Bitcoin transactions can be partially anonymized. It is possible to see the balance and transfer amount of another user’s bitcoin wallet. This information can be used to identify the wallet owner. Bitcoin Diamond was created by developers who have implemented new encryption methods to increase security and confidentiality.
Bitcoin Diamond (BCD), mining
These changes also have an impact on mining. The developers decided to drop the SHA-256 algorithm because it was outdated. The X13 algorithm was chosen. Its essence is the 13-round verification. ASIC mining, which can cause a lack of decentralization due to the possibility that cryptocurrency could be concentrated in a few pools, is the main disadvantage of SHA256. These hardware devices are more susceptible to the X13 algorithm. BCD coins can be mined at your home using a video card of the required capacity. Feel free to read our article exploring Cryptocurrency Mining for Beginners.
Features of Bitcoin Diamond (BCD).
We already mentioned that the creators of BCD cryptocurrency proposed a special mining algorithm. The symbols X13 denote this improved mining algorithm. It is designed to mine cryptocurrency with a GPU. Bitcoin Diamond was able to support SegWit, provide replay protection, and use a combined PoS/ PoW consensus system. These are the distinctive characteristics of Bitcoin Diamond cryptocurrency.
Extended quantity of tokens (210,000,000 coins).
Bitcoin Diamond was not meant to be traded.
A block size increase of 8 megabytes
BCD tokens are ten times more than BTC’s.
The full blockchain is approximately 140 GB in size.
Bitcoin Diamond offers greater confidentiality
The algorithm for mining cryptocurrency is optimized.
Every two weeks, the complexity of mining is recalculated.
Bitcoin Diamond uses a brand new algorithm to encrypt cryptocurrency and names of holders.
Bitcoin Diamond miners must form blocks using an optimised proof of work algorithm (OptimisedX13). The network hashes each result 13 times. A compromised hash result in the loop is not harmful. Fraudsters would need to discover a weakness in 13 loops to hack it.
Bitcoin Diamond (BCD), price prediction 2020
The 2020 price prediction for Bitcoin Diamond provided traders with good volatility. BCD’s price increased threefold, from $0.30 to $1 on 15 Jan. Bitcoin Diamond reached $1.10 after a quick pullback of $0.50 to $0.50. BCD’s price fell to support at $0.30. However, the shock that most markets experienced stopped its rise was felt in all markets. A small wick of $0.24 halted the price from rising. Bitcoin Diamond had fully established the $0.75-1 trading range by mid-July after it suffered a drop in July. After some consolidation, BCD fell back to the $0.40 support level on 4 November. The asset then rebounded to $0.70 on November 24, and fell to $0.43 in December. The asset had established solid support at $0.43 and saw significant growth in 2021. It reached $1.30 on 10 January.
Bitcoin Diamond (BCD), price prediction for 2021-2022, 2023-2004, 2024, 2023, 20,25, 2030
According to the project developers, it wasn’t planned for this asset be traded. They were primarily focused on the profitability of GPU mining. Bitcoin Diamond, a free cryptocurrency that BTC holders can use, became very popular with traders and miners. The decision to buy BCD depends on your trading skills since the Bitcoin Cash case showed that it could be profitable.
To get their opinions on the project, we gathered the most reliable Bitcoin Diamond price predictions from experts. However, it is important to remember that any cryptocurrency price prediction should always be made with caution. The same applies for BCD price predictions. If you base your investment decisions solely on price predictions, please be aware of the potential risk involved in Bitcoin Diamond and any other cryptocurrency.
Trading Beasts Bitcoin Diamond Price Prediction for 2021-2022, 2023-2024, 2023,2025, 2030
According to Trading Beasts’ prediction for Bitcoin Diamond prices, BCD will reach $1.13 by 2021. Trading Beasts predicts that BCD will be $0.77 per token, and $1.14 its highest price. They anticipate that the price range will slowly increase to $0.83-1.22 in the next years, and $1.14 by 2024.
WalletInvestor Bitcoin Diamond Price Prediction for 2021-2022, 2023 and 2025, 2025, 2030
WalletInvestor says that Bitcoin Diamond is a poor long-term investment. According to WalletInvestor’s BCD prediction a price drop can be expected. BCD prices in 2021 will be as low as $0.03 and highest at $7. Bitcoin Diamond will trade in the $0.002-0.008 trading area over the next years. Although this seems large, it is not bearish.