What is BCD crypto coin?
Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495856 and therewith a new chain will be generated as the BCD. After nine years of rapid development and various issues that the miners faced with Bitcoin, such as lack of privacy protection, high transaction fees and slow transaction speed, the teams finally collaborated and rolled out Bitcoin Diamond. Diamond is not competing against Bitcoin. Instead, BCD is improving upon the foundations of Bitcoin and carrying the legacy of it.
The main founding members of Bitcoin Diamond are two miner teams – team EVEY and team 007. As per their official website, this fork is the result of a collaboration between Team 007 and Team EVEY, who joined to form the aptly named Bitcoin Diamond Foundation. They have stated that the reason why they have forked Bitcoin is because they don’t see the actual Bitcoin scaling and serving the needs of growing users.
There have been fears in recent days, that Bitcoin Diamond is still not widely traded. Avoid sending Bitcoin to small exchanges, in exchange for seeing your BCD balance. Right now, mining Bitcoin Diamond is having issues, and block production is a big unknown – so it is best to wait until the blockchain is established, as a new and slow blockchain may not work through transactions fast enough.
Media also report that hardware wallet Ledger has warned of scams using Bitcoin Diamond to defraud users as suspicions around the hard fork start to mount. In tweets late last week, the wallet manufacturer cautioned followers about fake websites purporting to let Bitcoin holders claim BCD coins.
BCD crypto – price and prediction
Predictions are promising. Bitcoin Diamond will try to solve all issues. BCD will increase the total supply of coins to lower the cost of participation threshold. It will tackle Bitcoin’s scalability issues and provide fast transaction confirmations by raising the block size to 8 MB. Also it will provide privacy protection by encryption. As we know, BCD will lower the cost of participation thresholds and it will reduce the transaction fees and the cost of participation.
“The total amount of Bitcoin Diamond is ten times as much of Bitcoin which will reduce the cost of the new participation and lower the thresholds” – team member said.
There’s a total supply of 210 million Bitcoin Diamonds, and the price was set at a rate of 1 BTC = 10 BCD, which means that anyone who had BTC when the fork occurred has 10 Bitcoin Diamonds for every 1 Bitcoin they owned. So, that’s a 10 times higher total supply than the original bitcoin blockchain, and members have said that they will not increase the supply more than this.
The price of this coin on 26/12/17 was $ 70.34. What is important that 40 million will be distributed among community reward pools as tributes and mining rewards.
Trying to predict the future of this coin, we found info that they have a plans to have the Bitcoin Diamond mainnet, wallet, nodes code and API release as well as the open source on GitHub in place. It will be possible to mine BCD either with a full node client or alternatively with a pool. Three pools will support Diamond mining and mining will commence after mainnet releases. BCD will support both AMD and Nvidia based GPU mining. Also, there are plans to conduct an algorithms upgrade for BCD main chain encryption, this will encrypt both the transaction and balance amounts.
Important about Bitcoin Diamond
BCD crypto ill also support encryption of transaction and balance information. So looks look it is going to implement some form of ZkSNARK. BCD will also be able to process transactions faster than old BTC, thanks to a bigger block size. The development team claims that it will be able to handle 4.8 million transactions per day!
- Protection of privacy;
- reducing the cost of transfer;
- reducing the cost of participation.
Right now only a handful of wallets support or are going to support Diamond. There are no paper or brain wallet at the moment and there are no hardware wallets either. It looks like there are only web wallets like QoinPro, Bitgo.cc etc available at the moment.
Good luck BCD!