In recent years, Bitcoin Diamond (BCD) has captured significant attention as a trailblazing digital currency in the cryptocurrency space. Despite its roots in Bitcoin, Bitcoin Diamond stands out with its distinctive features and goals, all while sharing a common blockchain history.
In this article we take a deep dive into Bitcoin Diamond, exploring its beginnings, standout features, Bitcoin Diamond price, and even how to buy Bitcoin Diamond. Without further ado, let’s begin!
What is Bitcoin Diamond (BCD) and What’s its Difference From Bitcoin (BTC)
Bitcoin, once the undisputed leader in the world of digital currencies, has faced its fair share of challenges. Most notably, its transactions have become considerably slower and costlier. This predicament can be traced back to Bitcoin's limited block size, which is constrained to a mere 1 MB, allowing for only a meager three transactions per second. Consequently, at some point of time users have started exploring alternative cryptocurrencies. This is where a Bitcoin hard fork steps in as an inevitable solution – a necessary adjustment in the blockchain network, driven by delays in node updates and block verification. In simpler terms, it signifies a standard alteration in the digital currency's protocol, effectively making previously prohibited operations or blocks acceptable. In essence, a hard fork paves the way for the creation of a new digital currency.
Bitcoin Diamond (BCD) emerged as one of Bitcoin's hard forks following the division of the Bitcoin blockchain in November 2017. This division was initiated by two well-established mining pools, Team EVEY and Team 007, right at the specific juncture of block 495866. Bitcoin Diamond takes pride in offering a range of advantages over its predecessors. Essentially, it acts as a fork of the renowned Bitcoin network (BTC), empowering miners to forge blocks using an innovative Proof-of-Work (PoW) algorithm.
Bitcoin diamond (BCD) Creation History
Now that you have a grasp of what Bitcoin Diamond represents, let's journey into the captivating history of how this cryptocurrency came into being. Everything commenced on November 22, 2017, when the official website of the OKEx exchange tantalizingly hinted at a significant development – the impending addition of BCD to their trading platform. This announcement was accompanied by the exciting news of distributing new cryptocurrency coins to users who had previously held BTC in their wallets. The pivotal moment arrived on November 24, 2017, immediately following the completion of block 495866 in the BTC blockchain, marking the birth of Bitcoin Diamond.
This ambitious initiative was led by a trio of developers, whose true identities remained concealed beneath cryptic pseudonyms. While two of them opted for visibility, the third chose to remain an enigmatic figure. Their collective vision was unwavering - to enhance the capabilities of Bitcoin, making the cryptocurrency more accessible and appealing to a broader audience.
As autumn unfolded, November 25, 2017, signified the commencement of trading with this novel digital currency on the OKEx crypto exchange. Simultaneously, at the AEX trading platform, the price of BCD surged to 0.014 BTC, equivalent to approximately $110 at that time. The climax of 2017 was marked by a significant update to the primary network.
Fast forward to 2019, and the international trading platform known as BCD Pay made a grand entrance. Here, users could seamlessly buy and sell a variety of services and products, all tradable for Bitcoins or BCD. To enhance the user experience, they introduced a corresponding app, empowering users to conduct personal transfers, engage in online purchases, and stay connected through newsletters.
The developers meticulously outlined a roadmap for Bitcoin Diamond, which stated that by the first quarter of 2020 Bitcoin Diamond would be well-positioned to surpass classic Bitcoin across all performance metrics.
How Does BCD Work
The genesis of Bitcoin Diamond (BCD) finds its roots in a pivotal decision undertaken by the BCD team, driven by the belief that the original Bitcoin had deviated from Satoshi's vision of preserving decentralization. Consequently, this collaborative venture, jointly orchestrated by Team EVEY and Team 007, led to a fork in the Bitcoin blockchain. This divergence encompassed a series of protocol adjustments designed to fortify Bitcoin Diamond's role as a peer-to-peer electronic cash system.
Bitcoin Diamond introduces a plethora of advantages when compared to Bitcoin, particularly in the domains of transaction speed, network security, and scalability. The BCD team placed significant emphasis on democratizing and streamlining the mining process.
Within the Bitcoin Diamond blockchain, a remarkable display of capabilities is witnessed, enabling the processing of up to 100 transactions per second. Each block within the network boasts the capacity to accommodate a substantial 8MB of transaction data. The network is further enriched with Segwit activation, maintaining an average block time of 10 minutes, while undergoing network difficulty adjustments every 12 hours.
Bitcoin Diamond has enthusiastically embraced the X13 proof of work algorithm, deliberately dissuading ASIC miners and fostering the use of GPU-based mining.
At the creation of Bitcoin Diamond a snapshot was taken of the Bitcoin blockchain and wallet balances. In return, individuals received 10 BCD on the Bitcoin Diamond chain for every Bitcoin they possessed.
Notably, when it comes to supply, Bitcoin Diamond distinguishes itself with a total of 210 million coins, a figure that significantly exceeds Bitcoin's 21 million. During the fork event, 170 million BCD (equivalent to 10 BCD for every 1 BTC) were distributed to Bitcoin holders. The remaining 40 million BCD found their purpose in the community rewards pool, serving as both incentives and rewards for mining endeavors.
Why Use Bitcoin Diamond (BCD)
Now a crucial question arises: Why should you consider Bitcoin Diamond? Its primary objectives revolve around enhancing network privacy and reducing transaction costs. The creators of Bitcoin Diamond aimed to build upon the foundational framework of classic Bitcoin, with a specific emphasis on fortifying security and safeguarding accounts.
Bitcoin Diamond's primary focus is on addressing the following challenges:
1. Inadequate privacy safeguards.
2. Sluggish transaction confirmation speeds.
3. Daunting entry barriers for potential participants.
Bitcoin Diamond Price Prediction Up To 2030
While Bitcoin Diamond exhibited stability over an extended period, multiple analytics suggest a potential change in its trajectory. If the current trend persists, the coin could offer promising returns. This forecast, designed for the mid-term, conservatively outlines potential trajectories. Nonetheless, it positions Bitcoin Diamond as an attractive investment opportunity for those considering long-term coin holdings within their portfolios.
It's important to stress that these predictions offer informative insights rather than explicit financial advice, due to the highly volatile nature of cryptocurrencies. Accurately predicting the price of any asset is a complex task, and putting complete trust in forecasts comes with inherent financial risks. Here, we present data-driven insights firmly rooted in historical assessments and analytical methodologies.
Some projections suggest that Bitcoin Diamond (BCD) is likely to display a price range, with a minimum around $0.15 and a maximum reaching approximately $0.40 by the end of 2023.
According to some prediction models, the forecast for Bitcoin Diamond's price in 2024 indicates a range stretching from a minimum of $0.40 to a maximum of $0.50. The average trading price for the year is projected to be around $0.45.
Looking into 2025, the Bitcoin Diamond price is expected to range from a low of $0.50 to a high of $0.70, with an average price at $0.60.
For 2026, some models suggest that Bitcoin Diamond's price could fluctuate between a minimum of $0.70 and a maximum of $0.85 while maintaining an average price of $0.775 throughout the year.
Most 2027 forecasts anticipate a potential low of $0.75 and a high of $0.95 for Bitcoin Diamond's price. The average price throughout the year is expected to be around $0.85.
In 2028, some analytics indicate a range of minimum and maximum price levels for BCD tokens, with estimates of around $0.80 and $0.90, respectively. The average price projection for Bitcoin Diamond is around $0.85.
The average price projection for 2029 is approximately $1.15, with a range from $1.05 to $1.25.
Looking ahead to 2030, an average Bitcoin Diamond price is expected to be approximately $1.30, with a range spanning from a minimum of $1.10 to a maximum of $1.50.
How to buy Bitcoin Diamond
Acquiring Bitcoin Diamond is a straightforward process, with various exchange platforms offering convenience. Some of the most prominent choices include exchanges like Binance, OKEx, Indodax, and Bittrex. Binance, in particular, stands out by enabling users to buy Bitcoin Diamond with fiat currencies, simplifying the acquisition procedure. Furthermore, if you're uncertain about how to utilize Bitcoin Diamond, these exchanges offer the flexibility to swap it for more widely accepted cryptocurrencies.