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Review on Bitcoin Diamond by Céline Turcotte
It has become a common thing to hear people say that their crypto tokens were…
It has become a common thing to hear people say that their crypto tokens were lost. On 5th of April 2018, Verge cryptocurrency was hacked and millions of dollars worth of native coins lost. Like Verge, Bitcoin Diamond users are also at great risk of getting attacked and losing their tokens. While you can be attacked at any level of operations in the Bitcoin Diamond network, the riskiest part is at the exchanges. Because these platforms are run by third parties and follow local rules, they are the easiest points for attackers.
One of the main reasons for forking Bitcoin Diamond from the original Bitcoin was to address the identified flaws. This implies that Bitcoin Diamond is better than Bitcoin and users are expected to jump to the new and better option. In the coming days, Bitcoin Diamond is also likely to experience the same competition as newer cryptocurrencies that are better and more appealing enter the market. A good example of this is Bitcoin Private which has shown strong movement in the market capitalization and value for such a young currency.
Pros
- By the first quarter of 2018, Bitcoin Diamond was only a few months old. This implies that most of the features were still in their infancy or getting tested to ascertain their stability. It is, therefore, too early to conclude that Bitcoin Diamond is among the best cryptos even if its value grows exponentially. The cryptocurrency will require more than five years to ascertain its stability.
Cons
- While Bitcoin Diamond fork aroused a lot of mixed reactions, the community has come to appreciate that it is another force to reckon with in the cryptocurrency world. By marketing itself as a better cryptocurrency compared to Bitcoin and even other cryptos in the market today, a lot of people are opting to join. For example, the value is far higher than other cryptos such as Verge.
