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Review on Bitcoin Diamond by Jack Moran
The primary target of forming BCD was to enhance anonymity, scalability, and…
The primary target of forming BCD was to enhance anonymity, scalability, and decentralizing mining. To achieve these targets, Bitcoin Diamond is run by consensus. This implies that there is no consumer protection in the BCD network. If you have an issue, it means that you do not have anywhere to run to. Remember that you cannot even seek redress from the courts because cryptocurrencies are not regulated.
Pros
- Like other cryptocurrencies, Bitcoin Diamond users are required to use public addresses when sending funds. However, the public keys are lengthy codes that are difficult to remember. This increases the danger of sending the tokens to the wrong address. Remember that all transactions are irreversible after getting confirmed and added to the Bitcoin Diamond public ledger. To lower the risk of sending coins to the wrong address, it is important to triple check the public keys for assurance that the tokens will go to the right person.
Cons
- Since 2009 when Satoshi Nakamoto launched the first blockchain network, most governments have indicated that the cryptocurrencies are serious threats. To address the issue, they have committed to passing very harsh regulations that will help to reduce the current fast growth of crypto networks such as Bitcoin Diamond. If the countries pass such harsh regulations, there is a serious risk of BTC value, community, and success taking a negative shift.
