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Review on Bitcoin Diamond by Shannon Mahmood
The two teams of miners, who were not satisfied with the flaws of the original…
The two teams of miners, who were not satisfied with the flaws of the original Bitcoin, have launched the new cryptocurrency, Bitcoin Diamond. Even after the long path of development, Bitcoin still did not get rid of its original network’s issues – high transaction fees and slow transaction speed. It also still has some lack of privacy protection, which appears as one of the major reasons for miners to create new, more developed cryptocurrencies.
Pros
- Lower transaction fees: Each transaction on the Bitcoin network is charged a fee. The fees for transactions have become very high in recent years. Cryptocurrencies are supposed to help users avoid paying high bank-transfer fees so Evey and 007 felt that Bitcoin’s fees should be going down, not up!
Cons
- Bitcoin holders: Hard forks on the Bitcoin network put holders of Bitcoin in a unique position. Whatever amount of Bitcoin they hold, they get the same amount of the new currency, free! The Bitcoin Diamond fork increased the total supply of the coin. For every one Bitcoin users held, they actually got ten BCD for free. Good deal, right?
