Review on Bitcoin Diamond by Fanuel PORPORTY
Bitcoin Diamond (BCD) - Bitcoin cryptocurrency fork
Bitcoin Diamond is a fork of Bitcoin made at block 495.866 on November 24, 2017. On this precise date, all Bitcoin holders received free Bitcoin Diamond for a ratio of 1:10. This means that for 1 BTC held in the portfolio, investors received 10 BCD for free.
Bitcoin clearly shows big problems with speed, confidentiality, and scability. These issues divide the developer community, which tends to launch their own cryptocurrency from Bitcoin but including their improvements. Bitcoin Diamond's stated and ultimate goal is to become the best virtual coin, suffering neither from a lack of privacy, from slow transaction confirmations, nor from blocking for future developments. Bitcoin Diamond believes it can provide better solutions to financial companies around the world with this fork.
Bitcoin Diamond shares many functions with its blockchain parent, Bitcoin. BCD is a decentralized network offering users the possibility of exchanging value. For starters, Bitcoin Diamond has a block size 8 times that of Bitcoin, which means it is better equipped to handle huge volumes of daily transactions. It also has the same proof of work algorithm, which means that exploration is possible. Miners receive rewards for the computing power required to verify transactions and create blocks. Like its parent channel, Bitcoin Diamond uses the Lightning Network to speed up transactions via off-chain transactions.
One of the biggest differences is that the team behind Bitcoin Diamond chose an internal X-13 algorithm that resists ASICs.
Pros
- The BCD token might not be as strong as Bitcoin (ranked 50th on CoinMarketCap at the time of this writing), but as a project, Bitcoin Diamond has many advantages.
- Since its algorithm is ASIC resistant, Bitcoin Diamond has played its role in decentralizing mining, making it more accessible to a wider audience. Given its value, Bitcoin Diamond offers a very economical way to send and receive money.
Cons
- Bitcoin Diamond is considered by some users to be another fork of Bitcoin. The latter has indeed undergone a considerable number of hard forks which have ended up tiring users. One more fork risks seriously harming the mother cryptocurrency and the altcoins that result from it.
