1 Level
6 Review
3 Karma
Review on Bitcoin Diamond by Keira Potts
One thing that Bitcoin Diamond holders need to appreciate is that the trading…
One thing that Bitcoin Diamond holders need to appreciate is that the trading platforms are the softest underbelly of the entire cryptocurrency industry. They present an important point of interaction between non-regulated cryptocurrency networks and regulated trading platforms. Besides, most of them are run by third parties which mean they are highly prone to attacks. The chances of getting attacked at the trading platforms are very high compared to other areas of crypto operations. This brings about another question; how do you identify the best selling and trading platform
Pros
- When blockchain technologies were launched, one core target was to ensure they are tradable in the markets. The aim of the trading platforms is to ensure that any person with interest in cryptocurrencies can easily buy them to increase uptake and use. When Bitcoin Diamond was released, it looked feeble, and some platforms such as Bittrex and Bitfinex opted not to list it. However, this brought about a major problem. How would those with BTC in these no supporting exchanges recover their BCD
Cons
- As a fork of Bitcoin, it meant that all the Bitcoin holders to the height of block 495,866 have to get a piece of the new crypto coins. For every Bitcoin holder, ten Bitcoin diamonds were allocated. This means that even if these markets did not want to list BCD, Bitcoin owners still had to get a way of allowing their users recover them.
