1 Level
6 Review
1 Karma
Review on Bitcoin Diamond by Lauren Richardson
Bitcoin Diamond is a decentralized cryptocurrency that aims at providing users…
Bitcoin Diamond is a decentralized cryptocurrency that aims at providing users with a peer2peer platform for sending value. The cryptocurrency was created as a fork of Bitcoin Core. This means that it shares a lot of functionalities with Bitcoin. The cryptocurrency employs Proof-of-Work algorithm which means that nodes/users/ miners spread in the network have to work to confirm transactions for a reward. They are also responsible for maintaining the network.
Pros
- The development team released a total of 170 BCD to the public while the remaining 40 million will be used to reward the community through mining. Notably, the development team was quick to insist that the network is a not competitor to Bitcoin but only making an effort to help advance cryptocurrency adoption and use in the community.
Cons
- When the cryptocurrency was created, a total of 210 million BCD were created. The main focus of creating Bitcoin Diamond was to address three primary things: Poor privacy protection. High threshold required for new members. Slow transaction speed.
