1 Level
6 Review
0 Karma
Review on Bitcoin Diamond by Bradley Callum
Also note that you’ll need a trading account at the exchange you choose to use…
Also note that you’ll need a trading account at the exchange you choose to use, and in most cases that means you’ll have to submit quite a bit of personal information to meet the KYC and AML regulations upheld by almost every centralized exchange. If you aren’t fond of the idea of potentially linking your personal details to your Bitcoin Diamond by purchasing them through an exchange you could use a peer-to-peer marketplace instead. LocalBitcoins is one such P2P marketplace, but you might find liquidity quite thin for buying.
Pros
- BCD tokens let you store your wealth away from possible seizures and prying officials – This is another benefit of cryptocurrencies in general. Unlike traditional bank accounts, there is no way for a government entity or organization to freeze your Bitcoin Diamond funds. In fact, thanks to the privacy aspect of the coin no one will even know that you own Bitcoin Diamond
Cons
- The threat of being hacked and losing tokens – This is a risk with any cryptocurrency, and if you’ve been following cryptocurrencies for any length of time you know how vulnerable any coins held at an exchange are. If you’re going to accumulate Bitcoin Diamond make sure to store them in your own wallet, and preferably on a hardware wallet
