I am pretty sure that by now already heard about Bitcoin. Yes, that cryptocurrency that just can’t stop appreciating. It also seems like nobody can stop getting other new variants after short periods.
When Bitcoin was introduced, the first variant was Bitcoin cash. This was followed by Bitcoin gold and now we have Bitcoin diamond or BCD. Just like it was in the case of the previous forks, Bitcoin diamond is introduced to make a better coin.
If you are a Bitcoin holder, Bitcoin diamond can also offer you what is known as the free money. With that being said, here are a few things you should know about Bitcoin diamond. You can see this link for more https://rubix.io/ .
Forked on 24th November
Back on November 24th, 2017, the Bitcoin diamond was forked. Its life started at block 495,866 and that is where it got its chain.
The Bitcoin diamond came as a joint effort between two teams; Team 007 and Team EVEY. They were also Bitcoin miners but weren’t quite happy with some of the shortcomings that Bitcoin had.
This is why they came up with the Bitcoin diamond. Well, it seems like even though Bitcoin might be the popular cryptocurrency available, it still has its downside.
A better coin
As mentioned before, the BCD came as a result of some hiccups experienced with Bitcoins. If you have been following the crypto reports, you can remember there was a time when the founder of etherium suggested for some changes to be made to the Bitcoin network.
This is how he also came up with etherium which is currently the second-ranked popular cryptocurrency. He wanted to improve the Bitcoin network and number coming with another cryptocurrency altogether.
The teams involved in the emergence of Bitcoin diamond also wanted to improve the Bitcoin by boosting the transaction speed, augmenting the block size and making the transactions to be affordable. This is probably why they even made sure that people with desktop PCs Can be able to mine the Bitcoin diamond as long as they have graphic cards that are powerful enough.
210 Million Tokens
As you might have known already there will only be 21 million Bitcoin tokens available. However, the Bitcoin diamond tokens will be 10 times as much. This means that the cost of new participants will be reduced.
This will, in turn, reduce the threshold. There will only be 170 million BCD tokens available on the market. Daily bathing tokens will, however, be reserved in a rewards pool for the community. This is mainly for mining and tributes.
Compared to their crypto counterpart Bitcoin, the Bitcoin diamond seems to offer more privacy. Currently, when you do a transaction if the regular Bitcoin network, it will be visible it the public domain.
This will allow anyone to see the data related to the transaction. For instance, they will be able to see you just how much another person is having in their wallet. They will also be able to view the transactions completed before.
However, with BCD, Both the transaction amount and your balance will be fully encrypted therefore guarantees you better privacy.
Be wary of the scammers
Whenever a new thing emerges, it usually takes a short time before scammers come out to use it to their advantage. The team behind Bitcoin diamond has already warned about using third-party wallets. This is where most people make themselves vulnerable and therefore easy to get swindled.
It is always advised that you avoid sharing your private seeds with the third party services. It will be better if you can just wait for the official wallets to add the asset and it will just reflect in your balance.
You should also know that the biggest Bitcoin holders won’t be making a move any sooner for the altcoin regardless of how promising it may seem. Click here to find out more about the BCD.
You might have noticed, the crypto world is moving at a very fast pace. Just like Bitcoin cash and Bitcoin gold, Bitcoin diamond is also set to take the market by storm. But, before you think about investing in this new Bitcoin variant, there are a few things you will need to learn first. The pointers above can help you get started.