Bitcoin

What Is Bitcoin Diamond?

Bitcoin is the first cryptocurrency whose success has led to the creation of other coins among which is the Bitcoin diamond.

In the process of delivering what was promised by BTC creator, Satoshi Nakamoto, Bitcoin miners have launched other coins. Through the process known as ”hand fork”, Bitcoin Cash, Bitcoin Silver, and Bitcoin Diamond have been created by miners.

In this article, we’ll focus on Bitcoin Diamond as another form of cryptocurrency from BTC.

What is Bitcoin Diamond?

Bitcoin Diamond (BCD) is a fork of Bitcoin, aiming to offer faster transaction confirmations, lower fees, and more inclusive mining.

BCD was launched in November by Bitcoin miners named ”Team Evey” and ”Team 007”. They pushed for the hand fork from the Bitcoin blockchain to build a project aimed at correcting Bitcoin’s shortcoming i.e. slow transaction time of BTC.

BCD asides sharing the core goal of BTC, it also wants to do things a bit more differently in several technical and operational segment.

Bitcoin Diamond is ranked 188th as of December  2021 by CoinMarketCap with a live market cap of $278,312,855 USD. It has a circulating supply of 186,492,898 BCD coins.

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Bitcoin Diamond BCD
Bitcoin Diamond BCD

What is the Difference Between Bitcoin and Bitcoin Diamond?

Although Bitcoin Diamond is a hand fork of the Bitcoin blockchain, they still have their differences. One of the differences is in their block size.

BTC is limited to a block size of 1mb. This allow the platform to carry out between 2 and 7 transactions per second which has dragged down the number of transactions per second.

BCD developers offered support for larger block sizes, raising the related limit to 8 MB. While both of the platforms have the same block time of ten minutes, BCD hoped to provide support for eight times higher amount of information based on this increase.

Bitcoin Diamond is therefore advertised as capable of performing 100 transactions per second compared to BTC’s 2-7 transactions. This however not at the rate of payment processing platforms like Visa or MasterCard. BCD therefore make use of the lightning network as its second layer payment protocol on the blockchain.

Another major difference is in their supply. With Bitcoin’s supply limit at 21 million, BCD’s supply is limited to 210 million. This is to created to be an alternative to the very expensive BTC.

Bitcoin Diamond can be acquired by mining, buying or trading with them on crypto exchanges like Binance, HitBTC, and so on.

Also Read: What You Need To Know About Bitcoin SV

Prestmit is one of the best exchange platforms where you can buy and sell Bitcoins at good rates.

If you ever find yourself in a position to buy or sell crypto coins in Nigeria or Ghana, Visit Prestmit, it’s the best platform for you.

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As a cryptocurrency and gift card expert, I am passionate about exploring the intersection of finance and technology. With a background in both fields, I bring a unique perspective to my writing, offering an in-depth analysis of the latest developments and trends in the world of digital currencies and gift cards.

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