Bitcoin Diamond (BCD) Reviewed

This Bitcoin Diamond review has revealed that Bitcoin Diamond also known as BCD, despite sharing many similarities with Bitcoin, does not use the SHA-256 algorithm. The development team moved away from this as it became overly dominated by specialised ASIC miners who have, somehow, caused Bitcoin to become centralised to an extent.

Choose your quick section of our Bitcoin Diamond review below.

A Quick Overview of our Bitcoin Diamond Review:

Bitcoin Diamond was not created to compete against Bitcoin, but it is a dividend avenue for Bitcoin holders, in addition to increase cryptocurrency adoption as well as use.

What is Bitcoin Diamond?

Bitcoin Diamond is often regarded as the result of a controversial hard fork of Bitcoin which occurred in 2017. Bitcoin Diamond shares a lot of similarities with its parent, Bitcoin and it is a decentralised network which is aimed at offering users with the means to exchange value.

Key Features and Takeaways of Bitcoin Diamond

Bitcoin Diamond is one of the most popular cryptocurrencies in the crypto space and has some of the following key features and takeaways:

• Its launch occurred in November 2017 when the Bitcoin blockchain reached block 495 866. At this point, founders of Bitcoin Diamond, who remain anonymous, had not released a whitepaper and there was no community formed for it. In addition, there was truly little information and mass speculation that Bitcoin Diamond was an elaborate scam.
• After its launch, the team behind Bitcoin Diamond released its source code and provided communication on the project. There are two development team members who refer to themselves as “Evey” and “007”, with the third member completely anonymous.
• Bitcoin Diamond was forked from Bitcoin and thus it also uses the Proof of Work consensus mechanism and the mining for transactions and verification of blocks.
• With Bitcoin Diamond, miners receive rewards in providing computational power which is required to conduct verifications so that new blocks can be added onto the blockchain.
• Bitcoin Diamond, despite sharing many similarities with Bitcoin, does not use the SHA-256 algorithm. The development team moved away from this as it became overly dominated by specialised ASIC miners who have, somehow, caused Bitcoin to become centralised to an extent.
• Instead, the development team of Bitcoin Diamond makes use of the X-13 algorithm which is ASIC-resistant and allows for miners to use the most basic GPUs to help secure the network, provide verifications, and create new blocks.
• Bitcoin’s initial aim was to create a completely decentralised digital currency that can ensure cheaper, faster, private, and more reliable transactions than conventional ones. But Bitcoin is facing challenges that Bitcoin diamond can solve namely poor privacy protection, high threshold which is required for new members, and slow transaction speed.
• Bitcoin Diamond was created with a total supply of 210 million coins and at release, 170 million BCD released, with the remaining 40 held in reserve to be released as mining rewards.
• Bitcoin Diamond was not created to compete against Bitcoin, but it is a dividend avenue for Bitcoin holders, in addition to increase cryptocurrency adoption as well as use.

Bitcoin Diamond Mining

Bitcoin Diamond, like Bitcoin, makes use of a Proof of Work algorithm which means that BCD can be mined. Users can mine BCD either individually as full node clients, or they can partake in public mining pools where members of the pool share the workload involved with mining and split the rewards amongst themselves, proportional to the work and effort of each member.

To mine individually, users will need the following:

• A mining rig and/or contract
• A wallet to store their BCD in and manage their funds.
• A mining rig which is compatible with the X13-BCD algorithm
• An uninterrupted power supply and internet connection

Connect the hardware

To begin mining, the user must connect their hardware with their power supply unit as well as the internet. This is an easy step and mining rigs come with user manuals that detail the installation process. Users must ensure that their internet connection has a bandwidth of at least 1MB per second.

Download and save the wallet address

To ensure that BCD is stored safely and properly, the user will need a reputable and secure wallet that is compatible with their laptop, mining rig, and/or mobile device, providing them with versatile access to their funds.

Users must ensure that they create a back-up of their wallet data to a separate secured drive.

Choose a mining pool

The next step is for the user to choose a mining pool. It is imperative for the user to evaluate the various mining pools there are for Bitcoin Diamond, with some of the most popular being Btccpool, UUpool, and VVpool.

Obtain the mining software and configure it

Once the user has chosen and joined a mining pool, they must download and install the relevant mining software before they can start mining. Bitcoin Diamond uses the X-13 mining algorithm and there is a variety of software that allows for the mining of BCD.

When joining a mining pool, the members often use the same software, and the user will often be provided with a link to the software they need to obtain.

Pros and Cons

Transaction Fees

Should you buy Bitcoin Diamond?

Investments in Bitcoin Diamond started when it was forked from Bitcoin as it corrects some fundamental problems that the original network faces. It also attempts to reinstate the visions that Satoshi Nakamoto had when Bitcoin was created.

The solutions that Bitcoin Diamond offer associated with providing more privacy features and enhancing transaction speeds are what makes it worth the investment. Bitcoin Diamond has achieved these objectives and more by providing new features to the platform, and there are plans to continue to improve this and to ensure that the platform remains decentralised.

How to buy Bitcoin Diamond (BCD)

Step 1 – Register an account with Gate.io

Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.

Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.

Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.

Log into your account using your credentials and complete the reCAPTCHA.

Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.

Before you can use the platform to purchase Bitcoin Diamond/BCD and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.

Click on “KYC Now” at the bottom of the webpage to start the process.

Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.

Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.

Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.

Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.

Once you have done this, click on “Confirm and Submit”.

Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.

On the new page that loads, select “Click here” to set up Two-factor Authentication.

Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.

Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.

Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.

Step 2 – Deposit funds

You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.

BCD can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.

Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.

You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.

Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading BCD.

Step 3 – Explore your trading options

Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.

To start trading BCD, select the option from the “Trade” Menu. Enter “BCD” into the search bar to see which trading options are available.

For spot trading, for instance and as an example, select BCD_USDT or BCD_BTC. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair BCD/USDT or BCD/BTC.

Here, you will see that you have the option to buy or sell BCD either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.

Step 3 – Buy BCD through via Limit Order

To buy BCD and create a limit order for it, you can enter the amount of BCD you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.

Step 4 – Sell BCD through via Limit Order

To sell BCD, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, BCD that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.

Step 5 – Withdraw funds

To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.

Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.

Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.

FAQ

When was Bitcoin Diamond first launched?

Bitcoin Diamond came as result of a fork of Bitcoin in 2017.

Who founded Bitcoin Diamond?

The founders behind Bitcoin Diamond are anonymous, with two founders known as “Evey” and the other as “007” but the third developer completely anonymous.

What is “ICO”?

It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.

When was Bitcoin Diamond’s ICO and how much did it raise?

Bitcoin Diamond did not have an ICO.

Is Bitcoin Diamond legit?

Yes, Bitcoin Diamond is legit.

What is Bitcoin Diamond’s total supply?

210 million BCD.

What is the purpose of Bitcoin Diamond?

To correct challenges faced by Bitcoin and to refocus on the objectives that Satoshi Nakamoto had when Bitcoin was created.

On which blockchain is Bitcoin Diamond based?

Bitcoin Diamond is based on the Bitcoin blockchain.

Does Bitcoin Diamond work with smart contracts?

No, Bitcoin Diamond does not work with smart contracts.

Does Bitcoin Diamond have potential to become more valuable?

Yes, there is significant potential to become more valuable as Bitcoin Diamond addresses a lot of shortcomings and challenges that Bitcoin faces.