Today we will talk about the next split of the community of the first coin – the fork of Bitcoin. Bitcoin Diamond coin: why was it created, how is it different from the original and are there any global perspective?
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- History of Bitcoin Diamond
- What are the technical features of the Diamond hard fork?
- Bitcoin Diamond forecast
At the end of time, the bottlenecks of one or another coin become obvious. Many network participants notice this, but some of them decide to fix it and make changes to the source code of the cryptocurrency, so forks appear. They can be simple, without a split, “soft fork”, and complex, which mean creating an alternative coin, “hard fork”.
There have been dozens of such branches in the history of Bitcoin, as the flagship of the industry certainly has some significant shortcomings that hamper its development. There is nothing surprising, because there is no limit to perfection. Especially, if it concerns a product which appeared on the market first.
Now there is fierce competition in the market, every year more technological coins appear in the industry. The need for our today’s hero matured at the end of November 2017, more precisely, at block #495 866, then a new Bitcoin Diamond cryptocurrency appeared.
First of all, it’s worth to answer the question: “How much is mining of Bitcoin Diamond more technological than mining of BTC?” When the original Bitcoin with a block size of 1mb processes a maximum of three or four transactions per second, then the 8mb BCD works about five times faster. Of course, it is not the best indicator in the industry, but it is still quite a noticeable upgrade.
Continuing the frontal comparison of BTC and BCD, you can notice the encryption of the balance of the Bitcoin Diamond purse for the rest of the system, which reduces the likelihood of a hacker attack.
The developers planned to release a total of 210 million tokens, of which 40 million are reserved for mining, and 170 million are distributed to network participants.
Bitcoin Diamond differs from the original Bitcoin with partial confidentiality and faster confirmation of transactions. All this, according to the developers, will allow BCD to have all the prospects to become the leader of the cryptocurrency market. However, which creator of altcoins did not set such ambitious goals?
Forecasting the further development of a particular cryptocurrency, it is important for analysts to have information about the development team, since a lot depends on this variable. But in this case it is only known that three programmers have put their hand to the creation of the coin, and they wished to remain incognito. But on the other hand, as practice shows, the anonymity of the creator is not always bad. After all, the identity of the person who created the original Bitcoin has not yet been found out. And this did not prevent the coin from becoming the absolute leader of the industry.
Analysts of the crypto market found in the appearance of the BCD Chinese footprint in the form of the owner of the largest in the Middle Kingdom cryptocurrency exchange Yan Lun Ke. Perhaps this is true, or maybe it’s just a successful marketing move designed to attract Asian investors and traders.
The Bitcoin Diamond rate at the moment of entering to crypto market was about $50 per coin. The historical maximum is fixed at $92. At the time of writing, this digital currency can be bought for about $2.33.
It is rather difficult to predict the fate of forks. An example of this is Bitcoin Gold which has not justified the hopes. At the end of last year Bitcoin Diamond was connected with not very good news, about fraudulent schemes involving coins. Nevertheless, the level of capitalization of the coin is quite impressive and today it exceeds 360 million dollars. But this indicator does not say anything, as we should not forget about the total number of coins, which already have been mined more than 156 million.
The dynamics of the exchange rate and the capitalization of the coin, shown over half a year of existence, do not inspire particular optimism. We will closely monitor the development of the BCD and inform you. If you want to invest in this coin, then perhaps you should not give it more than 1-2% of the total portfolio and be patient, as the road map of the project is painted up to 2020.
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