How to make a profit on Bitcoin Diamond cryptocurrency


On November 24, 2020, another hard fork took place on the Bitcoin network - Bitcoin Diamond. The hard fork occurred at block 495866, creating a new BCD chain.

It was initiated by a group of anonymous developers, according to which Bitcoin Diamond differs from Bitcoin in a 10-fold increased maximum emission volume, a block size of 8 MB, as well as a different mining algorithm (optimized X13; designed for GPU).

The Bitcoin Diamond blockchain features replay protection and SegWit support. After 10 years of rapid development of classic Bitcoin (BTC), the high transaction fees and network no longer meet the demands of the growing number of blockchain users. As a consequence, BTC has encountered various problems, which mainly consist of the following aspects:

  • Lack of privacy protection.
  • Slow transaction confirmations.
  • High barrier to entry for new participants.

Reasons for the emergence of a new fork

Current Bitcoin Diamond (BCD) rate against the US dollar and trading volume over the last 24 hours:

Bitcoin Diamond is going to solve Bitcoin's mining and scalability problems by increasing the block size to 8 MB. According to the Bitcoin Diamond website:

The block generation speed will be increased fivefold, and the ultimate goal is to increase transaction confirmation speeds for the entire Bitcoin blockchain.

Bitcoin Diamond uses corrected and more efficient algorithms, in addition, the creators of the new cryptocurrency claim that it will be more secure and anonymous than the original Bitcoin. Unlike the Bitcoin network, the new Bitcoin Diamond network will encrypt transaction amounts and balances .

Altcoins formed as a result of the Bitcoin fork, Bitcoin Diamond, will be distributed to Bitcoin holders in the proportion of 10 BCD per 1 BTC held on the balance sheet at the time of the network snapshot - November 24, 2020.

What is Bitcoin Diamond?

Diamond Bitcoin, Bitcoin Diamond, BCD is a fork of the main Bitcoin network that took place at block 495866, creating a new BCD chain. Bitcoin Diamond miners will begin creating blocks using a new proof-of-work (PoW) algorithm.

The project will progressively develop and improve account security and privacy based on the original BTC features. These new features lead to a fork in the chain: the original blockchain will continue to operate unchanged, but the new branch will address some issues in a new way.

BCD has the same transaction history with Bitcoin until November 24, 2017, until a unique block was generated after the fork.

How many BCDs will be produced?

The total volume of BCD is 210 million. This is a finite amount.

Currently 170 million BCD, 1BTC = 10BCD. They will be presented to Bitcoin holders for long-term support of the ecosystem. The remaining 40 million will be automatically transferred to the community reward pool as transaction and mining fees.

What problems does the new fork solve?

After nine years of rapid development of Bitcoin, high transaction fees and the network no longer meet the demands of the growing number of customers. Various problems have arisen, which mainly consist of the following aspects:

  1. Lack of privacy protection.
  2. Slow transaction confirmations.
  3. High barrier to entry for new participants.

How is replay protection implemented with the BTC network?

The so-called replay attack means that the transaction will be valid on one chain and on the other. This means that if someone wants to send BTC, they will also send BCD. To prevent this, a small change was made between BTC and BCD. Bitcoin Diamond will not accept the Bitcoin convention, which makes it independent of BTC.

Confidentiality and encryption of transaction information

In some scenarios, especially in many business processes or scenarios involving sensitive data (such as the income of company entities), cryptocurrency owners do not want to disclose their account balances for various reasons.

Encrypting the transaction amount can protect the confidentiality of personal funds and avoid complaints.

Also, some funds involve trade secrets of financial institutions, encryption can protect their money from publication and ensure their business security.

What problems does the new fork solve?

There are three problems solved by the emergence of a new currency.

Namely:

  1. Lack of privacy.
  2. Slow transaction confirmations.
  3. High barrier to entry for new participants.

The first is considered the most important. Most modern forks also guarantee privacy, but no one has taken this issue seriously. By joining miningclub, you do not have to reveal your identity. All financial transactions and their amounts are carefully encrypted from third-party attacks.

From now on, withdrawals to Coinomi, Electrum, Ledger nano s, Trezor, Webmoney wallet and other wallets will be a quick and simple procedure. The developers are working to ensure that the withdrawal takes only a few minutes. And so far, judging by the reviews, the system they built is working correctly. It is almost impossible to obtain someone else's private key.

Sections on various sites about cryptocurrencies, entitled with the simple word “news” and corresponding posts on twitter, contain simple and understandable instructions for mining BCD. The new currency should become absolutely open to users.

Comparison of Bitcoin Diamond with all other forks of the Bitcoin network

Benefits of BCD

  • Encrypt amounts and balances to protect customer privacy.
  • Block size is 8 MB.
  • Sufficient capacity for all transactions.
  • The speed of block creation has been increased fivefold.
  • Increased transaction confirmation speed.
  • Reduced transaction fees.

Bitcoin Diamond is the result of collaboration between three anonymous developers who came together and formed a foundation with a sonorous name - “Bitcoin Diamond Foundation”. Like Bitcoin Cash, the new “diamond” team intends to solve the problem of Bitcoin scalability, also seeking to increase the block size to 8 MB.

According to the cryptocurrency website, “the speed of block creation will increase by 5 times, and the ultimate goal is to improve the transaction confirmation speed of the entire Bitcoin blockchain.”

Mining Bitcoin Diamond

You can mine BCD using a full node or through a pool. The project's home page lists some public mining pools that will work with Bitcoin Diamond.

Mining will be carried out using the optimized X13 algorithm, and the new fork will be mined using GPU video cards.

Bitcoin Diamond hard fork took place on the Bitcoin network

11/24/2017 Alex Kondratyuk

#Bitcoin Diamond#hard fork

Today, November 24, a Bitcoin Diamond hard fork took place on the Bitcoin network, initiated by a group of anonymous developers.

A message appeared on the project’s Twitter that the hard fork took place at block 495866 and the new cryptocurrency is already supported by 28 exchanges, including OKEx, CEX.com and other relatively small and little-known trading platforms. The cryptocurrency is traded under the ticker BCD.

$BCD BORN!!! At Nov.24 GMT 9:20am !!! Bitcoin Diamond ($BCD) successfully forked at block height 495866 and 28 global exchanges launched !! pic.twitter.com/6dpjLhmZeX

— Bitcoin Diamond (@BitcoinDiamond_) November 24, 2020

New Exchanges support Thx @coinnest_info pic.twitter.com/86feORcmpa

— Bitcoin Diamond (@BitcoinDiamond_) November 22, 2020

On the website of the OKEx exchange on November 22, a post was published about the upcoming addition of BCD to the listing of the trading platform and the accrual of a new cryptocurrency in accordance with the balance of Bitcoin in user wallets in a ratio of 1:10 (1 BTC = 10 BCD), since the Bitcoin Diamond emission volume is ten times the maximum supply of the first cryptocurrency.

As always, OKEx is committed to do better than our best to serve you - Policy on BCD Hard Fork https://t.co/fWEMujSRIM #OKEx #Policy #BCD #HardFork

— OKEx (@OKEx_) November 22, 2020

On the little-known AEX exchange, the Bitcoin Diamond cryptocurrency is trading at around 0.009 BTC (just over $70):

The identities of the Bitcoin Diamond developers are unknown, but it is known that there are only three of them: “EVEY”, “007” and one more person who did not even reveal his pseudonym.

Bitcoin Diamond does not have a GitHub page and no trading platform has previously added futures for the new fork.

According to the developers, Bitcoin Diamond differs from the first cryptocurrency by a tenfold increase in the maximum emission volume, a block size of 8 MB, as well as a different mining algorithm (optimized X13; designed for GPU). The project’s website also states that Bitcoin Diamond implements replay protection and SegWit support.

The developers promise to publish the code on GitHub soon, but there is almost no activity on the official Telegram channel.

Due to the ban on ICOs by the Chinese authorities, many developers are considering the creation of Bitcoin forks as a new model for raising funds, taking advantage of the popularity of the original Bitcoin and the desire of its holders to receive a corresponding number of new coins.

UPDATE: The OKEx exchange will launch trading in the new cryptocurrency on November 25.

Please note that BCD trading will be launched at 18:00 on November 25. Please stay tuned. https://t.co/Dnq0dECW0x #OKEx #BCD #trading

— OKEx (@OKEx_) November 24, 2020

Meanwhile, on the AEX crypto exchange, the Bitcoin Diamond rate reached 0.014 BTC (just over $110).

Let us remind you that earlier a hard fork of Bitcoin Gold took place on the Bitcoin network.

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How can I get Bitcoin Diamond?

  1. Whoever held Bitcoin (BTC) at the time of the creation of Bitcoin Diamond (November 24) became the owner of it, at a ratio of 10 BCD to 1 BTC.
  2. Mining on the BCD network.
  3. Purchasing on cryptocurrency exchanges.
  4. Developers of the BCD ecosystem will also receive rewards.

How to get BCD for free using a private key from BTC?

Once the Bitcoin blockchain reaches block 495866, Bitcoin holders can receive BCD for free using the private keys from their BTC wallets.

If you have BTC in a paper wallet, hardware wallet or any other form of private key storage - Electrum, Jaxx, Exodus wallets. You will be able to receive the appropriate amount of BCD at any time.

How to find out your private key from a Bitcoin wallet to receive BCD?

The process is similar for most wallets, so we’ll look at it briefly for the most popular ones - EXODUS, Jaxx and Electrum.

EXODUS

In the EXODUS wallet, in order to gain access to private keys, you must first call the main menu, this is done by pressing the key combination Ctrl+Shift+D , in the menu select: Exodus > Developer > Acets > Bitcoin > Export Private keys

The program will tell us that the private key is saved on the desktop:

Open the created file using a regular text editor. There will be 2 codes: a short code - your wallet address, a long code - your private key.

Jaxx

In the Jaxx multi-currency wallet, the required menu is immediately available; to obtain private keys, simply follow the path:

Menu -> Tools -> Display Private Keys

Please note Jaxx automatically changes wallet addresses after transactions and thus each wallet will have a separate private and public key, all of them displayed on one page.

Electrum

Private keys in the Electrum wallet are available in the tab:

Wallet -> Private Keys -> Export

Bithumb added support for Bitcoin Diamond

Today it became known that one of the Bitcoin forks, which appeared almost a year ago, was added to the Bithumb cryptocurrency exchange. Thus, from now on, the Bitcoin Diamond digital token will be traded on the Korean platform.

Bitcoin Diamond (BCD) are available! Visit Bithumb website and trade newly listed cryptocurrencies ☺️

-Date: October 24(Wed), 2020 at night (UTC+9)

▶https://t.co/xlZ1nrZYWX pic.twitter.com/kEZ8NWfvii

— Bithumb (@BithumbOfficial) October 24, 2018

Details from the crypto exchange developers can be found on the company’s official website.

It also became known that on October 29, an Airdrop should take place to distribute 10 thousand dollars in Bitcoin Diamond (BCD) tokens for users of the Mobi Wallet mobile wallet.

?Knock Knock!! Found a $10,000 BCD #Airdrop , which will be landed on Oct. 29th (HKT). Have you joined us for the airdrop? Now, it's the time!

Click to join in our TG: https://t.co/iTki0Nuy5U pic.twitter.com/6zwh4IA9Aa

— Mobi Wallet (@mobimeglobal) October 23, 2018

To participate in the event you must:

  1. Become a user of the Mobi Wallet mobile wallet and complete the KYC verification procedure of the second level (Level 2).
  2. Deposit at least 5 BCD tokens into your account.
  3. Fill out the form in the Mobi telegram group.

Also recently, the team at blockchain startup Bitcoin Diamond announced on its Twitter page that online jewelry store CoolCharmBracelets has begun accepting BCD digital currency as payment on its website.

https://t.co/oKw62Q9FvJ is accepting Bitcoin @BitcoinDiamond_ on their website and instore.

Retweet + Like to show your support for Merchant Adaptation!https://t.co/aZ5YSoWp31https://t.co/3jYaKS87QE $btc $bcd $bch #ecommerce #bitcoin #crypto

— Bitcoin Diamond[BCD]⚡️ (@BitcoinDiamond_) October 19, 2018

It is worth noting that the addition of BCD cryptocurrency to the CoolCharmBracelets platform was completed as part of blockchain startup Bitcoin Diamond's recent partnership with Shopping Cart Elite, which represents the most advanced e-commerce solution on the market today.

https://t.co/kvIFIEJJ3j that now accept Cryptocurrency in-store and on their website. All three merchants have reported that they've already received orders that were paid by cryptocurrency. Another new merchant https://t.co/MFK5BoUQGi is rolling out this week. pic.twitter.com/iWx8rkcR0Y

— Bitcoin Diamond[BCD]⚡️ (@BitcoinDiamond_) October 16, 2018

Thus, in addition to CoolCharmBracelets, three online stores have implemented support for BCD tokens on their websites. They were the following companies: NewParts, MahonesWallpaperShop and Marks-jewelers. All of these merchants now accept Bitcoin Diamond tokens and have also stated that they have already completed several transactions involving the cryptocurrency.

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Which exchanges support Bitcoin Diamond trading?

BCD is traded on 33 exchanges worldwide, including Binance, OKEX, Huobi.​Pro and BitZ. EXX.​com also announced Bitcoin Diamond futures trading. Additionally, the Bitcoin Diamond Foundation claims that BCD will be supported by at least six wallets, including BitGo, Bitpie, Coldlar and ATOKEN.

Cryptocurrency exchanges supporting Bitcoin Diamond:

How to get free BCDs for your BTC balance on the exchange?

Cryptocurrency exchanges control your private keys. When a Bitcoin Diamond fork occurs, any exchange that holds BTC on your behalf will also receive a corresponding amount of BCD. Although they must add BCD to the account, there is no legal guarantee that would force them to do so.

Above we published the names and logos of exchanges that promised to add BCD in a ratio of 1:10. There is no official information on other exchanges yet, follow the news on our website.

Bitcoin Diamond: cryptocurrency to ruble rates

Current cryptocurrency to paccoin rates – monitor fluctuations online. Information comes from the largest exchanges and is processed in real time. You can see exchange rate changes for most of the most popular fiat currencies. Online charts, automatic converter and news will allow you to quickly navigate the current market trends in the relationship between paccoin and cryptocurrencies.

It is always worth remembering that the cryptocurrency exchange rate is quite volatile. It can either grow by several percent in a couple of minutes or fall. This volatility attracts most investors, who constantly monitor the price of cryptocurrency in order to buy at the lowest price, and then wait for growth to sell at the highest. You can buy cryptocurrency quickly and at a favorable rate in the Matbi online exchanger. The service has been operating for more than five years and can offer users not only the exchange of cryptocurrencies, but also their reliable storage. Matbi's built-in crypto wallet supports four leading cryptocurrencies: Bitcoin, Litecoin, Dash and Zcash. A high level of protection for users’ crypto assets is provided by “cold” wallets, as well as three-factor authentication when entering your personal account (PIN code, email code and SMS code, which can be replaced with Google Authenticator). The service is also interesting to users, as it includes a multi-level affiliate program. 24-hour technical support promptly answers all user questions. How to become the owner of cryptocurrency in Matbi is discussed in detail in this video.

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CodeCurrencyWellfor todaydate
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DGDDigixDAO5688.49+5688.4907.08.20 06:10
ECAElectra0.0323+0.032307.08.20 18:10

Bitcoin Diamond Development Team

The website lists three faceless avatars of the authors behind the cryptocurrency fork. Avatars are marked with the nicknames “EVEY” “007” “?”. There is no other information on the website about who is behind the hard fork.

Some believe that EVEY and 007 are unknown mining teams in China, and these groups (or individuals, it is not yet clear) are solely responsible for the fork. Another Qukuaiwang website states that Evey and 007 are "overseas" mining groups.

If Evey and 007 are indeed groups of miners and not individuals, this could explain the use of faceless avatars.

Official warning from developers

The developers accompany the hard fork with a warning: “Bitcoin Diamond Organization cannot take responsibility for third-party services such as exchanges, wallets, websites and pools. All links provided on our site are posted by community members and third parties. By clicking on any of these links, you agree to the risks of using third-party resources and accept responsibility for any loss, damage or other troubles caused by the use of these resources."

Bitcoin Diamond developers are adopting an updated proof-of-work algorithm, which they say is more efficient. The team also states that the coin will be even more anonymous than Bitcoin itself. For example, transaction amounts and balance displays in Bitcoin Diamond will be encrypted.

“Diamond Bitcoin” does not yet have a page on GitHub, that is, you cannot study the code of this fork, although everyone knows that any cryptocurrency is a priori open source.

Of course, there may be no malicious intent involved, but a fork usually creates coins that are easily subject to price manipulation. However, if this is still not a sincere desire to make a better Bitcoin, we can assume that it works like this. Everyone who owns Bitcoin will receive an equivalent amount in BCD after the fork, and the value of the coin will be artificially increased immediately after its release (as is the case with Bitcoin Cash and Bitcoin Gold).

If BCD decides to follow in the footsteps of Bitcoin Cash and Bitcoin Gold, then holders of the new coin will begin to get rid of them on exchanges as soon as the opportunity arises, which will lead to a rapid decline in the BCD rate.

Bitcoin Diamond cryptocurrency – a scam?

Every Bitcoin fork is carried out by its initiators with good intentions. Their necessity is explained by the presence of real shortcomings in the network of the first cryptocurrency. Some forks turn out to be successful, some not so much. The Bitcoin Diamond cryptocurrency does not currently look promising, especially in light of the attitude of major players in the cryptocurrency market towards it.

For example, at the end of 2020, ]Ledger[/anchor] (manufacturer of popular hardware wallets) made accusations against Bitcoin Diamond, alleging the project’s participation in fraud. According to Ledger, users were asked to go to certain sites where they had to enter a passphrase. After this, the bitcoins stored there disappeared from their wallets.

According to one version, the developers of the Bitcoin Diamond fork were involved in this fraudulent scheme. Despite the fact that this information has no confirmation, members of the cryptocurrency community treat such statements with caution. Based on this, we cannot give recommendations for investing in BCD.

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