What is Bitcoin Diamond ? Another Bitcoin Hard Fork

by | Nov 27, 2017 | Bitcoin, Cryptocurrency | 0 comments

Things You Just Can’t Miss Out About Bitcoin Diamond

With the Segwit2x hard fork called off which was scheduled on 16 November, if you thought that weird fork names were an occasion of past then its time for you to reconsider your decision! Within just a few days, the Bitcoin architecture shall be embedded with shiny diamonds through its upcoming another fork outcome. This latest air drop for Bitcoin aficionados prove that precious bling’s are rampant for being used to name the forks occurring under the crypto radar.

Bitcoin was never designed for becoming perfect in all its aspects. However it did manage to hog the spotlights for becoming the most popular of the crypto lot. But this cannot keep back the fact that there still exists a large number of unanswered areas which demand immediate action. The biggest issue plaguing Bitcoin people presently is the lack of privacy while dealing with the same. Maybe this has set the stage for the launch of Bitcoin Diamond which hopes to find a solution to this growing problem. The altcoin which is soon to be released shall be forked once the block height of 495866 is reached by the Bitcoin network. Just when you are going through this article, tonnes of Bitcoin miners might have already discovered its mining prospects.

Bitcoin Diamond has promised to share its code with general masses on GitHub following the completion of its hard fork. In case Bitcoin Gold managed to give you a jolt with its fast nature, then Bitcoin Diamond will surely blast through with its robotic speed. The fork was build up in less than three weeks giving us enough reasons to grow curious about this latest entrant into the world of cryptos.

How Bitcoin Diamond  Will be different Than Bitcoin

According to the website of  Bitcoin Diamond, it states that Bitcoin diamond will try to solve the following problems which it claims that is associated with Bitcoin :
1. Lack of privacy protection.
2. Slow transaction confirmations.
3. High threshold for new members.

Difference Between Bitcoin, Bitcoin Cash, Bitcoin Gold , SegWit 2x and Bitcoin Diamond

List of Exchanges Supporting Bitcoin Diamond

List of Wallets Supporting Bitcoin Diamond

Some More Things About Bitcoin Diamond

  • With its kitty filled with ten times more coins, it is expected that this currency shall inflate in a rapid scale. Given the higher supply, Bitcoin Diamonds shall be valued ten times less even when you exchange one BTD for each BTC. Number of coins to be received by users upon each exchange is unknown at present.
  • Compared to its predecessor forks such as Bitcoin Cash and Bitcoin Gold, Bitcoin Diamond did not get showered with similar publicity. Presently just some Slack channels and forums formed for discussing about Bitcoin Gold are keeping the Diamond issue active. But the end users, holders and exchanges are simply not much interested and seem to be largely unconcerned. The website has listed down certain exchanges however they lack a futures market meant for Bitcoin Diamond in stark contrast to the one made available for Bitcoin Gold. The Facebook page formed for promoting the same is also going cold with no community discussions being held and no information clarifying the identity of the actual miners.
  • If crypto plethora has attracted something at par with the regulatory glare of financial honchos then it’s the malicious lure of scammers. These hackers always emerge out of the woods every time a hard fork occurs to feast on some free Bitcoins made available over their trading platform. The working committee looking after the functioning of Bitcoin Diamond has already steeled clear of any responsibility in regards to  third-party wallet which just like we all know is a soft spot targeted mostly by hackers. Thus until the asset is added by an official wallet which reflects in your balance, you should avoid sharing any details with the same. No matter how lucrative the diamond mine looks, the biggest Bitcoin barons surely won’t move their money any time soon for claiming these altcoins.
  • If you thought that Bitcoin Diamond would mean the end of it all, then you are mistaken. In just a few more days, another fork termed as Super Bitcoin is all scheduled to come through. The warnings issued for Bitcoin Diamond are also applicable to the “super” fork. So its best to wait and watch before jumping to catch this train headed to an unknown and dangerous destination.
  • The block size limit of 8MB shall help Bitcoin Diamond in bringing upon faster transactions. Thus it is very obvious that certain Bitcoin cash code had been copied in this regard by the Diamond developers. On-chain scaling is subject to much debate and cannot be taken as a long-term solution. However till a future-oriented solution is implemented, the on-chain scaling will surely alleviate network congestion. Whether or not the block capacity will be hiked by Bitcoin Diamonds has not yet been announced till now.
  • Forks never fail to surprise and delight us with free coins. But Reddit users have pointed out that these new Bitcoin wallets can be linked with an user identity. If you are willing to encash the free coins, you will feel the need of an exchange account which paves the path for stringent KYC procedures. Thus even if you have an anonymous kitty of coins, moving them to the new one might require you to compromise your identity. Now the exchange will have all the details pertaining to your name, picture, identity and even Bitcoin holdings.
  • Fresh Bitcoin Diamond coins on the other hand is expected to offer utmost privacy as its developers have build up a framework in line with Monero however its implementation is highly doubted by market experts. Users of Bitcoin Diamond can also encrypt the balance information and transactions entered into using this mode.

 

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