How to buy Bitcoin Diamond (BCD) in Australia

Your guide to buying, selling and storing Bitcoin Diamond.

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Sporting the tagline "Better bitcoin", Bitcoin Diamond (BCD) was launched in November 2017 and promised to offer faster transactions, lower transaction fees and increased privacy. Formed following a hard fork of bitcoin at block 495866 (for those playing along at home), Bitcoin Diamond has since grown to become one of the world's top 100 cryptocurrencies by market cap size.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy Bitcoin Diamond

Bitcoin Diamond can be purchased from a decent selection of cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

284
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

272
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

276
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

816
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
OKEx Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

271
cryptocurrencies

Promo: Earn US$10 in BTC when you refer a friend and they purchase $100 of cryptocurrency. T&Cs apply.
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Bithumb Cryptocurrency Exchange
Cryptocurrency
KRW

193
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
CoinBene Cryptocurrency Exchange
CoinBene Cryptocurrency Exchange
Cryptocurrency
-

50
cryptocurrencies

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Compare up to 4 providers

A step-by-step guide to buying Bitcoin Diamond

If you want to buy Bitcoin Diamond, you can do so in a few simple steps:

Step 1. Register for an account on an exchange that lists BCD

After comparing your options, choose a platform that meets your needs and register for an account.

Some platforms will only require your email address and password, but many others will also require your name, contact details, nationality and proof of ID before allowing you to trade. It's also a good idea to activate 2-factor authentication to provide enhanced security for your funds.

Step 2. Deposit funds into your account

Some cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you may need to own or buy BTC or ETH first.

The exact process for depositing funds into your account varies depending on the exchange you choose.

Step 3. Buy BCD

The final stage of the process is to navigate to the "Exchange" or "Markets" section of your chosen platform. Search for your desired currency pair, such as BCD/BTC, review the current purchase price and then enter the amount of BCD you'd like to buy.

Don't forget to check all the details of your purchase carefully, including the total cost, before completing the transaction.

How to sell Bitcoin Diamond

If you want to sell your BCD coins, you can do so by following a similar process to that outlined in step 3. Just remember to click on the link to “Sell BCD” rather than buy, and once again make sure to review all transaction details before submitting.

It’s also important to point out that BCD is only available in a limited range of currency pairs, so it may not be possible to exchange your BCD immediately for the coin or token you want.


Which wallets can I use to hold Bitcoin Diamond?

If you’re planning on trading your BCD soon, you may simply want to store your coins in your exchange wallet. But due to the fact that exchange wallets don’t allow you to control your private key and also come with a host of security risks, they are often not used for long-term storage.

Most users in the cryptocurrency community advise transferring your coins and tokens away from an exchange and into your own wallet. However, before choosing a wallet, check the fine print to make sure it actually supports BCD coins. Examples of wallets you could consider include Bitpie and BitGo.

Learn more about storing cryptocurrency in our ultimate wallets guide.


How Bitcoin Diamond works

Hard forks of bitcoin were increasingly popular in 2017. Bitcoin Cash (BCH) was created in August and to date has been the most successful, while Bitcoin Gold (BTG) followed in October. Then, on 24 November 2017, Bitcoin Diamond joined the party.

So, why fork off from the world’s largest and best-known cryptocurrency? The creators of Bitcoin Diamond claim they wanted to tackle several perceived shortcomings of bitcoin, including:

  • Slow transaction processing times
  • High transaction processing fees
  • Lack of privacy

To achieve these goals, the maximum block size is increased to 8MB, a sizable increase on bitcoin’s 1MB, and BCD uses an X13 algorithm to engage GPU miners. Encrypted transaction amounts and user balances are also offered for increased privacy.

BCD coins were distributed to BTC holders when the hard fork occurred at a rate of 10 BCD for every 1 BTC.

Check out the table below for a rundown of the differences between bitcoin, Bitcoin Diamond and other bitcoin forks.

BitcoinBitcoin CashBitcoin GoldBitcoin Diamond
Maximum supply21 million21 million21 million210 million
DistributionMiningMining, claimingMining, claimingMining, claiming
Mining algorithmSHA256 (ASIC)SHA256 (ASIC)Equihash (GPU)X13 (GPU)
Maximum block size1MB8MB1MB8MB
Maximum transactions per day~1.2 million~4.8 million~1.2 million~4.8 million
Created2009August 2017October 2017November 2017

What to consider if buying Bitcoin Diamond

Cryptocurrencies are complicated and volatile assets, so buying or selling any coin or token comes with a high level of risk attached. Before you buy Bitcoin Diamond, make sure you conduct a balanced assessment of all the factors that could have an impact on the price of this new digital currency.

Some of the issues you’ll need to take into account include:

  • Anonymous team. The team behind Bitcoin Diamond has so far remained anonymous, which is far from unusual for a cryptocurrency project, but which may raise red flags for some prospective buyers.
  • Criticism. Some crypto enthusiasts have criticised BCD, and a host of other bitcoin forks for that matter, as simply trying to cash in on the prestige of the bitcoin name. It’s up to you to decide whether the coin is just a quick cash grab or whether it is actually trying to solve some very real problems with bitcoin.
  • Too many bitcoin spin-offs. The differences between bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond and all the other similarly named coins can be confusing and even overwhelming for crypto newcomers, which could potentially affect the uptake of BCD.
  • Ability to achieve widespread adoption. Bitcoin Diamond certainly offers some key advantages over bitcoin, including faster transactions and a higher level of privacy. However, whether or not these advantages will be enough to encourage widespread demand for and adoption of BCD remains to be seen.

Bearing in mind the above and undertaking your own research, you should be well positioned to decide whether Bitcoin Diamond is a buy or whether it’s a coin to be avoided.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Image source: Shutterstock


Disclosure: At the time of writing, the author holds IOTA and XLM.

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