What to know about the Bitcoin Diamond fork

Posted: 24 November 2017 10:36 am

snip bcd

Your quick guide to Bitcoin Diamond.

A new bitcoin fork is arriving at block size here, set to happen at block height 495,866 on 24 November.

Like other forks, The new Bitcoin Diamond (BCD) altcoin is designed to address several issues that have many in the bitcoin community concerned.

  • Bitcoin owners will automatically get their Bitcoin diamond deposited to their wallets
  • You probably want to avoid transacting BCD for a few days until its replay protection is found to work.
  • It's a good idea to take your bitcoin off exchanges and onto private wallets in order to ensure you're credited the appropriate amount of BCD.

About the new coin

The new coin will have a total supply limit of 270 million, in contrast to bitcoin's 21 million, of which 170 million will be distributed to bitcoin users.

Its new features are reported to include:

  • An 8mb block size (like Bitcoin Cash) and segwit, for transaction speed, cost and performance benefits.
  • Replay protection
  • Enhanced privacy features by encryption
  • GPU mining (like Bitcoin Gold).

A lot of these features are present in previous forks, but the privacy aspects are entirely new to Bitcoin.

The GPU mining comparability also means a relatively low entry barrier for miners, so it might get a good degree of immediate support. If it gets traction there's a possibility of BCD doing well for itself. If the features prove to work, and the bitcoin community moves over to the new BCD chain, it's possible that it will become the new bitcoin way down the line.

Also unlike some of the previous forks, it's a friendly addition rather than a hostile one. Users will get their coins, and can try out its features for themselves and use whichever system they prefer.

However, it's still relatively unknown how much support there will be for Bitcoin Diamond.

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. 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.

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Picture: Bitcoin Diamond

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