What Is Bitcoin Diamond (BCD)?
This page will introduce you to the BCD crypto. Bitcoin Diamond has been branched out from the original Bitcoin cryptocurrency blockchain. It was created to provide faster transactions by increasing the block size, as well as a more secure and democratic mining protocol.
It is a hard fork of the original Bitcoin protocol. In 2017, two teams of Bitcoin miners — Teams Evey and 007 — joined forces to fork the code. They felt that the original BTC protocol veered away from the promise of providing fast and accessible transactions.
For this reason, they decided to bifurcate from the original blockchain and increase the block size of the Bitcoin network. On the 24th of November of that year, the Bitcoin Diamond network was created, by forking at the 495866th block. It modified the consensus algorithm in order to address the original’s crypto shortcomings by increasing the block size to 8MB (from 1MB).
This allowed each block to hold more transactions (and faster block generation), making the network more suitable for daily payments. And like with other hard forks, Bitcoin holders were airdropped the same amount of BCD crypto in their wallets.
Bitcoin Diamond Price Index
Unlike many of the coins released in 2017 that managed to become very successful in that period, this was not the case for Bitcoin Diamond. Shortly after the fork, the Bitcoin Diamond price sharply declined, losing almost all of its value.
Over the course of the ensuing bear market, the Bitcoin Diamond price never managed to recover. That said, in the short term, its value is seen as highly volatile. The Bitcoin Diamond to USD price can fluctuate considerably in short time frames, making this coin very interesting for day traders. The BCD price chart candles show +-10% price spikes in just a couple of hours, which is ideal if you want to make some quick profits.
That said, even though the Bitcoin Diamond price seemed to stagnate for the good part of its history, the latest bullish market has woken up investors. At the peak of the market, BCD investors were registering fourfold gains. Consequently, Bitcoin Diamond can be considered as one of the highest-performing cryptocurrencies in the last cycle.
Circulation of Bitcoin Diamond
Bitcoin Diamond‘s block creation is 10 minutes. With every newly created block, miners are rewarded with 62.5 BCD. Additionally, Bitcoin Diamond also kept the halving mechanism of the original Bitcoin blockchain.
This means that for every 210,000 blocks mined, the reward is cut by half. Consequently, the next halving that will occur in 2024 will result in miners receiving 31.25 BCD per block. Currently, there are 186.5 million BCD in circulation. The maximum supply of BCD is fixed at 210 million, which is 10x that of Bitcoin.
Worth noting is that this deflationary reward mechanism should be beneficial to the Bitcoin Diamond price USD. As less and less BCD are introduced to the markets over time, the coin becomes more scarce, therefore more valuable.
Ways of Buying BCD
If you want to take advantage of the volatility of Bitcoin Diamond price, you will need to find a reliable exchange to convert BCD. It’s essential that the BCD exchange platform you choose provides you with fast transactions, low fees, and high security.
As a fork of Bitcoin, BCD is represented on most popular cryptocurrency exchanges. Consequently, you won’t have any trouble trading it for other cryptocurrencies and vice versa. The thing is that these exchanges only provide a few different trading pairs and require extensive KYC to exchange BCD.
On Godex, you can use the BCD converter to exchange BCD for more than 300 coins and tokens. Moreover, we won’t ask you to register an account before you can use our services.
Additional advantages of using Godex for conducting a BCD exchange include:
- Full privacy. No need to provide any type of personal information or document to confirm your identity.
- No upper purchasing limit. You can exchange BCD without any limits.
- Fast transactions. The interface allows you to buy Bitcoin Diamond in just a couple of clicks and receive your coins directly in your wallet within minutes.