Bitcoin Diamond (BCD) overview

David Kemp

Bitcoin Diamond is another fork of bitcoin. The cryptographic currency appeared in the fall of 2017. It is designed to be used as a means of payment, allowing to conveniently make payments in the village. Some prefer it, since BCD has eliminated some original bitcoin flaws.

What features distinguish Bitcoin Diamond from classic bitcoin

Traditional Bitcoin has the following disadvantages:

  • Privacy protection. Bitcoin system allows you to monitor the balance of all wallets. It is possible to identify the wallet’s owner when he withdraws cryptocurrency into fiat.
  • Long transactions confirmation. Usually it takes about 10-15 minutes. Previously it took up to several hours. A number of payments on classic bitcoin have never been confirmed. This speaks of network scalability difficulties, which can lead to same problems in future. The increase of bitcoin users’ number dramatically affects the coins transfer speed.
  • Small transactional capacity. Coin transfer operations are combined into blocks, and then fit into the blockchain. The block size in classic bitcoin is 1 MB, so the coin’s transactional capacity is small.
  • High fees. The situation was quite sad at the beginning of 2018. Now that the fees were reduced, they are still high. As a result users move to altcoins, since they take less money for transactions.

Bitcoin Diamond offers its solution to each of the problems:

  • Advanced encryption methods are used to achieve complete privacy when using digital money.
  • Blocks blocking speed increased. This is designed to reduce transaction confirmation delays and costs.
  • The block is increased to 8 MB, which is 8 times more than at classic bitcoin.

Bitcoin Diamond roadmap

These are the main stages of the roadmap:

  • The second quarter of 2018 - using advanced encryption algorithms for improving privacy when using cryptocurrency.
  • I quarter 2019 - BCD-ecology software release.
  • The beginning of 2020  - getting ahead of the original bitcoin by all characteristics.

The last stage is very general, which is why many questions arise. The lack of specifics raises concerns as well. No one knows when the work on the BCD token will be completed. The "What are tokens?" article will help to learn more about these digital assets.

The Bitcoin Diamond’s future is rather doubtful. Bitcoin has many forks, which makes it difficult to estimate the parameters by which one surpasses the others. In addition, the developer cannot be considered as one implementing main roadmap states in time.  In case you like taking risks, you may include Bitcoin Diamond in your cryptocurrency portfolio. The main thing is to follow risk management to avoid large losses.