Will Bitcoin Diamond replace Bitcoin as Rank 1 Cryptocurrency?
Bitcoin Diamond (BCD) hard fork took place on block 495,866
The Bitcoin Diamond (BCD) hard fork on block 495,866 took place on 24th November 2017, at a time when Bitcoin was reaching for 12,000 USD. According to bitfinex.com, the value of Bitcoin is at 11,523 USD on 5th December 2017. It is not long ago when Bitcoin Gold hard fork occurred and Segwit2x fork cancelled due to lack of back up from the community. Bitcoin Diamond came to life under such circumstances showing unique character. “Will Bitcoin Diamond replace Bitcoin ?” is a question that runs on the minds of many at the moment.
Shown below is the process of occurring during and after a hard fork;
Privacy and BCD
Privacy is the primary concern of Bitcoin Diamond. The company officials highlights the priority given to privacy when advertising BCD. Bitcoin Diamond provides a solution to encrypt transaction details including amounts and balances of each and every BCD user. It promises fast transactions using the 8MB block size limit. This allows massive on-chain scaling with enough space to process all transactions at a faster pace. Also, by increasing the total supply of coins, BCD plans to lower the cost of participation threshold.
What makes Bitcoin Diamond unique?
Bitcoin Diamond clones the main Bitcoin blockchain splitting the Bitcoin funds on a 10:1 ratio. Those who are in possession of Bitcoins will receive 10 times more worth of Bitcoin Diamond.
The above ratio means Bitcoin Diamond plans to release 210 million crypto coins to the market. Bitcoin, Bitcoin Gold and Bitcoin Cash are capped at 21 million coins. Bitcoin Diamond website mentions 40 million BCD will be “automatically transferred into the community rewards pool as tributes and mining”.
BCD uses X13 hashing algorithm and allows anyone with a GPU graphics card to mine Bitcoin Diamond. This makes it justifiable and democratic as you do not need costly high-end ASIC computers which are necessary to mine Bitcoin.
Can Bitcoin Diamond replace Bitcoin according to Road Map?
The road map released by Bitcoin Diamond shows how serious they are in making this the Rank 1 cryptocurrency. The long-term plan of BCD is something of similar what Bitcoin planned during the early stages. Below is the potential plan released by the company;
The 2nd level of the plan is to release Bitcoin Diamond mainnet, nodes codes, API and wallet. This includes creating an open source code base in the GitHub repository. The upgrade will enable transaction and balance encryption along with NVIDIA and AMD GPU mining. The news made many miners happy in the local community.
More investors are watching with keen eyes to jump the ship, when Bitcoin Diamond replace Bitcoin as time progresses along with its rapid success.