The original cryptocurrency, Bitcoin, is the one whose popularity sparked the development of additional currencies, like the Bitcoin diamond. Bitcoin miners have introduced alternative coins to fulfil Satoshi Nakamoto’s pledge to produce what was promised when he created BTC. So, we will concentrate on Bitcoin Diamond in this article as an additional cryptocurrency from BTC. You can always check this website to learn more about how cryptos and their trading work.
About Bitcoin Diamond
A fork of Bitcoin called Bitcoin Diamond (BCD) aims to provide quicker transaction confirmations, reduced fees, and much more fully inclusive mining. BCD was created by “Team Evey” and “Team 007” Bitcoin miners. They advocated for a hand fork from the Bitcoin network in order to create a project targeted at fixing Bitcoin’s flaw, namely the sluggish transaction time of BTC. Aside from sharing the main purpose of BTC, BCD wishes to handle things a little differently in numerous technological and operational areas.
What Distinguishes Bitcoin and Bitcoin Diamond From One Another?
Even though Bitcoin Diamond is a fork of the Bitcoin blockchain, there are several distinctions. One distinction is the size of their blocks. The maximum block size for BTC is 1MB. The platform is now able to process between two to seven transactions per second, which has reduced the overall volume of transactions per second.
Developers of BCD made support for higher block sizes available, increasing the associated maximum to 8 MB. Despite the fact that both systems use the same block period of ten minutes, BCD thought that this increase would enable it to accommodate eight times more information. As a result, Bitcoin Diamond is marketed as capable of conducting 100 transactions each second, as opposed to BTC’s 2 to 7 transactions. However, it is not happening at the same rate as systems for accepting payments including Visa or MasterCard. As a result, BCD employs the lightning network as its blockchain’s second-layer payment system.
Their supply is another significant distinction. With Bitcoin having a supply restriction of 21 million, BCD has a supply limit of 210 million. This will be created as a substitute for the extremely pricey BTC. Bitcoin diamonds may be obtained by mining, purchasing, or selling them on cryptocurrency exchanges like Binance, HitBTC, and others.
What Services Does Bitcoin Diamond Provide?
Quicker Transactions
To begin with, Bitcoin Diamond is faster to use than Bitcoin. Because the Bitcoin network can only handle a few transactions per second, there is always a backlog of outstanding transactions awaiting clearance. Bitcoin Diamond, on the other hand, can execute a considerably more astounding 100 transactions per second, reducing network congestion and enhancing user ease.
Reduced Fees
Bitcoin Diamond, in addition to speedier transactions, has reduced transaction costs than Bitcoin. The fact that platforms need to earn a profit means that transaction fees have always been a source of friction for cryptocurrency supporters. However, at times they may be so excessive that you risk losing significant amounts. Therefore, Bitcoin Diamond’s cheaper transaction costs are a huge benefit for consumers, particularly those who conduct transactions often.
Privacy
Since all operations and wallet balances on the BCD blockchain are entirely anonymous, each user may preserve a high level of anonymity. Some may find it upsetting that Bitcoin Diamond’s creators have opted against including any more privacy protections in the BCD protocol.
Mining Is Easier
The fact that Bitcoin Diamond is simpler to mine over Bitcoin is yet another amazing feature. To mine BCD, you may use either a GPU or an ASIC setup. The intricacy and cost of mining on the original Bitcoin network have resulted in a mining ecosystem dominated by experienced miners, making it extremely difficult for newbies to get started.
Conclusion
The article describes Bitcoin Diamond, a fork of bitcoin that was created to address some of the shortcomings of the BTC cryptocurrency. The stronger aspect of the Bitcoin Diamond is briefly mentioned in the blog as well.