Bitcoin Diamond is a hard fork of Bitcoin. It is based on the conventional Bitcoin framework and has many similarities. Bitcoin Diamond fork occurs at a predetermined block height of 495,866. Bitcoin, considered the first cryptocurrency, has no anonymity, slow rate transactions and high rate of transaction fees were some of the main issues. Bitcoin Diamond aims to focus on these making the new cryptocurrency more secured and faster. The new cryptocurrency will ensure that the balances of the Bitcoin Diamond users and the transaction amounts of the users will be encrypted differently unlike the Bitcoin to maintain the privacy of the users.
On 24th November 2017, two teams of Bitcoin miners collaborated and launched a new cryptocurrency called the Bitcoin Diamond. Team 007 and Team Evey, the two Bitcoin miners worked on Bitcoin framework for nine years to improve the various issues faced by miners of Bitcoin. As Bitcoin Diamond is based on the Bitcoin, it has the same transaction history until it forks at a certain height and branch out into a new block and then deviate from there and creates the new cryptocurrency. The Bitcoin blockchain will not be altered; only a new branch will split from the original Bitcoin network to form the new cryptocurrency.
1. Transaction Speed Increased: Bitcoin can only process about seven transactions per second. The speed of a Bitcoin transaction is a significant issue for Bitcoin users. The Bitcoin Diamond creators wanted the transaction of the new cryptocurrency to work on similar lines as that of MasterCard and Visa which can transact more than thousands per second. Increasing the speed of the transaction will improve Bitcoin Diamond trading.
2. Reduce Transaction Fee: Like any trading, Bitcoin also charges a certain amount as a transaction fee. As the demand of Bitcoin began to increase so did the transaction fee. The original purpose of Bitcoin was to avoid paying high transaction fees to conventional banks; however, the increase in Bitcoin transaction fee over the years has defeated the purpose of Bitcoin. Thus the Team at Diamond should be more affordable and also make the Bitcoin market more stable.
3. Attract more users: Bitcoins have become very popular, and the price of one Bitcoin has become very expensive. Even though the cost of Bitcoin has gone down, it is still at over $ 6000. The cost of Bitcoin is still too expensive for many users. To attract new users, the Bitcoin Diamond Team has made the new currency more affordable.
Bitcoin Diamond is relatively a new Cryptocurrency and thus has minimal stores that accept Bitcoin Diamond. Until the Bitcoin Diamond Team collaborates with other payment networks and stabilizes the Bitcoin Diamond market, Bitcoin Diamond users should look for ways to convert their Bitcoin Diamond to the accepted currency to make their purchases or payments.
Bitcoin Diamond is likely to attract more users with their fast transaction, low transaction fees, and user’s privacy. The Bitcoin Diamond price is also considerably much lesser than other cryptocurrencies; thus there will be more Bitcoin Diamond users in the future.
For people interested in investing in the new cryptocurrency, the first thing to do before making a purchase is to set up your own Bitcoin Diamond wallet to safely store your coins. Some of the digital wallets used by Bitcoin Diamonds are QoinPro, Bitgo, Ledger Nano S, etc.
Bitcoin Diamond wallet stores three codes. The first code is the private key, sharing the secret key code means handing the Bitcoin Diamond to that person. The second code is the public key, which means, the code indicates your wallet. It is for those who want to send you Bitcoin Diamond to your wallet. The third code is the private seed phase which is used to regenerate new secret key code in case the original code is lost. An essential thing to bear in mind when using a digital wallet is to back-up your codes and store them safely.
1. How to Buy Bitcoin Diamond with Credit Card: It is important to check which platform accepts credit card to purchase Bitcoin Diamond. Some of the platforms that allow credit cards are CEX.io, Changelly, Coinbase, LocalBitcoins.com, etc.
2. How to Buy Bitcoin Diamond with PayPal: PayPal is a trusted online payment mode. It is easy to use and very fast. Some platforms that you can use Paypal are Virwox, Paxful, and LocalBitcoins.com
3. How to Buy Bitcoin Diamond with Wire Transfer: Banks are still the most trusted way of making payment. Some of the cryptocurrency trading platform options for banks are KuCoin, Binance, and CEX.io
Once you have chosen the trading exchange you want, follow the following steps to buy Bitcoin Diamond:
1. Register and create an account: Some registration procedures may require only a few details, while some may require your detailed information. Registration is easy as creating a new email account.
2. Transfer money into your account: Some currencies may not be able to buy Bitcoin Diamond directly. You can use transfer Bitcoin into your account instead of by providing your Bitcoin Diamond exchange wallet address as the destination when transferring coins from your Bitcoin wallet.
3. You can now check out the Market section of your platform and review the current Bitcoin Diamond price and enter the amount of Bitcoin Diamond you want to buy.
To sell or trade in Bitcoin Diamond, you can use the same cryptocurrency trading platform you used to buy it. Instead of choosing the “Buy” option, you now need to choose the “Sell” option and ensure all the transaction details are complete. Again, check out the current Bitcoin Diamond price before selling.
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