Overview

18/12/18 07:49 UTC-4

Bitcoin Diamond – the controversial type of Bitcoin

Bitcoin Diamond
Bitcoin Diamond

Bitcoin Diamond has become one of the extremely controversial Bitcoin types since 2017. At that time, there were all sorts of suggestions that the coin was a manifestation of fraud. Some said that Bitcoin Diamond was created only to cash in on the name of Bitcoin and claimed that the connection with Bitcoin Diamond would bring great losses.

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Over time, all the rumors about fraud coins were dispelled, since nothing was confirmed.

The launch of Bitcoin Diamond took place on November 24, 2017. At launch, the problem was that the founders did not provide any information. No community has been formed, very little information, lack of source code and a GitHub account.

Despite all the difficulties associated with the release of Bitcoin, within a few days the price rose to 94 dollars, which was also a record for a Bitcoin Diamond. Since then, the price has steadily declined, although growth spikes have been recorded.

Shortly after launch, the Bitcoin Diamond team still released the source code, and improved the flow of information and became more active on social networks. Thus, all concerns about the project were finally refuted.

The creators of Bitcoin Diamond used pseudonyms. The first two identify themselves as "Evey" and "007", and the third remains completely anonymous. It was also mentioned that the location of the diamond fund is Singapore.

Like other flowcharts, Bitcoin Diamond is a decentralized network whose goal is to provide users with the means to exchange valuables. Since it is part of a Bitcoin ramification, it bears a lot of similarity with it, although it has its differences.

One of the similarities is that it uses algorithms and mining for checking transactions and blocks. Miners are rewarded for providing the computing power necessary to conduct inspections. However, it differs from Bitcoin in that it does not use the SHA-256 algorithm.

The development team moved away from SHA-256, because it was dominated by a specialized ASIC system, which to a certain extent centralized Bitcoin. Instead, Bitcoin Diamond uses an algorithm known as X-13, which is ASIC-resistant and allows miners to use basic graphics processors to protect the network and provide checks.

The goal of creating Bitcoin was to create a fully decentralized digital currency that made transactions faster, cheaper, more reliable, and more private than current financial transactions.

The stated goal of Bitcoin Diamond is to eliminate three disadvantages of Bitcoin:

  • Poor privacy protection;
  • High threshold required for new members;
  • Slow transaction speed.

At the time of release, 170 million Bitcoin Diamond was created, and the remaining 40 million were reserved as a reward for mining. The developers also stressed that Bitcoin Diamond was not created as a competitor to Bitcoin but is a dividend for the owners of the main coin and is making efforts to increase the development of the cryptocurrency market.

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Buying Bitcoin Diamond

The first thing you need if you want to buy a Bitcoin Diamond is access to a public e-wallet. The Bitcoin Diamond team announced that its own wallet will be released in the third quarter of 2018, but for now you can use QoinPro, BitGo or one of the other several wallets listed on the Bitcoin Diamond website.

When you have a wallet, the easiest way to get a Bitcoin Diamond is to simply buy it at one of the exchanges. You can get it on Binance, Huobi, OKEx, Gate.io and on several other exchanges. You cannot get a coin using fiat, you will need BTC or ETH to purchase.

 


Today, the value of Bitcoin Diamond has grown and is ranked 22nd on the Coinmarketcap (CMC) lists, ahead of popular projects such as Lisk, QTUM, Zilliqa and Decred.

Editor: Yuliya Soroka

#Bitcoin Diamond #BTC #Bitcoin #cryptocurrency

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