Bitcoin Diamond (BCD) is a hard fork of Bitcoin, created at block height 495866. It aims to improve transaction speed and capacity by implementing a new proof-of-work algorithm and segregating transaction signatures from transactions on the chain. The total supply is capped at 210 million BCD, with 170 million allocated to Bitcoin holders at a 1:10 ratio and the remaining 40 million going to the community rewards pool. BCD is designed to be faster, more accessible, and more affordable than Bitcoin, with lower transaction fees and a focus on serving the unbanked and underserved populations.
Bitcoin Diamond (BCD) is a cryptocurrency that offers several benefits over Bitcoin, including faster transaction times, lower fees, and easier access for new users. Here are some key ways BCD can be used:
Faster Transactions: BCD processes transactions more quickly than Bitcoin, making it suitable for small purchases and high-volume transactions, such as those required by small businesses dealing in low-priced goods.
Lower Fees: The lower transaction fees of BCD make it more cost-effective for users compared to Bitcoin.
E-commerce: BCD has its own e-commerce platform called BCD Pay International Marketplace, where users can purchase products from top online retailers worldwide using BCD or Bitcoin (BTC). This marketplace offers access to products that were previously exclusive to certain markets, making it a convenient option for global customers.
Mining: BCD uses an X13 proof of work algorithm, which encourages the use of GPU mining and discourages the dominance of ASIC miners, promoting a more decentralized mining process.
Wallet Storage: Users can store their BCD in secure wallets, such as Ledger Nano X, to manage their coins safely.
Trading: BCD can be traded on various exchanges, including Binance, Bittrex, and HitBTC, offering users multiple options to buy and sell the cryptocurrency.
Overall, Bitcoin Diamond aims to provide a more efficient, secure, and accessible alternative to Bitcoin, making it a viable option for those seeking a convenient and secure currency for everyday transactions.
To store Bitcoin Diamond (BCD) tokens, you can use the official Bitcoin Diamond wallet available on the project's website. This wallet allows you to manage your BCD funds securely and anonymously. Here are the steps to set it up:
Download the QT Wallet: Go to the Bitcoin Diamond website and download the QT Wallet for your platform (Windows, Mac, or Linux).
Install the Wallet: Install the downloaded wallet on your computer. This will create a local copy of the BCD blockchain on your machine.
Sync the Wallet: After installation, the wallet will take some time to sync with the blockchain. This process can take up to 12 hours.
Import Private Keys: If you have existing BCD private keys, you can import them into the wallet. This is necessary if you are transferring funds from another wallet like Atomic Wallet. To import, open the wallet, go to the 'Help' menu, select 'Debug window', then 'Console', and type the command
importprivkey
followed by your private key and a wallet label (optional).Manage Your Funds: Once the wallet is synced and your private keys are imported, you can send, receive, and manage your BCD tokens securely and anonymously.
Remember to keep your private keys safe and secure to avoid any potential losses.
To buy Bitcoin Diamond (BCD) tokens, you can follow these steps:
Buying on a Centralized ExchangeChoose a Reliable Exchange: Select a trustworthy and user-friendly centralized exchange (CEX) that supports Bitcoin Diamond (BCD) purchases. Consider factors such as ease of use, fee structure, and supported payment methods.
Create an Account: Register on the exchange's website or app, providing the required personal information. Enable two-factor authentication (2FA) for added security.
Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require varying information based on your nationality and region. This step ensures access to more features and services.
Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
Buy Bitcoin Diamond (BCD): Use fiat currency to purchase BCD if supported, or first buy a popular cryptocurrency like USDT and then exchange it for BCD.
Select a Wallet: Choose a reliable and reputable crypto wallet that supports Bitcoin Diamond (BCD).
Download and Set Up: Download the wallet app and create a new wallet address or import an existing one. Ensure you securely store your seed phrase.
Buy Bitcoin Diamond (BCD): Purchase BCD using a supported payment method, noting that fees may be higher than those on exchanges.
- Swap for Bitcoin Diamond (BCD): If the wallet doesn't support direct fiat-to-BCD purchases, buy a popular cryptocurrency like USDT and then exchange it for BCD through the wallet or on a decentralized exchange.
- Decentralized Exchanges: You can also buy Bitcoin Diamond (BCD) anonymously on decentralized exchanges, which operate peer-to-peer. However, be cautious of potential scams and ensure you trade with reputable users.
- Brokers: Brokers offer a fast way to buy BCD with minimal requirements, but they often have higher fees and may not provide the same level of security as centralized exchanges.
Before investing, research the price volatility and potential of the BCD token to make informed decisions.