The BCD price update as of now is $0.1240. In the previous 24 hours, its trading volume was $25,238, and its value has increased by 16.25%. As of now, BCD's live market cap is $19,058,493, and it is ranked as the #1160 on the Coincu. BCD has a circulating supply of 156,756,875 and a maximum supply of 156,756,875.

Bitcoin Diamond: An Introductory Overview

Bitcoin Diamond (BCD) is a unique cryptocurrency that was formed as a result of a fork in the Bitcoin blockchain at block 495866. Through this fork, a new chain was created, along with the development of an enhanced proof-of-work algorithm. The primary goal of Bitcoin Diamond is to improve transaction speed while incorporating the original features of Bitcoin, thus leading to the creation of a new branch in the blockchain system.

The Objectives Behind Bitcoin Diamond

In response to the challenges encountered by Bitcoin after a decade of rapid growth, Bitcoin Diamond emerged. These challenges predominantly included slow transaction confirmations and a high threshold for accepting new members into the system. Bitcoin Diamond was designed to tackle these obstacles effectively.

Understanding the Mechanism of Bitcoin Diamond

By utilizing the resources of the BCD team, Bitcoin Diamond was created through a blockchain fork from Bitcoin. Various alterations were made to the protocol to enhance the usability of Bitcoin Diamond as a peer-to-peer electronic cash system. With its improved transaction speed, network security, and scalability, Bitcoin Diamond surpasses Bitcoin in these areas. Notably, the blockchain can process up to 100 transactions per second, with each block accommodating 8MB of transaction data. Additionally, the network employs the X13 proof of work algorithm, which discourages ASIC miners while promoting mining with GPUs.

The inception of Bitcoin Diamond dates back to November 24, 2017, when it was forked from the Bitcoin network, and a snapshot of the Bitcoin blockchain was taken at block height 495866. For every Bitcoin held, individuals were awarded 10 BCD on the Bitcoin Diamond chain. The total supply of BCD amounts to 210 million, which is ten times the total supply of Bitcoin.

Features Offered by Bitcoin Diamond

Enhanced Transaction Speed

Bitcoin Diamond boasts superior transaction processing capabilities compared to Bitcoin. While the Bitcoin network can handle only a limited number of transactions per second, Bitcoin Diamond has the capacity to process up to 100 transactions per second. Such efficiency significantly enhances the convenience and efficacy of utilizing the network.

Reduced Transaction Fees

Another advantage of Bitcoin Diamond is its provision of lower transaction fees as compared to Bitcoin. Transaction fees have long been a contentious point within the cryptocurrency community, and the reduced fees offered by Bitcoin Diamond greatly benefit regular users who engage in frequent transactions.

Emphasis on Privacy

Privacy takes priority within the Bitcoin Diamond framework, with the aim of ensuring that all transactions and wallet balances remain anonymous. This commitment to privacy enables users to maintain a high level of anonymity and security when engaging with the cryptocurrency.

Simplified Mining Process

One notable advantage of Bitcoin Diamond is its accessibility in terms of mining. Mining Bitcoin Diamond is comparatively easier than mining Bitcoin as it can be done using both GPU and ASIC rigs. This flexibility provides options for miners with different budgets and makes it easier for newcomers to participate in the mining process.