Oh Yes! Bitcoin Diamond Fork Is Coming Another BTC Hard Fork
This is my fourth Bitcoin hard fork postbode te just a span of Four months.
So I will just get straight to the point because I think by now wij all have become very used to, to such forks, because one hard fork is happening again.
But still, for the uninitiated I am sharing few linksom below that will help you ter your learning curve just te case if you don’t know about forks.
Now coming straight to the hard fork toneelstuk so that wij can address some of the basic questions that usually arise when a fork is done.
So I will voorkant thesis following significant points ter this write-up.
- What is this fork called and when is it happening?
- Why is this fork happening and who is doing it?
- How will Bitcoin Diamond solve thesis problems?
- Total supply of coins and their economics
- Who’s supporting this fork?
- Do you need to worry?
- What do you need to do to benefit from it?
- My final thoughts on the fork
1. What is this fork called and when is it happening?
This brand fresh Bitcoin hard fork is called Bitcoin Diamond and is dubbed spil BCD.
This fresh Bitcoin hard fork is happening tomorrow sometime i.e. (24th November 2017) at block height 495866 according to their official webstek.
It is a friendly fork meaning that it is not being done to rival with original Bitcoin but it is being done for reasons that I will explain further te this postbode.
Their official definition and explanation of Bitcoin Diamond:-
Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495866 and therewith a fresh chain will be generated spil the BCD. Bitcoin Diamond miners will start creating blocks with a fresh proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on original features of BTC. This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will proceed unaltered, but a fresh branch of the blockchain will split off from the original chain. It shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges. Spil a result of this process, a fresh cryptocurrency wasgoed created which wij call &ldquo,Bitcoin Diamond&rdquo,.
Two. Why is this fork happening and who is doing it?
Spil vanaf their official webstek, this fork is done by two team members who have pseudonyms. They are known spil EVEY and 007 who are reportedly miners according to newsbtc.com
They are forking Bitcoin because they don’t see the actual Bitcoin scaling and serving the needs of growing users.
Namely, they have stated because of following problems they are forking BTC into Bitcoin Diamond.
- Lack of privacy protection te BTC
- Slow transaction confirmations ter BTC transactions.
- High threshold for fresh members.
So they have determined to switch all this by making a better version of Bitcoin, with better features.
Trio. How will Bitcoin Diamond solve thesis problems?
Bitcoin Diamond will solve thesis problems by doing following things:-
- It will provide privacy protection by encryption.
- It will provide swift transaction confirmations by enhancing the block size to 8 MB.
- It will lower the cost of participation threshold by enlargening the total supply of coins.
Four. Total supply of coins and their economics
The total amount of BCD will be 210 million i.e ten times more than the actual BTC. They have said that they will not increase the supply more than this.
Out of this total supply 170 million BCD, will be introduced/air-dropped/entitled to the Bitcoin holders for the long-term Bitcoin support in1BTC: 10BCD ratio.
The surplus 40 million will be automatically transferred into the community prizes pool spil tributes and mining.
This part is a fairly questionable one because there is not much clarity about it yet and also Bitcoin Diamond has listed fairly a few wallets and exchanges supporting them with this note which reads:-
Disclaimer: the Bitcoin Diamond Organization (btcd.io) cannot take responsibility for third-party providers, such spil the listed exchanges, wallets, sites, and pools. All linksom hosted on our domain are by community members and third parties and by clicking on any of the listed linksom you are accepting the risks of using the third party domain and taking responsibility for any losses, harm or other issues using the said domain. Crypto-currencies are inherently risky and investors and users voorwaarde remain vigilant.
But still, I will list those exchanges and wallet services here spil well spil keep updating this section spil and when I keep getting more concrete information on them.
BUY/SELL Bitcoin Diamond Exchanges Here
- Binance-Supported pairs BCD/BTC, BCD/ETH
- Yobit-Supported pairs BCD/BTC, BCD/ETH, BCD/RUR, BCD/USD
There are some more exchanges but wij truly don’t trust them so spil of now you can trade Bitcoin Diamond futures here until the late December when the main netwerk launches.
Te late December 2017, Mainnet and wallet will be published, code open source ter @github and would be mineable, stay tuned for more updates. pic.twitter.com/gUILGpcQqh
Note: Wij don’t recommend you to use the above-listed wallets because wij don’t trust BCD yet and have not reviewed thesis wallets. Also, Ledger doesn’t support BCD spil of now.
Not indeed, why does anybody actually need to worry because they are just an altcoin!
Moreover, you will be getting BCD ter 1 BTC: Ten BCD ratio which is a free money and free money is always good.
Also, they have stated on their official webstek that they have made switches te BCD trading format that will prevent replay attacks.
So if I just go by what the BCD people are telling then wij should not worry because replay protection is there.
7. What do you need to do to benefit from it?
Now the million dollar question what do you need to do to voorkoop your free BCD and love this benefit. (Wij will publish how to rechtsvordering your BCD spil soon spil the fork happens)
But for now wij suggest you take care of the following things for maximum security and benefit during this fork:
- Avoid transactions for some days till the dust lodges to avoid replay attacks because wij truly don’t know yet how good is their replay protection.
- Keep your Bitcoin private keys with you, not on a third party exchange like Coinbase.
- Use hardware wallets like the Ledger Nano S and Trezor. Last time, during the Bitcoin Specie & Bitcoin Gold fork, thesis two hardware wallets were the very first to support the forked coin.
- If you don&rsquo,t have a hardware wallet, use software wallets like Mycelium, Jaxx, Coinomi, and Leegloop to control your private keys.
- You can also use a paper wallet or brain wallet.
- If you hold your keys ter a paper wallet or software wallet, wait for instructions on how to access your BCD coins.
- .You can keep your BTC on a BCD supported exchange also if you need quick access to your BCD but this is very risky and not recommended from us. So if you do so then please do it at your own risk
My final thoughts on the Bitcoin Diamond fork
After the successful fork of Bitcoin Contant and Bitcoin Gold, it will be very underestimating to do away this fork because they are doing something unique with Bitcoin fork, ter a different way.
Also, I think they will be a 100% mined coins because they are moving 40 million for other purpose or else I can be wrong because maybe they launch themselves with diminished ratio or denominations which is still not very clear from them yet officially.
But surely if this fork happens it will get through and will have marketplace because of the following reasons that I think:-
- BCD is GPU minable coin with optimization of X13 proof of work
- BCD is having segwit
- BCD is having privacy features which no fork of Bitcoin has it yet.
- BCD is GPU minable plus with enlargened block size.
Thesis all are very low entry barriers for miners, developers, users and traders so that’s why I think this will get through because pretty a coin needs thesis many things only to get through. And spil vanaf their released roadmap, they look serious but the roadmap doesn’t look so extraordinaire.
Yet I can be wrong so let’s meet again and see what happens at the other end of block 495866 i.e. after the fork.
Update 1: BCD has forked and if you are attempting to voorwaarde it now ter your wallet then you won’t be able to do so because the blockchain is still not live. It will be live until the late December 2017. But if you wish to buy/sell BCD futures then I have listed some of the exchanges above. Also, soon CoinSutra will be coming up with how to voorkoop BCD from wallets and the list of exchanges where you can actually sell your BCD from your wallets when the blockchain goes live.
Update Two: Scam wallets are out for Bitcoin Diamond that are attempting to get hold of your BTC seed keys/words so be aware of them and don’t waterput your keys/seed unless you are very sure about them. Here is our bedachtzaam to the CoinSutra community.
🚫, https://t.co/sjZNHAfJfg🚫, Scam Waaks. Don’t use this wallet to voorwaarde your Bitcoin Diamond it is a scam to steal your bitcoins.
Update Three: There will be two more Bitcoin forks ter the near future very soon. Wij are studying them and will be back with spil much spil possible informatie on them so that our community can securely benefit from it.
Now it is the time that: You share this postbode with your friends on Twitter & Facebook who are HODLing BTC so that they can also benefit from this fork. Also, do share your thoughts and questions te the comment section below. I will be waiting for them 🙂,
Here are more articles for further reading: