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Chinese Triggered Bitcoin Hard Fork Bitcoin Diamond Successfully Activated

Nov 28, 2017 Posted /  2556 Views

Chinese Triggered Bitcoin Hard Fork Bitcoin Diamond Successfully Activated

Bitcoin Hard Fork Number Four

After the successfully hard forks that brought Bitcoin Cash, Bitcoin Gold and Bitcoin classic another fork have successfully been activated on the Bitcoin Network. Bitcoin Diamond (BCD) got activated at block height 495866 which was reached sometime this month. According to information on the Bitcoin Diamond website, BCD is a proof of work x13 cryptocurrency that is mined using Graphics Processing Unit (GPU). Bitcoin Diamond multiplies the volume of all Bitcoin by 10 as it supplies limit meaning there are about 210 million BCD that can ever be mined. The cryptocurrency adopted an 8MB block size and a new block is found every 10 minutes when mining it. Bitcoin Diamond claims of embedded enhanced encryption and privacy feature on the Bitcoin Diamond algorithm. The encryption technology Bitcoin Diamond is claiming to be using is similar to the one used by monero but it is still unclear whether the team’s algorithm is as competent as montero's as the algorithm is yet to be put on a github repository where the public can review it. Bitcoin users who will decide to use Bitcoin Diamond will be issued 10 times the amount of Bitcoin they have worth of BCD since the network has 10 times the number of coins BTC has.

Bitcoin Diamond Made in China

There are very many hints that indicate that Bitcoin Diamond is a project originating from mainland China though no official revelation was released following the specific country of origin of the alt coin. The telegram page of Bitcoin Diamond shows obviously clear high level relationship between Bitcoin Gold and China mainland making it correct to guest that Bitcoin Diamond originated from China mainland.

The developers of Bitcoin diamond are supporters of Segregated witness as the BCD site claims that the alt coin also supports Segwit. The website further highlights Bitcoin Diamond would be list in all major cryptocurrency exchanges a suspicious move which could indicate that the alt coin developers are ganging up with exchange owners to artificially increase the alt coins value and reap big profits from it. As a precautionary measures users are advised to be wary of the BCD project by avoiding investing significantly large sums of money into the alt coin as proven contradicting information are not scarce on the project’s website.

The Main Reasons For Developing Bitcoin Diamond

The team of developers behind Bitcoin Diamond are present with faceless avatars on the project's website as avey, 007 and a ?. Avey and 007 are Chinese Cryptocurrency mining firms meaning a team of Bitcoin miners could be behind the BCD project.

According to the website Bitcoin Diamond claims the main reasons for its development is to solve the lack of privacy, slow transaction confirmations and the high threshold for new users Marring the Bitcoin network. The site further indicates that Bitcoin Diamond is Not a competition with Bitcoin but rather an upgrade to the on the Bitcoin network provision another option for users on the Blockchain.

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Tags: Bitcoin hard fork bitcoin hard fork Bitcoin Diamond Bitcoin Diamond Bitcoin Miners

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