The entire crypto community may have a big surprise coming their way on Black Friday, as today may be the release of another Bitcoin fork coin called Bitcoin Diamond (BCD).
According to the Bitcoin Diamond website, the coin will be ‘born’ on 24 November at block height 495866. It has been stated that this will be a ‘friendly’ fork whose purpose will not be to compete with big brother Bitcoin. The purpose is rather to address Bitcoin’s scaling issues so that it may benefit the growing number of users. Other reasons given for the fork is to solve the privacy protection issue of Bitcoin, as well as slow transaction speed and its high threshold. Bitcoin Diamond hopes to solve all these issues with a bigger Blockchain of 8MB. Click here to go to the official website.
It has been said that for every 1 BTC: 10 BCH ratio, you will be rewarded with BCD. There will be 210 million BCD and from this, 170 million will go to Bitcoin holders and the remainder 40 million will go to the community rewards pool.
Thus far, the following exchanges and wallets have come out in support of BCD:
For the full list, click here.
One of the great things about Bitcoin Diamond is that investors do not have to worry about the replay attacks, which was the case with Bitcoin Gold.
There is still a lot of uncertainty about when Bitcoin holders will get Bitcoin Diamond but in the mean time you can do the following to prepare for the event:
Wait a couple of days before you claim Bitcoin Diamond this will allow any possibilities of reply attacks. Always have control over your Bitcoin private keys and wait for instructions on how you can go about claiming your free BCD.
If you have been a Bitcoin holder for a while, this should come naturally to you by now, since 2017 has been the year for Bitcoin forks. Never the less, stay safe and happy trading!