Bitcoin the revolutionary cryptocurrency going to have another Hard Fork, this is the 4th fork of bitcoin after success in the bitcoin cash, bitcoin gold and segwit2x.
Bitcoin Gold recently forked cryptocurrency from bitcoin is forked to increase the block size and eventually increasing the transaction fee and the time period for it. The bitcoin gold with a success and working on the GPU minable blockchain supported by tons of miners who and the new miners who have invested in the hardware are getting the price to surge.
you might like : [Tutorial] How To Mine Bitcoin Gold | Best Mining Hardware
Coming back to the newly announced cryptocurrency Bitcoin Diamond is on its flow and maybe one of the reasons for pumping the bitcoin rate. Since the fork gets the holder free money from the newly forked coins more and more people wanted to invest in the bitcoin now and want to run for long term. The shortage of the coin makes it price to surge to high.
All these forks and all are in my views are drama and influencing the market but also increase the flow of cryptocurrency which in my opinion is good.
When a fork happens we came up with these few questions:-
- What is Bitcoin Diamond?
- What is the fork and when it will happen?
- Why is the fork happening and who is doing it?
- How Will Bitcoin Diamond Solve the Problems?
- How much bitcoin diamond I will get after the fork?
- How will the price of bitcoin affect with this fork?
- who supporting this fork?
- Do you need to worry?
- How you can make a good profit out of it 🙂 ?
- Wallets and exchanged supporting the Bitcoin Diamond
1. What is bitcoin diamond?
The newly forked bitcoin cryptocurrency is going to name as Bitcoin Diamond (BCD).
This new bitcoin Hard for is happening going right now at block height 495866 according to their official website.
This newly formed currency is well defined on their website as.
Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495866 and therewith a new chain will be generated as the BCD. Bitcoin Diamond miners will begin creating blocks with a new 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 continue unaltered, but a new 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. As a result of this process, a new cryptocurrency was created which we call “Bitcoin Diamond”.
2. What is the fork and when it will happen?
Well, the fork can be defined as the splitting/copying of something, in this case, the fork of coin meaning splitting into to half with complete new blockchain individual blockchains. The consequence of this act leads to decrease the blockchain load, hence resulting in a fast and secure transaction.
The fork was announced to be happing on 24th of November.
3.Why is the fork happening and who is doing it?
The reasons for the fork
- Slow transaction confirmations in BTC transactions.
- Lack of privacy protection in BTC.
- High threshold for new members and miners.
The foremost reason for this act is to reduce load, time and the transaction fee for bitcoin. The bitcoin is made with the fact of fast secure and easy way to transfer money with the increase in the level of difficulty the miners tend to stop mining as there is lot of more workforce is required now making mining bitcoin less profitable and hence with less number of miners the blockchain will take time to solve and transfer money, making it worst.
With Fork Blockchain split making the cryptocurrency avail to much more miners by providing them blocks to mine and earn.
4. How Will Bitcoin Diamond Solve the Problems?
Bitcoin Diamond can solve the problem by these:
- It will provide privacy make it more secure by encryption.
- Provides fast transaction by increasing the block size to 8mb
- give new opportunity for miners to mine this and earn.
5. How much bitcoin diamond I will get after the fork?
After the fork the Bitcoin gold will be received at 1:10 ratio, means if you are holding 10 bitcoins then you will going to get 100 bitcoin diamonds, just keep holding bitcoins during the fork happens.
6. How will the price of bitcoin affect with this fork?
of course, the price of bitcoin going to affect this is due to fork making it more wanted among the people as they going to get free money out of it, hence bitcoin price may be observed surging before the fork happening.
7. Who supporting this fork?
This is one of the most questionable questions and not much clarified among people, well this type of forks are supported by the big exchanged and wallets who are holding 30-40% coin come together and decide to fork.
Note: the Bitcoin Diamond fork take no responsibility by the exchanges and wallet mentioned below as well as on the official site, they just support the currency. The cryptocurrency is risky money and fully depend upon the person who is intended to invest in the first place.
8. Do you need to worry?
Absolutely not bitcoin fork is just another fork like gold and cash and going to end up well as they are just another altcoins out there. The blockchain and working of these new forked coins are completely different.
few thing to mind to stay worried free
- Avoid transaction for few days until this thing settles well, to avoid relay attack and other.
- keep your bitcoin and private keys secure with yourself.
- do not share your private key with anyone without full trust.
- transfer bitcoin to some other wallet as soon as you received bitcoin diamond with private key sharing.
9. How can you make a good profit out of it?
well, it true to hold bitcoin in your wallet during the fork but if you are not worried about the new bitcoin diamond thing then you can still make a good profit by trading.
Note: i don’t recommend doing trading as its risky and you can loss you money too.
By guessing and buying cheap bitcoin and selling high again and again during the course of the fork may be profitable. I was too trading with 700$ bitcoin and after some good trades I end up with 900$ in bitfinex and also got bitcoin gold in my wallet I was lucky 😛
10. Exchanges and wallet going to support Bitcoin Diamond
Check Bitcoin Diamond Twitter
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