What is Bitcoin Diamond (BDC) and how does it work? Explained. : Price Analyses

What is Bitcoin Diamond (BDC) and how does it work? Explained.

bitcoin-diamondBitcoin Diamond

Bitcoin Diamond (BDC) is a “fork” of bitcoin core that first occurred at block height 495866. As an entirely new chain, BDC intends to offer faster and cheaper transactions than its predecessor.

BDC has a limited supply of 210 million units. Of those units, 170 million has been reserved for growing the coin’s ecosystem and promoting it as a form of remittance. The remaining 40 million BDC will be offered to miners as part of its proof of work (PoW) consensus algorithm.

Users who held bitcoin at the time of the coin’s inception on 11/24/2017 were automatically airdropped BCD. Holders received 10 BCD for every 1 BTC in their wallets.

What is the BCD Bazaar?

The BCD Bazaar is an initiative by the BCD community to promote real-world usage of its cryptocurrency.

The bazaar is described as as an “international marketplace that gives you access to a wide range of products from top online marketplaces around the world regardless of your location.”

BCD Ambassador Program

There is an incentive you can participate in if you’re interested in growing the BCD ecosystem.

Named the BCD Ambassador program, people can sign up to host activities on behalf of the ecosystem and extend its reach into real world applications.

Ambassadors are compensated for their time in BCD. More details can be read here.

Bitcoin Diamond Foundation

The Bitcoin Diamond Foundation oversees the application of funds for its 40 million BDC holdings.

A breakdown for how the foundation will use its 40 million DBC has been provided as the following:

  • Startup and operation expenses: 2%
  • Development and ecological: 4.6% (time-locked funds; 20% released per year

The rest of the DBC will be released into public circulation and set aside for mining rewards.

What is the BCD Pay Wallet?

The BCD Pay Wallet is the team’s official wallet software for holding and sending BCD and other cryptocurrencies. You can also use its internal shopping cart features for buying a variety of goods and services as part of the Chimpion ecosystem.

Coins that the BCD Pay Wallet support are bitcoin, ethereum, ERC-20 tokens, litecoin, dash, and many others.

One helpful feature of the wallet is that it does not store your private keys, thereby enhancing your personal security.

Other Bitcoin Diamond Wallets

Below is a list of all the wallets that support Bitcoin Diamond:

  • BitPie
  • ZuPago
  • Lubanso
  • Atomic Wallet
  • Mobi
  • Paytomat

Exchanges that list Bitcoin Diamond

Bitcoin Diamond is supported by a number of different exchanges such as:

  • Binance
  • HitBTC
  • Huobi
  • OKEX
  • gate.io

Mining Bitcoin Diamond

Mining pools that support bitcoin diamond include the following:

  • BSOD
  • icemining
  • ZPool.ca
  • Lyra2z

Hamish Hilton

Hamish has a master's degree in behavioral finance from the University of Waikato, New Zealand. When not studying the charts he can be found exploring the great outdoors. Contact: hamish@priceanalyses.com.

Leave a Reply

Your email address will not be published. Required fields are marked *