Everything You Need to Know About Bitcoin Diamond

Bitcoin did yet another tricky fork, so the coin generated this period around is Bitcoin Diamond. The fork happened at obstruct height 495866. [1][2]

NOTE: Some folks are inclined to consider Bitcoin Diamond can be actually a scam. Considering the fact that along with different unknowns, an individual ought to really be careful purchasing Bitcoin Diamond stocks before there’s some very clear affirmation that the fork remains real. Watch Medium’sBitcoin Diamond is a scam of epic proportions.

When did the snapshot for Bitcoin Diamond occur?The snapshot was taken at block height 495866. Block 495866 occurred on November 24th at about 1:20 am Pacific Standard time. Thus, if you had Bitcoin at that time, you will have Bitcoin Diamond when it is released (or when the third party exchange or wallet you use starts backing it). See information on block 495866[I am basing the time above onblocktrail.com’s block records].

IMPORTANT: Bitcoin Diamond (BCD) has not officially been released yet, and there is a lot of unknowns. You can trade BCD futures on Binance, otherwise there is no way to claim/mine the actual coin yet (Binance released futures, not actual Bitcoin Diamonds; the snapshot was taken, but one cannot claim their BCD yet). Wait for an official word and others to test drive BCD before you go downloading wallets and following online instructions. There is still a chance the fork isn’t real. Watch more warnings and guidelines down from. [3]

According to this State website btcd.io:[4]

Bitcoin Diamond (BCD) is just a branch of Bitcoin that does occur at the pre determined elevation of block 495866 and therewith a fresh chain is going to likely be generated whilst the BCD. Bitcoin Diamond miners will start creating cubes using a brand new proof-of-work algorithm, and also certainly will consecutively develop and increase the security because of transport and solitude based on initial options of BTC. This will give rise to a bifurcation of this Bitcoin block-chain. The initial Bitcoin block-chain will go on unaltered, however a fresh branch of this block-chain will breach away by the initial series. It stocks the similarly deal history with Bitcoin before it starts moving and getting to some exceptional block out of that it diverges. As a consequence of this course of action, a brand new Cryptocurrency was made that we predict “Bitcoin Diamond”.

There actually isn’t many to say about Bitcoin Diamond except a few basics:

  • Bitcoin Diamond (BCD) plans to switch from Proof-of-work to Proof-of-stake. If this happens, it means holders of coins will have a chance to gain interest on their coins (gaining new BCD simply for holding BCD in a BCD wallet).
  • Anyone who had Bitcoin when the fork occurred has 10 Bitcoin Diamonds for every 1 Bitcoin they owned.
  • The coin hasn’t really been air-dropped yet. Broadly speaking a photo is taken in a certain block elevation and the coin is air-dropped (published ) at a subsequent time once the development team is now ready.
  • This wasn’t just a widely researched fork, therefore proceed with care. 1 shouldn’t assume the fork is safe, one is generally advised to wait until the dust settles.
  • If you use a third party wallet, you could have to wait to claim your diamond (or you could end up not getting it at all in some odd cases). For example, Coinbase (who provides a third party wallet service) hasn’t said just how they intend to proceed on Diamond, hasn’t been 100% clear on Bitcoin Gold, but however has announced that they will release Bitcoin Cash on January 1st. Thus, if you use a third party service like Coinbase you could have to wait (but will likely obtain your coins if the coin is stable), while if you have direct access to your private keys you want to keep an eye on the official Bitcoin Diamond site for updates.

Warnings and important information on Bitcoin Diamond:

  • Binance (an exchange) gave everyone who was in for the Diamond fork 10 Bitcoin Diamond Futures for every Bitcoin they had. Despite this being true, and a great argumentation to set up a Binance account before the next fork, there are not Bitcoin Diamond coins on the marketplace yet. You cannot claim your Bitcoin Diamonds yet. Be very careful here. To my knowledge Bitcoin Diamond does not have a Github, public code otherwise released, or many else publicly known about it. There is still a chance that Bitcoin Diamond is a joke or even malicious (if you don’t obtain the laugh, take into consideration different Pokemon matches Core, Gold, Silver, Platinum, Classic, XT, Ultimate, etc.. ) Are such bi-fork-ations of Pokemon/Bitcoin “better,” or are they merely marginally diverse?) .
  • Malicious may signify that the fork doesn’t have replay security despite claiming it does. Malicious could be that a fake wallet and fake instructions will be released (by which using it will eat your Bitcoins). Malicious could be it is a joke, but scammers produce fake wallets or instructions. We don’t understand, nobody knows, therefore be mindful.
  • There wasn’t lots of fanfare surrounding the fork, so lots of didn’t even realize it would occur until the last minute. If Bitcoin Cash was an uncertain thing, and Bitcoin Gold was even more uncertain, then Bitcoin Diamond is even more uncertain than that. We still don’t know without a doubt when the fork is still real. Be careful searching for guidelines on the world wide web, the coin will be on my knowledge not published yet (the photo happened and Binance published futuresbut one can’t access the coin yet), and even after the coin comes out your best bet is to wait for others to test drive Bitcoin Diamond. We will post when we find a set of directions that have been confirmed to work. In general trusting an official site is a good move, but after all no one really knows who forked Bitcoin this time, or if the fork is legit, even the official site is something to proceed with caution over.
Bitcoin Diamond Explained