Gareth Johnson
Gareth Johnson
Updated on September 15, 2021

As crypto traders, you might have heard the term “fork”, which in its more general meaning denotes any modification of a protocol or divergence from an existing code.

Regarding the blockchain, a fork usually appears whenever there is a disagreement between the developers or other participants in the crypto ecosystem over how a certain project should progress or how to resolve a particular blockchain problem. One such issue was highlighted by two Bitcoin miners in a hard fork known as Bitcoin Diamond

Bitcoin Diamond (BCD) was launched on November 17, 2017, when block number 495866 was added to the blockchain. Based on the Bitcoin Core, BCD was designed as a digital solution for the privacy issues of its parent chain. The digital medium of exchange of this decentralized P2P network is the BCD coin.  

The Idea Behind the Bitcoin Diamond Cryptocurrency

After becoming familiar with both the strengths and weaknesses of the Bitcoin blockchain network, two Bitcoin miners known as “Team Evey” and “Team 007” expressed their dissatisfaction with the way the Bitcoin Core system operated, especially regarding the privacy of the transactions. In order to alter the way in which the Bitcoin network functions, these miners tried to enhance the Bitcoin Core algorithm by developing a new one that would match their vision. The new crypto project was labeled as Bitcoin Diamond.

Bitcoin and Bitcoin diamond coins side by side with market trend on background

The primary objective of the two miners in regard to their Bitcoin Diamond project was to develop a more sophisticated solution to Bitcoin that would offer increased privacy of users’ data, faster transactions, as well as a more convenient mining process with lower fees. All these upgrades to some of the existing Bitcoin concepts would ultimately make the coin accessible to even more new users. 

The Improved Accessibility Concept

After Bitcoin rose to its staggering popularity as the first and most successful cryptocurrency project up to date, the teams of developers behind Bitcoin Diamond assumed that the BTC would soon become so expensive and out of reach for many of the interested crypto investors. “Team Evey” and “Team 007” felt that Bitcoin should be easily accessible to everybody in the crypto ecosystem.

The Lower Transactions Concept

Lower transaction fees were also a must for the creators of this Bitcoin hard fork. Since the increased popularity of the world’s first cryptocurrency also brought increased transaction fees for its traders, BCD developers saw a lack of logic in the practice, where some of the traders were paying almost equal or larger fees than the price of the coins or tokens they invested in. In turn, this would mean a lack of incentive for traders to continue trading with the coin, which would affect its market price.

Thus, “Team Evey” and “Team 007” felt that by lowering the price of the digital assets that users bought, they could secure the coin’s liquidity in the digital currency market.

The Faster Transactions Concept

In the crypto world, where sometimes a fraction of a second can turn a user into an overnight billionaire or a completely bankrupt crypto enthusiast, the speed of transaction verification on the blockchain can be of crucial importance. The Bitcoin Diamond founders were dissatisfied with the Bitcoin network’s transaction speed, which could only handle 7 transactions per second.

Bitcoin diamond icon on white background

Their idea was to bring the speed of the blockchain transactions closer to that of the fiat currency transactions conducted via Mastercard or Visa, for instance. In this way, every trader on the network would be able to complete their buy/sell order at the most convenient time, without losing their crypto deals to the slow verification process. 

As a result, the Bitcoin Diamond project’s creators raised the block size, boosting the maximum size of a blockchain unit from 1 MB to as much as 8 MB of encrypted transaction data per block. 

The More Convenient Mining Concept

Bitcoin’s Secure Hashing Algorithm 256 (SHA-256) is a cryptographic hashing method integrated into the blockchain technology for a heightened safety of users’ data. This encryption protocol facilitates the creation of Bitcoin addresses and supports the verification of the transactions on the blockchain. 

In an effort to improve the accessibility of the BCD, the developing team of this coin removed the SHA-256 protocol and implemented the new Proof of Work algorithm instead. Namely, the X-13 algorithm allows for a more cost-efficient mining process with the standard GPUs. The standard SHA-256 hash function shows the potential to make the Bitcoin network less decentralized because it requires miners to use expensive mining hardware known as ASIC that not everyone can afford. 

According to “Team Evey” and “Team 007”, the replacement of the SHA-256 protocol with the X-13 would not only deter the miners that use high power-consuming ASICs, but it would also encourage the newbies in the crypto world to join the BCD mining process without the need to invest in expensive hardware.

Where Can I Buy Bitcoin Diamond?

Binance, HitBTC, KuCoin, OKEx, and Huobi Global, are some of the most reliable crypto exchanges that include Bitcoin Diamond (BCD) among the crypto coins listed for trade. On these exchanges, you can buy BCD in conjunction with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH).

Clicking hand cursor on top of bitcoin diamond icon

Since most exchanges do not provide you with the possibility to manage your own private key that gives you access to your BCD assets, most cryptocurrency owners advocate storing BCD in a more secure (offline) wallet to avoid losing your private key. 

Bitcoin Diamond Price

You can follow the BCD price on the Price Indexes of the exchanges. These indexes can also inform you of the coin’s market cap, the 24-hour trading volume of the coin, its all-time high price on the market, as well as the position of the other altcoins on the price chart. The BCD price is usually delineated in US dollars.

What Is the Supply Limit of the BCD Coins?

The supply of BCD is tenfold that of the BTC coins. More specifically, the total supply of Bitcoin Diamond (BCD) amounts to 210,000,000 BCD coins, while 186,492,898 BCD coins are counted toward the circulating supply.

A Few Words Before You Go…

In only a few years, Bitcoin has created a multitude of forks, which is certainly a sign of its popularity. This list includes Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Bitcoin SV (BSV), to name a few. 

By developing the Bitcoin Diamond hard fork on the Bitcoin blockchain network, “Team Evey” and “Team 007” aimed to build a more sophisticated alternative to Bitcoin that would provide better user privacy, faster transactions, as well as a more convenient mining process with lower expenses.

At the moment, Bitcoin Cash (BCH) and Bitcoin Gold (BTG) are listed on many prominent cryptocurrency exchanges. However, the coin has garnered a sizable and loyal audience within the cryptocurrency world and with such a dedicated team of developers, there’s no doubt it would soon see better days.