How to buy Bitcoin Diamond – Bitcoin BTC is regarded as the first cryptocurrency of its generation. Its design is quite basic and this has made it necessary to come up with hard forks. Bitcoin is not able to conclusively solve the anonymity and privacy issues and this is where Bitcoin Diamond BCD comes in. This cryptocurrency is basically based on Bitcoin core. It doesn’t have much wallet support other than the BitPie wallet, though. However an indepth knowledge of Bitcoin Diamond is important before proceeding to the registration process.
The developers of this cryptocurrency have invested in the privacy part of the coin. The transaction amounts and balances of the BCD users are encrypted differently from how Bitcoin (BTC) does it. This privacy design of this coin is somewhat similar to that of Monero digital coin. The difference between this coin and BTC is that its supply is multiplied by 10. This means that while 1 million Satoshi = 1BTC, 10 million Satoshi = 1BCD. Eventually, there will be 210 million BCDs in circulation; 10 times more than Bitcoin.
Currently, there is no way to buy BCD directly with USD without first buying another cryptocurrency. In this article I will be showing you how to go from USD to BCD in the most cost-effective way starting from Coinbase.
How to buy Bitcoin Diamond [Bitcoin Diamond] (BCD)
Bitcoin Diamond uses legacy signing for all non-SegWit transactions and BIP143 for SegWit transactions. This is unlike BTG and BCH which use the BIP143 for all transactions. Because of the large number of Bitcoin Diamonds which will be in circulation, it is not clear exactly how Bitcoin Diamond is a fork of Bitcoin. The miners of the coin use X13 algorithm which engages GPU miners fully. According to Bitcoin Diamond developers, this altcoin does not require Bitcoin blockchain as other forks of BTC do. The distribution of this coin is not as generous as that of BTC because you only get 0.5 BTX per 1 Bitcoin you had as of block 492820. Unlike many of the cryptocurrencies launched in 2017, it is stated on Bitcoin Diamond website that the coin was created as a ‘free dividend for BTC holders’.
Amazing performance of Bitcoin Diamond
Bitcoin Diamond was launched in November 2017 when cryptocurrencies were performing extremely well. It was in November when Bitcoin touched a high of $19,500. Immediately Bitcoin Diamond was launched, its price started rising to reach a high of $103 on 25th of Nov. Just like many other cryptocurrencies which peg their success on Bitcoin, Bitcoin Diamond price dropped steadily to finally touch a low of $8.36 on February 2nd.
On February 3rd, the price of Bitcoin Diamond surged to reach a high of $49.84. Even though the price went down on 6th February to $28.8, it regained on the 7th when it traded for $34.36 at 0600 (CET). The volumes traded for this coin aren’t consistent because on January 13th Bitcoin Diamond traded were $187 million while the previous day it was only $9.5 million. Two days later, the volumes dropped to $17 million. On February 6th, the volume traded was $8.2 million. The market cap of the coin is zero.
Also Read –How To Buy Bitcoin On Coinmama
Why You Should invest in Bitcoin Diamond?
Normally, It is not easy to discern whether the Bitcoin Diamond is created for ideological, monetary or technical reasons. Currently, Bitcoin Diamond doesn’t provide the necessary development source code for exodus which provides a smooth experience for crypto users. Bitcoin Diamond is controlled by an anonymous Bitcoin Diamond Foundation whose registration information and whereabouts remain unknown. Moreover, Bitcoin Diamond has an anonymous and unproven development team. This makes it extremely difficult to pledge support for the coin. Even though BCD seems to be performing quite well on several exchanges where it is listed, there isn’t enough information on the crypto for cautious investors to go forward with.
Disclaimer: When using Coinbase link will net you and I both an extra $10 of BTC if you happen to purchase $100. The Binance link is also an affiliate link.
Let’s Get Started on How to buy Bitcoin Diamond
- Create a Coinbase account if you haven’t sign up before or click
- Connect your bank account to avoid credit card transaction fees.
If you don’t want to wait, you can immediately buy funds with a credit or debit card (Visa/Mastercard).
- Create a Binance account if you haven’t register before This is where we will end up acquiring BCD.
- Login to GDAX with your Coinbase account. GDAX is simply Coinbase’s exchange. The reason we are using GDAX is that it is free to transfer funds out of, whereas in Coinbase, there incurs a fee. It also free to transfer funds from Coinbase into GDAX,
- Confirm your identity on GDAX with something as simple as a picture of the front and back of your license. The process can also be completed on Coinbase here. It took about 24 hours for my identity to be verified. sometimes
you can get rejected instantly a few times, but don’t worry, try using the mobile app. That helped for me.
- If GDAX identity confirmation is taking some time, go ahead and transfer funds from your bank to buy Ethereum (ETH) ready to go once you are confirmed. Purchase the USD amount you want to invest into BCD, we are only using Ethereum to exchange for BCD.
Once your successful in every setup, Everything Has Been Set Up…
We’re good to go. The flow of funds looks like this:
USD -> Coinbase -> ETH -> GDAX -> Binance -> BCD
Now lets complete the setup Note – [depending on transfer speeds).
- Visit GDAX to deposit your ETH from Coinbase.
- Depositing ETH from Coinbase into GDAX
- Press the DEPOSIT button as shown above, and press the Coinbase Account tab, selecting ETH Wallet as the source.
- Selecting ETH as the source
- Press the Deposit funds button and confirm the deposit.
- Goto to this page on Binance. Search ETH and press the Deposit button
- Finding the ETH Deposit Address
- Copy your ETH Deposit Address and go back to this same page on GDAX. Press the WITHDRAW button this time.
- Withdraw ETH from GDAX
- Navigate to the ETH Address tab and paste in your ETH Deposit Account from Binance into the DESTINATION field, and press the (MAX) button to populate the amount for you.
- Press Withdraw funds and wait for the ETH to transfer to Binance. You can check on the status within Binance here, once they are transferred they will appear.
- Once they are in Binance, navigate to binance.com/tradeDetail
- Purchasing BCD with ETH!
- Look at the Buy section at the bottom of the page, and press the 100% button. Press the Buy button.
Now you can enroll with Crypto World to enjoy amazing features from How to buy Bitcoin Diamond. CONGRATULATIONS you now own BCD!!!!
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