What is Bitcoin Diamond and where can you get it?

Bitcoin Diamond is a hard fork of the Bitcoin blockchain. This means that programmers have tweaked the original code for Bitcoin to form  the foundation for their new project. These forks then become their own new product or, in this case, cryptocurrency coins. The creators of Bitcoin Diamond took the main Bitcoin (BTC) code, also referred to as "Bitcoin Core," and modified it to create a new cryptocurrency called Bitcoin Diamond. 

Since Bitcoin Diamond is a hard fork of the Bitcoin blockchain, it shares some similarities with Bitcoin. But some new features and changes are exclusive to Bitcoin Diamond and differentiate it from Bitcoin. 

The Bitcoin Diamond blockchain has larger blocks than Bitcoin, which is meant to help reduce the time it takes for transactions to be processed. It also employs a second-layer payment protocol, the Lightning Network, which also helps support faster transactions. Bitcoin Diamond guarantees a better level of anonymity and security by encrypting the transaction values. 

Both Bitcoin and Bitcoin Diamond work on a proof-of-work system for validating transactions and mining new tokens. This means that each transaction is verified by blockchain users instead of a centralised regulator, like a bank. For providing the computational power required to do verifications, miners are rewarded. Bitcoin Diamond has made mining more accessible by replacing the algorithm SHA-256 proof-of-work algorithm used by Bitcoin.  Bitcoin Diamond uses an X13 proof-of-work algorithm instead of the SHA-256 algorithm used by Bitcoin. This helps speed up the mining process and also opens it up to a larger community of people. 

While Bitcoin mining requires specialised hardware, known as ASIC, anyone with a computer that has a dedicated Graphics Processing Unit (GPU) can participate in Bitcoin Diamond mining. However, although you can use GPUs when mining BCD, it may be more profitable to use the specialised ASIC hardware for Bitcoin Diamond mining.

Similar to Bitcoin, Bitcoin Diamond is a cryptocurrency that can be used to purchase goods and services. 

The creators of Bitcoin Diamond developed two separate platforms that make it easier to buy, trade, store and use Bitcoin Diamond tokens or coins. The first is BCD Pay, a multi-purpose app that lets you pay, receive, exchange and withdraw your crypto into other cryptocurrencies or fiat or standard currencies like the dollar. It’s essentially a wallet app to store and use your cryptocurrencies with some extra features like an integrated AI-based crypto tracker and a crypto news bot. This app also allows merchants to receive payments in Bitcoin and Bitcoin Diamond for the goods and services that they sell. 

The other platform the Bitcoin Diamond creators developed was the BCD Bazaar. BCD Bazaar is an online marketplace where everyone can buy products using Bitcoin Diamond. The marketplace has a range of consumer goods in multiple categories from top brands. It makes shopping with cryptocurrency more seamless and accessible. You can also browse and shop at BCD Bazaar within the BCD Pay app.

Like all major cryptocurrencies, you can get Bitcoin Diamond tokens in two ways.

The first method is by mining the Bitcoin Diamond. Mining cryptocurrency involves working on the cryptographic hashes that maintain the blockchain using a portion of your computer's computing power. You can also join a mining pool, where you can pool your resources with those of other miners to mine blocks more quickly and collect rewards faster. 

The other way to get Bitcoin Diamond is to buy it using a cryptocurrency exchange. Simply sign up to one of the cryptocurrency exchanges available and invest the money you’re financially comfortable with into Bitcoin Diamond. But before you sign up with an exchange, compare crypto exchanges by analysing their fees, features and benefits. You should also consider checking if an exchange is registered with AUSTRAC to ensure it complies with local laws and regulations.