Is Bitcoin Diamond Growing In Popularity This Year?

As a late 2017 implementation of the Bitcoin protocol, Bitcoin Diamond (BCD) is a cryptocurrency project which offers a larger supply, bigger block size and an alternative consensus algorithm that targets GPUs. But is Bitcoin Diamond (BCH) becoming more popular in 2020 – or the project is living off of false hope from BTC?

Yes. But…

The latest cryptocurrencies news from the Bitcoin Diamond website show that there are two main problems which have arisen following the increased popularity and usage of Bitcoin, including:

1. Slow transaction confirmations (currently it takes about 10 minutes for a transaction to be confirmed)
2. High threshold for new members (which makes transaction speed a priority)

So, Bitcoin Diamond aims to solve all of these problems with the use of bigger blocks and a faster consensus algorithm. The project is quick to reiterate that it is not a direct competitor of Bitcoin and according to the website, “Bitcoin Diamond is fork of the Bitcoin blockchain with upgraded technology while preserving the original features of Bitcoin.”

So, is Bitcoin Diamond heading in the right direction?

Let’s look at the main differences between Bitcoin (BTC) and Bitcoin Diamond (BCD) illustrated in a table.

Bitcoin Diamond	Bitcoin	Bitcoin Cash
Max supply	210 million	21 million	21 million
Distribution	Mining, claiming	Mining	Mining, claiming
Mining algorithm	Optimised X13(GPU/ASIC)	SHA256(ASIC)	SHA256 (ASIC)
Block time	10 minutes	10 minutes	10 minutes
Maximum block size	8MB(16-32MB)	1 MB(2-4MB)	8MB (N/A)
Difficulty adjustment	Two weeks	Two weeks	Two weeks + EDA
Max TX per day	~4.8 million	~1.2 million	~4.8 million
Segwit	Yes	Yes	No
Replay protection	Yes	N/A	Yes
Lightning Network	Yes	Yes	No

As you can see, one of the cryptocurrencies focuses on security while the other is focused on decentralization to increase the speed or quickness of a specific system. In essence, Bitcoin Diamond sacrifices security to improve the speed of transactions. It is a lot easier to mine and the hardware is much cheaper than the Bitcoin ASIC miners.

So, is Bitcoin Diamond a more popular option than Bitcoin?

Still not. However, the network seems to be growing very fast – you can find goods ranging from electronics to food items in the online marketplace. If you visit the BCD Bazaar, you can also find a lot of things. In addition, paying with BCD means that you get free shipping all over the world which is another popular feature for buyers.

Can’t access certain products from your country? Bitcoin Diamond can give you access to a wide range of products from top online markets. pic.twitter.com/zL4WnMSCvg

— Bitcoin Diamond[BCD] (@BitcoinDiamond_) September 15, 2019