The price of Bitcoin Diamond cryptocurrency has remained under bearish hold for the past few months. After the BCD price spike of May 2021, the highly volatile cryptocurrency lost all of its momenta and continued to maintain its average price near its 50-days Simple Moving Average. Bitcoin Diamond price equal $0.475 with a market cap of $88,426,865.50. The current cryptocurrency market rank of Bitcoin Diamond is #399, with the last 24-hour trading volume of nearly $2,941,477.50. This Bitcoin fork released in late 2017 has not captured much of the interest, but is this price really indicative of the future price?
Bitcoin Diamond Overview
|Price Change 24h||-1.99%|
|Price Change 7d||-7.09%|
|Circulating Supply||186,492,898 BCD|
|All time high||$104.84|
|All time low||$0.2664|
|Bitcoin Diamond ROI||-99.65%|
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Let’s get down to know Bitcoin Diamond price prediction with the help of technical analysis and will the Bitcoin Diamond price fall or rise!
What is Bitcoin Diamond (BCD)?
The Bitcoin (BTC) took off after its launch and continued gaining market traction. With the demand surging over time, the original algorithms of Bitcoin could no longer meet the market demand due to limitations in its fundamental applications. Other problems were also identified because the original algorithms had limitations over scalability and new members were not supported, and the transaction speeds were becoming inefficient for their operability.
Since its launch in 2017 based on Bitcoin Cash, Bitcoin Diamond (BCD) has continued to grow in value. The transaction charges are acceptable, and it increases the number of coins in supply. Since Bitcoin was never expected to reach the growth it witnessed, its algorithms were not ready for the market demand like today. The public blockchain carries the information necessary for the other miners to verify and process, but there is a restriction for transaction speed. Thus, achieving efficiency using the standard algorithms was not feasible. Bitcoin Diamond was created to address such issues.
Because the block height of Bitcoin was near its limit, in late 2017, BCD was hard forked by its creators, who remain anonymous. It should be noted that Bitcoin Diamond had no ICO or Initial Coin Offering. The holders of Bitcoin at the time of fork automatically became owners of the new BCD token. For each BTC token a user had, the algorithm distributed 10 BCD.
The team has been working on it for quite some time for the implementation of BCD for its targeted community. We are pretty sure that the goal of the team was to target a diverse audience and thus increase the accessibility of Bitcoin for a wider audience. The Bitcoin Diamond (BCD) offers an attractive fee structure and faster transaction speed for confirmations.
BCD also prevents replay attacks. The replay attack in the context of blockchain refers to the fact that if a transaction is valid in BTC, then the bifurcation of BTC will also exist because most of the algorithms stay the same. If someone on the BTC launches a transaction in the chain and sends the signed deal to another blockchain, they can acquire free BTC with the same ratio of the previous blockchain. The BCD protocol has made slight changes to the trading format between BCD and BTC to prevent such attacks, which makes it independent from BTC.
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The Bitcoin Diamond also follows the BIP44 protocol, which increases the security and safety of the wallets. The protocol uses a rule where users only save their master private key, which creates multiple sub-private keys and sub-addresses. The users can then easily manage the balances of addresses under the master private key, reducing the chances of master key exposure; keeping the wallet safe and the coin secure. By using SegWit, Bitcoin Diamond also increases the unit block to bear more trading, optimizing the BCD Network’s storage.
How Does Bitcoin Diamond Works?
Bitcoin Diamond (BCD) transactions are quite similar to Bitcoin crypto. Both Bitcoin and Bitcoin Diamond cryptocurrency share a lot of code from the Bitcoin Core protocol. At the predetermined height of block 495866, the new blockchain is generated as Bitcoin Diamond. BCD miners create a new block using the Proof of Work consensus algorithm and help improve the transaction speeds based on the original features of Bitcoin. This is not a new blockchain, to be precise. The original BTC blockchain remains unchanged as the new branch of blockchain was created by BCD. As a result of this new creation of blocks, the new cryptocurrency which is created is called Bitcoin Diamond.
The Bitcoin Diamond also uses a Proof of Work consensus algorithm for its governance. In Bitcoin Diamond, only one thousand blocks are to be mined with the Proof of Work algorithm, after which the network will switch to the Proof of Stake consensus algorithm. The total amount of the BCD token is 210 million. Of those, 170 million BCD were given to Bitcoin holders for a long-term hold. The rest of the 40 million BCD will be distributed to the community and miners as a reward for their contribution to the network.
Is Bitcoin Diamond Part of Bitcoin?
Bitcoin Diamond (BCD) is not a completely different coin for starters, and it is not a competitor to Bitcoin. Instead, Bitcoin Diamond is a fork of the Bitcoin blockchain, with some upgrades in its blockchain technology to support faster transaction speeds and more storage size. So, yes, Bitcoin Diamond is a part of Bitcoin. BCD minimizes the production of isolated blocks and aims to preserve the original features of the BTC.
There is a fundamental problem in computer science: we can never have a system that offers security, speed, or decentralization. There is always a sacrifice. The BTC was not able to be efficient in terms of speed when its demand increased. BCD solves the problem in mainly two folds. First, it aims to increase the speed of transaction confirmations. Second, it is to have a high threshold for new members. It uses more giant blocks and a faster consensus mechanism.
Bitcoin Diamond is able to solve the problem of Bitcoin by sacrificing security to improve transaction speed. It does not by any means mean that the security offered by Bitcoin Diamond is bad. The coin is easier to mine, and the hardware required is much cheaper than mining for Bitcoin.
Bitcoin Diamond (BCD) token was engineered to eliminate the drawbacks of the original Bitcoin protocol. It aims to be faster and more scalable. While the Standard Bitcoin holds 1 MB of transaction information per block, Bitcoin Diamond holds 8 MB. This means that it can process up to 8 times more information even when the block time on both protocols is the same. The total supply also increases because of Bitcoin Diamond. It offers 210 million coins which are huge when compared with the Bitcoin supply of just 21 million coins.
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Some years ago, there was news that some warehouses were only mining Bitcoin using ASIC miner equipment in countries with low electricity tariffs. Bitcoin mining is costly since it uses a lot of processing power. Using special equipment like ASIC miners, miners on the Bitcoin were getting all the rewards. Normal users could not afford to use such equipment because they consume lots of electricity and it gets loud and hot. Bitcoin mining should be easy for users, so the developers made sure that the BCD mining is not that expensive. This ended up creating a new mining algorithm that allows everyday users to start mining BCD for rewards without the drawbacks of power-hungry BTC algorithms.
Bitcoin Diamond Price Prediction: Expert’s Opinion
As per Wallet Investor’s BCD price prediction, the crypto is an acceptable investment with a good return in the future. The price might reach $3.287, which is +244.37% profit by the year 2027. In the long run, the bear markets might turn bullish.Wallet Investor
As per Price Prediction’s Bitcoin Diamond (BCD) price prediction, the BCD token value is expected to expand, and the BCD price drop won’t last long. By 2023, the maximum price might be around $1.20, while the lowest price might be $1.04.Price Prediction
Based on Digital Coin Price’s prediction, the future price of the BCD token may grow, but the price change won’t be very drastic as opposed to the current price. The BCD price prediction for the year 2025 suggests that the maximum price of this crypto may be $1.01, while the lowest possible price might be around $0.82.Digital Coin Price
As per Trading Beasts’ forecast, the value of the crypto is going to increase, and the BCD price fall will be a temporary one. However, it won’t be anywhere near its ATH in the near future if the current trend continues. By the year 2024, the minimum price might be $0.9187951, and the maximum price might be $1.3511693. The expected price change is 128.52%.Trading Beasts
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Bitcoin Diamond Technical Analysis
There are many coins in the cryptocurrency market. Before investing in these coins, one should get more details and know will the prices rise or fall in the future? This can help them to earn profit.
Similarly, the Bitcoin Diamond cryptocurrency started to see some volume spike sending it up in price in January 2021. This type of Bitcoin Diamond price action on high volume was also observed in the second week of February 2021. Then in April 2021, in a few days, the BCD price shot up more than doubling its price. But this was not a breakout that sustained itself, and for the rest of April 2021, the price maintained its downward journey.
The highest price and volatile period for Bitcoin Diamond occurred in May 2021 when the price shot up to $11 in just a few days. It was crazy to imagine this price jump. In only a matter of days, the investment returns were more than 300%. But just as fast as the price rose to the skies, the Bitcoin Diamond price fell and came crashing down in the next few days, wiping off all the returns and finally touching the 50 days simple moving average.
The most accumulation for BCD was observed last year in January, February, April, and May. The Accumulation/Distribution indicator is currently trending up, we might see heavy volume-based distribution to confirm this trend in the Bitcoin Diamond (BCD) price.
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The Bollinger Band analysis shows that the highest volatile period for BCD was in last April and May, when the BCD price increased more than 300%, making the RSI indicator create an overbought signal. The RSI indicator could have been reliable to short the market, but the exit strategy always matters when talking about making the most returns from any investment vehicle. So, it might be a good idea to stay out of the market and continue monitoring the Bitcoin Diamond price to see any future growth opportunities.
Bitcoin Diamond Price Predictions: 2022-2026
The price forecast of the BCD is based on historical data combined with predictive data modeling algorithms. Please note that these predictions should only be interpreted as a suggestion rather than investment advice. It is impossible to predict the price of anything perfectly, and blindly following any forecast leads to the risk of losing all your invested money. Here is our data based on the past price calculation and analysis.
Bitcoin Diamond Price Prediction 2022
The Bitcoin Diamond price today is $0.475. As per the one-year forecast, the price of Bitcoin Diamond is predicted to reach a minimum level of $0.58. The Bitcoin Diamond price can reach a maximum level of $0.67. The average price throughout the year will be around $0.62. The Bitcoin Diamond forecast is conservative as compared to the other crypto.
Bitcoin Diamond Price Prediction 2023
The price of Bitcoin Diamond BCD is expected to reach a minimum price of $0.63, with a maximum price of $0.78 in the year 2023, as per our forecast. The average trading price throughout the year is expected to be near $0.69.
Bitcoin Diamond Price Prediction 2024
As per the data and Bitcoin Diamond price predictions models, the minimum level of Bitcoin Diamond BCD price will be $0.58. The maximum price will be $0.85, with an average trading price of around $0.68 throughout 2024. This Bitcoin Diamond forecast is conservative for the short term.
Bitcoin Diamond Price Prediction 2025
According to the technical analysis and predictions for the year 2025, the minimum Bitcoin Diamond (BCD) price will be $0.82, and the maximum price level will be $1.01. The average price will be $0.90 in 2025. This conservative Bitcoin Diamond forecast suggests that there will also be some Bitcoin Diamond price drop due to volatility.
Bitcoin Diamond Price Prediction 2026
The Bitcoin Diamond price predictions models show that the minimum price of BCD token is expected to be $0.77, and the maximum price will be $0.89, maintaining an average price of $0.84 in the year 2026. The Bitcoin Diamond forecast is conservative for the middle term. However, this crypto can be a good investment for investors who plan to hold the coin for investing.
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Frequently Asked Questions (FAQs)
Where to buy BCD token?
The recommended exchange to buy Bitcoin diamond tokens is Binance. OKEx is also a great alternative to buy Bitcoin Diamond or sell Bitcoin Diamond because of the large trading volume and the reliable services it offers.
How many BCD is in circulation?
At the moment, there are around 189,492,898 BCD in circulation, with the maximum supply capped at exactly 210,000,000 BCD. BCD crypto has much more maximum supply in comparison to BTC and Bitcoin Cash.
Is Bitcoin Diamond a good investment?
With the rise of Bitcoin, it is quite possible for BCD to increase in value. Even though many competitors have started entering the cryptocurrency space, Bitcoin still holds the top position in the market. If this trend continues, it is eventually going to make Bitcoin Diamond a profitable investment for investors and speculators alike. However, investors must do their own research before entering any market positions, and only time will tell whether BCD will be a profitable or bad investment. That said, investors should try to find ripe opportunities to identify the long-term earning potential of digital coins.
Is Bitcoin Diamond safe?
The Bitcoin algorithms and tokens are safe to invest in but not designed for scalability. The problem with decentralization is that there is never a proper balance between performance, scalability, and security. Since Bitcoin was not prepared for the kind of demand that we see today, a new alternative had to emerge. This is where BCD shines, and Bitcoin Diamond’s features make it very secure. Blockchain technology uses decentralization and cryptography to maintain its safety. So, the Bitcoin Diamond crash will never happen.
What will Bitcoin Diamond be worth in 2030?
As per our Bitcoin Diamond Price Prediction, the maximum price, minimum price, and the average price of the token may be around $2.26, $2.10, and $2.16, respectively. Since there is a price drop and the current price is low, BCD might be a profitable investment in the future as per our predictions.
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