The Bitcoin Diamond (BCD) price surged by nearly 200% in the last 24 hours to briefly just over $4, before correcting to around $3.00 at press time, according to data from CryptoCompare. Notably, Bitcoin Diamond is one of the relatively more successful (or popular) iteration of at least 44 Bitcoin (BTC) forks to date - with a market capitalization of approximately $483 million.
The Bitcoin Diamond price increased sharply following the announcement by crypto exchange Binance that it had opened deposits and withdrawals for the cryptocurrency starting from September 5th, 10:00 (UTC).
In the past week, Bitcoin Diamond’s price has remained relatively stable, but then saw its trading volume surge by 5900% to nearly $60 million during the last 24 hours (up from less than $1 million).
Numerous Complaints From BCD Users
Digital currency exchange Gate.io recorded the highest BCD trading volume during the crypto’s dramatic price surge as it reportedly accounted for almost 44% of its 24-hour trading volume. Crypto Clues, a Twitter account belonging to a Telegram channel that provides “a level-headed rational approach to cryptocurrency investing”, sarcastically remarked,
“This must be another one of those ‘quality projects’ that Binance has talked about.”
Notably, BCD price also shot up by about 40% on August 20th, following the announcement that “BCD Bazaar” had been launched. According to the promotional tweet from Bitcoin Diamond’s Twitter account, BCD Bazaar is, “The world’s first online e-commerce store that exclusively accepts cryptocurrency. The world’s most sophisticated e-commerce solution partners with the world’s most accessible and usable cryptocurrency.”
However, the majority of Twitter users left negative comments complaining about the lack of support for Bitcoin Diamond on most major exchanges. A user named Tim Burton (@GlasbenaScena) also asked why issues related to BCD wallets had still not been fixed. Burton further criticized the BCD team for not responding to users’ concerns and said that the bitcoin fork “seems more and more as a scam.”
Very Limited Adoption
Since its launch in November of 2017, Bitcoin Diamond has had very limited adoption, as has been the case with most BTC forks. Its creators, Team007 and Team EVEY, are two groups of bitcoin miners who aim to resolve the problems associated with bitcoin. These include “lack of privacy protection”, high transaction fees, and slow transaction confirmation times.
BCD’s maximum supply is set at 210 million (10 times greater than BTC) and it uses the same SHA-256 mining algorithm as bitcoin. However, the Bitcoin Diamond network has 8 MB block sizes, compared to only 1 MB on the Bitcoin blockchain.
Ongoing development work for Bitcoin Diamond has been relatively slow compared to the more active coins, apart from enabling SegWit and relay protection.