Is Bitcoin Diamond a strong competitor to Bitcoin?

These days, the cryptocurrency market is filled with names that make people confused. Moreover, the media also has the tendency to enhance this confusion. For example, the media talked about hard forks, which is a new term on the market. Hard fork refers to a change of a protocol that makes previous invalid blocks valid. More specifically, the hard fork is a split in a cryptocurrency.

These splits offer people the chance to be more independent. A very famous hard fork happened in Ethereum. More specifically, the Ethereum team tried to rollback transactions and to restore the stolen funds. But, these transactions turned into the birth of a new cryptocurrency. We are talking about the Ethereum Classic.

Bitcoin Diamond was introduced on November 24, 2017

To be added that Bitcoin is not a stranger to these kinds of surprises. The latest hard fork for Bitcoin gave birth to the Bitcoin Diamond. This hard fork happened in November 24, 2017, due to the efforts of two teams called Team 007 and Team EVEY. The teams declared to Reuters that they “were not happy with some of the major downsides of Bitcoin.”

Bitcoin is the most popular cryptocurrency among users. But, this doesn’t mean that it hasn’t had problems. Bitcoin transactions went through ups and downs before its price increase. The reason was that Bitcoin blocks have been limited to one megabyte in size. This means that Bitcoin was able to have three transactions per second.

On the other side, the new Bitcoin Diamond has the block size limit to eight MB. This means that Bitcoin Diamond will have a better transaction capacity and blocks will be generated faster. A Bitcoin executive stated in a press conference:

“Our primary objective is to lower the cost for participation thresholds by reducing the transaction fees and the cost of participation. The total amount of Bitcoin diamond is 10 times as much of Bitcoin, which translates into reduction of the cost for new participation and reduction of the thresholds.”

To be added that Bitcoin Diamond already started to go mainstream. Moreover, the team also has a plan for the future. By January 2018, Bitcoin Diamond plans to have a mainnet, API release, wallet, an open source on GitHub, and nodes code.