Bitcoin hard fork us coming!steemCreated with Sketch.

in #bitcoin8 years ago

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So I will cover these following important points in this write-up.

What is this fork called and when is it happening?
Why is this fork happening and who is doing it?
How will Bitcoin Diamond solve these problems?
Total supply of coins and their economics
Who’s supporting this fork?
Do you need to worry?
What do you need to do to benefit from it?
My final thoughts on the fork.
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What is this fork called and when is it happening?

This brand new Bitcoin hard fork is called Bitcoin Diamond and is dubbed as BCD.

This new Bitcoin hard fork is happening tomorrow sometime i.e. (24th November 2017) at block height 495866 according to their official website.

Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495866 and therewith a new chain will be generated as the BCD. Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on original features of BTC. This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue unaltered, but a new branch of the blockchain will split off from the original chain. It shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges. As a result of this process, a new cryptocurrency was created which we call “Bitcoin Diamond”.

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