Five Things You Should Know About Bitcoin Diamond

Bitcoin Diamond is Largely Unknown!

You may even hear about it for the first time. Bitcoin Diamond did not get the publicity of earlier forks. Right now, it has been discussed in forums and the Slack channels of the other fork- Bitcoin Gold. But exchanges, users and holders of Bitcoin seem largely unconcerned. The exchanges listed in the site do not have even a futures market for Bitcoin Diamond, like they did for Bitcoin Gold.

TheFacebookpage is largely empty, there is no community to be seen, and no one knows who the actual miners will be. Telegram is a wasteland, and the Slack invitation link is impossible to find.

Bitcoin Diamond has 10 Times More Coins.

But users will not receive a matching amount of Bitcoin Diamonds. So far, it is unknown what number of coins would be received, but the total number of Bitcoin Diamond will be 210 million, not 21 million like Bitcoin. So the currency would inflate rather quickly- and even if you received one BTD for each BTC, they would be worth 10 times less due to the higher supply.

Bitcoin Diamond May Attract Scammers.

Every time a hard fork happens, scammers crawl out of the woodwork to claim their haul of free Bitcoins. The group behind Bitcoin Diamond has absolved itself of responsibility regarding third-party wallets - and we already know this is one of the spot where the biggest danger lurks. It is best to avoid sharing your private seed with such services, and wait out until official wallets add the asset and it just shows up in your balance. The biggest Bitcoin whales won't be moving their holdings any time soon to claim an altcoin, no matter how promising.

All Those Forks can Bust Your Anonymity.

Forks mean free coins- what's not to like. But according to a rather paranoid Reddit user, forks may also link Bitcoin wallets to an identity. If you decide to cash out on the free coins, you will need an exchange account- and exchange accounts come with stringent KYC procedures. So even if you have a totally anonymous stash of coins, but then move on to send the new coin, you are compromising you anonymity- the exchange has your name, face and identity and may know how much Bitcoin you owned.

Bitcoin Diamond Won't be the Last Fork

If you are having a FOMO moment when it comes to forks, another one is coming in about 18 days-Super Bitcoin, coming at block 498,888. All the warnings apply to this fork as well, with a wait-and-see attitude for ordinary users who are not eager to move a secure stash of Bitcoin. So don't rush in just yet to "Make Bitcoin Great Again", as Super Bitcoin promises to do with a message waving back to last year's infamous campaign.