Bitcoin Diamond
Crypto Overview
Overview
Bitcoin Diamond (BCD) was created in November 2017 as a fork of Bitcoin, with the stated purpose of improving upon Bitcoin's limitations in terms of transaction speed and privacy. The project claims to offer faster transactions, increased privacy features, and a larger supply than Bitcoin.
Purpose and Utility
The intended purpose of BCD is to serve as a medium of exchange and store of value with enhanced privacy features and larger block sizes to enable faster transactions. The project aimed to maintain Bitcoin's core features while addressing scalability issues.
Business Model Analysis
The business model is based on providing a peer-to-peer electronic cash system, similar to Bitcoin but with technical modifications. The model itself doesn't involve any inherently haram activities like interest-bearing products or gambling.
Real-World Adoption
Current usage of Bitcoin Diamond appears to be primarily focused on trading on cryptocurrency exchanges. While the project maintains some development activity, actual adoption for its intended use case as a payment system appears limited.
Platform Development
The project has seen relatively modest development activity in recent years. While the basic infrastructure remains functional, there haven't been significant technical innovations or major updates recently.
Token Distribution
Bitcoin Diamond was distributed through a fork of Bitcoin, with BCD tokens being allocated to Bitcoin holders at the time of the fork at a ratio of 1:10. This distribution method is generally considered fair as it didn't involve preferential allocation to founders.
Crypto Impact
To assign a comfort level investing in Bitcoin Diamond from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Bitcoin Diamond.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.