Bitcoin Diamond
Crypto Overview
Project Overview
Bitcoin Diamond (BCD) is a fork of Bitcoin that occurred at block height 495866 in November 2017. The project claimed its purpose was to improve upon Bitcoin's limitations by offering faster transactions, lower fees, and increased privacy features.
Intended Utility Analysis
The stated purpose was to serve as a medium of exchange with improvements over Bitcoin, including: larger block sizes (8MB), faster confirmation times, and increased total supply (210 million BCD, 10x Bitcoin's supply). Each Bitcoin holder at the time of fork received 10 BCD for each BTC held.
Actual Utility Assessment
Current analysis shows extremely low adoption and usage metrics. Trading volumes are minimal, and there is little to no evidence of merchant adoption or real-world use cases. The development activity has been largely stagnant since 2019, with no significant updates or improvements to the protocol.
Token Distribution and Founder Analysis
The project's founding team remains largely anonymous, which raises significant concerns about accountability. There is limited transparency regarding the initial token distribution, and the project's marketing efforts have been minimal to non-existent in recent years.
Technical Implementation
While the fork implemented legitimate technical changes to Bitcoin's protocol, the project has failed to demonstrate any meaningful differentiation or value proposition that would justify its existence as a separate cryptocurrency.
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.