How to Buy Bitcoin Diamond - Where to Purchase BCD?
Bitcoin Diamond is a hard fork of the Bitcoin protocol that took place in 2017 after two miners decided to change the network's protocol. The two were unhappy with the way Bitcoin was working and believed they could improve it. Among the improvements they sought to implement was the addition of faster transaction times since BTC could muster about 7 per second. They also sought to bring the transaction fees down and encourage more new users. BCD has witnessed renewed interest this year. This guide will focus on buying and trading the token.
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Why Trade rather than Buy Bitcoin Diamond for Cheap and Fast Returns?
You Don’t Need a Wallet:
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods:
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy:
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top Bitcoin Diamond Brokers
For those looking for a fast way to buy Bitcoin Diamond, they will have to consider brokers. Unlike cryptocurrency exchanges, there are very few requirements to use a broker. The most important thing is you need to be of legal age to trade the various financial instruments on offer. Other than that, you need the initial capital, which ranges from $100 to $250 on different platforms, and you are good to go.
5 Things to Consider if you Want to Buy Bitcoin Diamond
The section below will cover five things you need to pay attention to before you start your journey to buy and sell Bitcoin Diamond. Think of this list as a checklist you need to cross out to gauge if you are ready to get started with the digital asset.
1. Carefully Choose Your Preferred Secure Payment Method
When you join various platforms that offer access to Bitcoin Diamond, you will be presented with various payment modes you can use to fund your account and make the purchase. These include bank transfers, use of credit/debit cards, third-party payment processors, and use of other cryptocurrencies. It's up to you to choose a mode that serves you well.
2. Will you need to set up your own wallet?
This is another question you need to ask yourself before you embark on buying Bitcoin Diamond. If you will be using a broker, there is no need for a wallet since you will be dealing with BCD CFDs that are financial instruments attached to the asset. These allow you to speculate on the volatile price of BCD. But if you will be dealing with the actual asset on exchanges, you will have to find a private wallet to store your tokens.
3. Comparing Costs
There are costs involved when it comes to buying and selling BCD. These come in the form of network fees, transaction fees, trading fees, commissions, deposits and withdrawal fees. The modes of payment you choose and the platform you select to conduct your business will determine the kind of costs you will incur when buying BCD. It's up to you to compare various costs and select the path with the least amount of them without compromising the services you receive.
4. Safety and security
The platform you choose to make the purchase on should be highly secure. You need to investigate what security measures the platform employs to protect user funds and if it has a history of getting breached. Most top platforms should offer adequate security; therefore, you shouldn't be overly concerned.
As for Bitcoin Diamond, the protocol uses cryptography, decentralisation and consensus mechanism to protect itself from bad actors that can steal user funds. Since the protocol came around, there haven't been any significant attacks on the platform.
5. Can you understand and navigate the platform?
Some platforms can be complicated to use compared to others. This can put away potential users since it's intimidating, especially for beginners. Most top platforms will go for simplicity. You should avoid using any platform you feel you don't have a clear grasp of how things work. Also, check out if there are tutorials on how to use the platform and if customer support is available to help out if you get stuck.
Ultimate Beginner's Guide to Trading Bitcoin Diamond
What is a Bitcoin Diamond Broker?
Brokers act as intermediaries that help place trades for you. They offer access to various financial instruments that can be traded with leverage offering traders higher returns by speculating whether the price will go up or down. Some of the instruments you can trade using a broker include forex, commodities, indices and crypto.
What is a Bitcoin Diamond CFD?
Contract for differences is a derivative product that represents a contract between the trader and a broker. They allow users to speculate on the price of BCD with potentially high returns due to leverage that increases your exposure within the market.
What is the Benefit of Bitcoin Diamond Regulation?
Even if cryptocurrencies were built to be anonymous and offer people complete control over their finances, meaning no single entity could withhold them, the lack of frameworks to oversee how things run within the industry has led to the existence of many criminals that seek to take advantage of unsuspecting investors. This has meant many have lost billions of dollars of the short period cryptocurrencies have existed. Most of the thefts have come in the shape of scam projects and platforms or hacks on trading platforms. This has seen regulators around the globe step up efforts to combat the crimes, and it has worked well by helping eliminate most scam projects, thereby protecting investors.
What is the Best Payment Method for Buying Bitcoin Diamond?
When you sign up on an exchange or cryptocurrency broker, you will find a few options to buy this digital asset. They offer a variety of modes to make the process easy for everyone. Below let's take a look at some of the common options you are likely to come across.
Buying Bitcoin Diamond with Debit/Credit Card: This is one of the most common ways to fund your account using a broker or make a purchase using an exchange. All you need to do is visit the platform of your choice, choose the buy option and select the credit/debit card option. Then proceed to enter the card details and complete the process. This mode should work just fine; however, if you live in a country that bans financial institutions from dealing with cryptocurrencies or companies within the space, it might not work.
Buying Bitcoin Diamond with Crypto: This is another popular option for those that already have crypto on their hands. Transfer your BTC, ETH, or any other token that you may hold on an exchange that supports both Bitcoin Diamond and the other token you hold and then proceed to make the swap. There might not be a way to make a direct swap, maybe since there isn't a pair to trade the two tokens, and here you will have to go through a stablecoin to convert your BTC or ETH to BCD.
Buying Bitcoin Diamond Peer-to-Peer (P2P): This is another popular option, especially for people that find themselves located in areas with less coverage by platforms and high restrictions of cryptocurrencies. P2P platforms are mostly decentralised, which means they don't have to play by anyone's rules. They offer users the chance to trade among themselves where they negotiate on price before the deal is executed. These platforms offer a variety of ways one can use to make a payment, including selecting people within your region who you can buy from using your local currency if that is the only payment option you have access to. Even if you don't find a particular P2P platform that supports BCD, you can purchase any other supported token and transfer it to an exchange that supports Bitcoin Diamond and make the swap.
Buying Bitcoin Diamond Using Third-Party Payment Options: The other popular option you will find to fund your broker account or purchase the actual asset on an exchange is using third-party payment modes such as PayPal, Skrill and many others.
The Verification Process for Trading Bitcoin Diamond
Platforms that allow you to buy and sell BCD will require you to verify your identity before you are allowed to undertake the activity. This means uploading a photo of your national ID/Passport. The platform may request a video call to confirm if you are the person that appears on the picture or not. Also, you will have to submit a utility bill that isn't more than six months to prove your residence. These rules align with various AML and KYC policies these platforms have to abide by to stop money launderers and other criminals.
Bitcoin Diamond: Long Vs. Short Term Investment
When it comes to investing in Bitcoin Diamond, there are two ways to go about it. You can opt to be a short-term or long-term investor, or you can be both. Most individuals will opt for the latter option since it ensures you get to profit as much as possible while dealing with the digital asset. Short-term investing involves active trading strategies such as day trading, scalping, swing and trend trading. All these strategies aim to exploit the volatile price of the asset. Brokers will offer one a chance to speculate on which direction the price will move, whether up or down, using leverage for potentially higher returns. But, to be successful at this, you need to educate yourself on trading; this means understanding how to read charts, set stop losses, and watching out for events likely to influence the BCD market.
Long-term investment doesn't require much since all you have to do is join an exchange, buy some BCD and transfer them to your private wallet. Then you have to hold on to the tokens for a while with hopes the price of the assets will go up. To be a long-term investor, you need to believe in the project you are investing in and hope it sees greater adoption over a long period of time.
Some individuals will opt to have two portfolios; one where they are actively exploiting the price of BCD and another one where they hold the coin and a few other tokens for the long term, ensuring they don't miss out on both sides.
Why Buy Bitcoin Diamond rather than Trade?
Buying BCD is easier than trading the asset, especially for beginners, since there isn't much effort required to buy and hold the asset other than signing up on an exchange, making the purchase and transferring the coins to a private wallet. On the other hand, if you choose to trade, you have to educate yourself on how to go about it; otherwise, you will likely lose your money. You need to be aware of the many moving parts to make trading profitable, such as conducting technical and fundamental analysis. Also, you have to watch out for events that are likely to influence the asset's price and adjust your trading strategy accordingly.
What Fees are Involved in Buying Bitcoin Diamond?
Platforms that offer Bitcoin Diamond will charge various fees for their services. This is how they are able to cover their overhead expenses. Below let's take a look at some of the fees you are likely to encounter.
Transaction Fees: These comprise network fees and additional fees added by the exchange to facilitate a transaction, either buying or selling. Typically, they are minimal and shouldn't concern you unless you are making large volumes of transactions. Brokers will charge commissions per a bunch of trades and an inactivity fee if you go for long without using your account.
Deposit Fees: Brokers and exchanges will not charge any fees when you are making a deposit to buy BCD; however, the payment mode you choose to fund your account might take a small fee. Some will even take advantage and charge huge fees if they are the only way you can access the market. Depending on the options available to you, try and select the mode that charges the least fees.
Withdrawal Fees: These are fees you incur whenever you want to withdraw coins or funds from an exchange or broker. Top platforms will charge almost similar fees to be competitive and to attract users. It's up to you to compare the prices and select the platform that offers the best fees within this category.
Safely Storing Your Bitcoin Diamond
Below let's explore some of the wallets available to you that you can use to store your tokens from the reach of bad actors. Most of these cryptocurrency wallets offer the user the ability to hold their private keys since you don't own the coins if you don't hold the keys.
Web Wallet: These exist as browser extensions and exchange-provided wallets. For the latter, it's the wallet that holds your balance when you make a purchase on a given platform. The problem with this type of wallet is it's custodial, meaning the exchange gets to keep your private keys, and in case it goes under or is breached, your coins are gone forever. Browser extensions will allow you to hold your private keys and offer the same level of convenience as exchange wallets. The only issue is they are online all the time, which can be risky since they can be accessed by hackers easily.
Mobile Wallet: These are applications you install on a smartphone that let you store your BCD tokens. They can either be from exchanges or companies that specialize in building such apps. They offer excellent security and convenience since you have access to your tokens on the move. Also, you can manage your portfolio with ease. The only issue is if someone was to access your device and they have the login details, you could lose your coins. Atomic and Guarda are two excellent examples of mobile wallets.
Desktop Wallet: This is a software you download and install on your PC that helps manage your crypto assets and protect them from thieves. They offer an interface where you can track your portfolio and even trade or make regular transactions. They offer a higher level of security compared to web wallets since they aren't mostly connected to the internet. But this type of wallet can be easily breached if your machine is infected with a virus or malware. Exodus is a desktop wallet.
Hardware Wallet: These are physical devices that resemble USB flash drives. They help store your BCD coins in cold storage by keeping your private keys offline. They offer the best security compared to other types of wallets. They are great for long-term investors and individuals that hold a large number of BCD tokens. Ledger and Trezor are two examples of such wallets.
Wallet Combinations: You might want to be a long-term and short-term investor when it comes to Bitcoin Diamond. This means holding a wallet that offers convenience when it comes to trading, such as a web or desktop wallet and a hardware wallet where you store coins you need to store for the long term. You are not limited to the number of wallets you can hold; however, ensure you remember your seed phrases in case you lose the wallet, you can easily recover it.
What Other Coins Can I Trade or Use to Buy Bitcoin Diamond?
Being one of the popular cryptocurrencies within the market, BCD is available on most top exchanges where it's possible to use other tokens to swap for the coin. Popular trading pairs include the use of stablecoins such as USDT and BUSD. Also, popular coins such as BTC, ETH, and BNB are also an option. On a platform that supports Bitcoin Diamond, it's literally possible to swap the token for another supported coin, even if it means converting to a stablecoin first before proceeding.
What's the Smallest and Largest Amount of Bitcoin Diamond I Can Buy?
One BCD coin goes for less than $3, which means most people can buy a whole coin. However, due to network and other attached fees, exchanges will stipulate you buy coins worth at least $10. At the current price, this gets you around three full coins. Practically speaking, it's possible to buy BCD worth cents since the token is divisible up to 8 decimal places.
Can I Buy Bitcoin Diamond Anonymously with no ID? Is it Safe and Legal to Buy Bitcoin Diamond?
It's possible to acquire Bitcoin Diamond (BCD) anonymously. Most platforms that allow you to do this are decentralised exchanges where you will trade peer-to-peer (P2P) with others. These work by directly linking buyers and sellers, where they negotiate on the asset price before payment is made and the coins are released. However, since people use pseudonyms without disclosing much information to trade, you need to be careful since you can easily be scammed. These platforms have a reputation rating system where traders rate each other based on their experiences. Always go for traders with many trades under their belt and a higher rating.
On the other hand, while centralised exchanges will not appeal to users who love privacy due to KYC and AML policies, they offer better security for your investment.
Will Buying Bitcoin Diamond Make Me Money?
There is no guarantee that Bitcoin Diamond will make you money, just like there isn't a guarantee any other investment you make can be profitable. Before you decide to invest, you will need to actively research the price volatility and potential of the BCD token. If you wish to explore the price history of BCD and learn more about it, head over to our Bitcoin Diamond Price Page.
How to Spend your Bitcoin Diamond
It's possible to use your BCD coins to pay for goods and services. Today, as cryptocurrencies become popular, the number of people willing to accept it as a mode of payment is also rising. Also, you can agree to hire a person who delivers certain work like a website or even creates content for you, and you get to pay them using the tokens. Additionally, you can convert your coins into fiat and use them the way you please.
How to Sell your Bitcoin Diamond
The selling process is similar to the buying process. This feature is available on exchanges or any other platforms that offer access to these tokens. To make a quick sale opt for reputable platforms with high liquidity. If you trade using CFDs the process of selling is much quicker and simpler on a broker platform.
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Frequently Asked Questions
No. This is a decentralised protocol that no one oversees.
The protocol aims to improve some inefficiencies with Bitcoin, such as low transaction speeds and high fees.
This protocol came about after a hard fork of the Bitcoin blockchain on November 24, 2017.
The supply of BCD is 21 million coins, just like the parent protocol.
This protocol was forked by Team Every and Team 007, who sought to improve a few features of the original protocol.
Yes. Most popular exchanges and brokers will insist on identity verification as part of the KYC regulations.
There isn't a right or wrong answer to this question, and it depends on how much you have planned out. This asset is quite cheap, meaning you can make investments worth even $10 and grow your portfolio over time.
Bitcoin Diamond is a Proof of Work (PoW) cryptocurrency just like its older sibling; however, among the changes made by the protocol was the use of a different PoW algorithm that deters attacks on the network.