Joanna Marie, Negosentro | With the goal of improving the first model of Bitcoin that was originally conceptualized almost a decade ago, blockchain developers and enthusiasts are creating modified versions of this digital currency with the vision of solving different issues. The creation of these Bitcoin varieties, referred to as forks, give birth to new cryptocurrencies that feature new specifications and that are valued in the market differently. Some of the most popular Bitcoin forks in the past include Bitcoin Cash, Bitcoin Gold, Bitcoin Private, and Bitcoin Diamond.
Bitcoin Diamond is a hard fork of Bitcoin that was first released in November 2017. Similar to other hard forks, Bitcoin Diamond offers innovative solutions to improve Bitcoin especially on the topic of scalability. With exactly 210 million coins, Bitcoin Diamond has 10 times more supply than the original Bitcoin. It is also compatible with Segregated Witness protocol and Lightning Network, two technologies that significantly reduce transaction fees and waiting times on the blockchain. It can also accommodate more transactions per batch at 8 MB blockchain size against Bitcoin’s 1 MB. And lastly, Bitcoin Diamond is easier to mine on computers as it runs on the X13 algorithm which is fully optimized for GPUs.
If you are holding Bitcoin inside your wallet before the block height 495,866, then you are entitled to claim an amount of free Bitcoin Diamond. To help you on this, check out these five tips to claim your free Bitcoin Diamond.
Check all your Bitcoin wallet balances.
Bitcoin Diamond forked during the block height of 495,866 which happened exactly at November 24, 2017, 09:20:12 UTC. This means that all Bitcoin wallets that held a balance at that time will be given ten times more Bitcoin Diamond for free. All other transactions that happened after the fork will no longer affect the amount of Bitcoin Diamond that you can claim. If you are unsure of your Bitcoin Diamond balance, you may always visit trusted websites to verify.
Claim Bitcoin Diamond in a supported wallet.
The next tip is to check the list of trusted wallet applications which you can use to claim your free Bitcoin Diamond. You may visit Bitcoin Diamond’s official website for more information about the list of supported wallets.
Transfer your funds to another wallet.
For security purposes, it is recommended that you transfer your Bitcoins first to another wallet before claiming Bitcoin Diamond. This reduces the risks of other people gaining unauthorized access to your funds. You will be using your private key to unlock Bitcoin Diamond in your wallet application, so always make sure that the wallet is empty, just in case your private key gets stolen.
Contact your wallet provider.
If your Bitcoin is stored in a hosted online wallet or a cryptocurrency exchange, you will not be able to claim Bitcoin Diamond by yourself as the companies manage the private keys for their clients. Most exchanges automatically credit Bitcoin Diamond to qualified accounts days after the fork. You may either transfer them to an external wallet or trade them to Bitcoin to buy coins similar to the ones included in this cryptocurrency list. Other exchanges do not have Bitcoin Diamond pairings with other cryptocurrencies, so it is better that you contact their support team for further assistance.
Avoid scam sites that promise to recover the coins from your wallet.
Do not immediately trust websites that promise to claim Bitcoin Diamond for you in exchange for your private wallet keys. Only transact with trusted and established exchanges to avoid losing your money.