Bitcoin diamond (BCD) is a spin-off of the bitcoin cryptocurrency. Buying and selling it can be quite profitable if you play your cards right but can also prove costly you if you make a mistake. To exchange it (BCD), all you need to do is follow these simple steps…
Create an Account
Look for exchanges that have Bitcoin Diamond in their list of currency pairs and choose whichever suits you best. Afterwards, you can create an account. Depending on the platform you choose, you will have to provide your name, proof of identification, contact details, email address, and password.
Fund Your Account
You may not be able to find an exchange that can directly convert US Dollars to bitcoin diamond. In such a case, you will have to get a listed cryptocurrency (like bitcoin) that’s in the same currency pair as bitcoin diamond. Fund your account (for the listed cryptocurrency) by copying the address of your own exchange wallet, and pasting it when transferring funds to your account, as the destination.
Tip: For those who don’t know, a currency pair is a quotation of two currencies. One is called the quote currency, and the other is called the base currency. You can click here for more information on currency pairs.
Go to your platform’s “Markets” or “Exchange” section. Look for the currency pair that you want and go over the prices, and enter the desired amount of bitcoin diamond you would like to purchase. Before finishing the transaction, always ensure that you carefully look at the details.
To sell BCD coins, go through the same process you went through to buy it. However, this time, rather clicking than “Buy”, click “Sell”. Finally, go through the details of the transaction before completing.
Note: Keep in mind that it is listed in only a few currency pair lists. This may affect how quickly you can exchange it for your desired token or coin.
Finding the Right Wallet to Hold Your BCD
You may decide to simply store your BCD coins in an exchange wallet if you have no intention of selling them right away. However, exchange wallets aren’t ideal for storing coins for a long time.
Aside from the risk involved, these wallets don’t give you control of your key. It is advised that you transfer your tokens and coins from the exchange and put them in a wallet of your own choosing. While doing this, though, make sure that the wallet you choose supports BCD.
Bitcoin spin-offs gained popularity in the year 2017. BCH (bitcoin cash) became the most popular and successful spin-off. BCH was followed by BTG (bitcoin gold) and, finally, BCD. Those who created BCD talked about addressing certain issues with it such as privacy breaches, high fees when processing transactions, and slow processing.
One good thing about bitcoin diamond is that it offers less expensive and faster transactions. This currency also has more supply than some others. However, it is advised that you take time to study all the important factors before you start exchanging. This is because exchanging cryptocurrencies has a lot of risk involved.
Issues You Should Take Into Account
Newcomers to the cryptocurrency game might mix BCD get with all the other spin-offs such as BTG and BCH. You also need to keep in mind that there is a world-wide limit to the number of BCD coins that are available.
Another downside to bitcoin diamond is that it can’t predict its future price movements. It also doesn’t look like it’s received any upgrades since 2019. In addition to this, getting BCD directly might be difficult because it gained popularity just recently. If your country doesn’t support cryptocurrency, you won’t be able to get this one.
What we’ve shared above is a basic guide. You can visit https://rubix.io/bcd-exchange to learn more about exchanging those cryptos.
Even though they haven’t been accepted world-wide, cryptocurrencies such as the one under review here are gaining more and more popularity each day. Exchanging bitcoin diamond can be very profitable if you take your time to study the price fluctuations and sell accordingly. However, you need to remember that there is a lot of risk involved. A careless move could cost you a lot of money.