The cryptocurrency market is surely full of many companies, sites, programs and cryptocurrencies named after its biggest success: Bitcoin. Some of them have a direct relation, other are shameless copies. Today, we are going to review a member of the former group which has come to our attention lately: Bitcoinj.
What is Bitcoinj?
Bitcoinj.cash is the name of a library for using the Bitcoin protocol. Basically, Bitcoinj can enable you to maintain a wallet and be able to send and receive transactions without actually needing a Bitcoin Core copy. It is coded in Java and Python.
You might be asking yourself: “but why would I use this?” The fact is that if you are not a developer, you would hardly use this protocol. As most of the stuff in Github, Bitcoinj is not necessarily made for normal non-developer users. On the other hand, you might be using Bitcoinj without knowing, as many applications already use it in its programming.
There is also Bitcoinj.cash, which is a fork of the original project. It runs in Java and it is aimed at supporting the Bitcoin ecosystem. You can basically use it for the same things that you would use the original project, but the technology is somewhat different. Again, is something that would usually be more relevant to a developer than an investor. You can find it on Github.
How Does Bitcoinj Work?
Bitcoinj has many features that might help its users. Among them, are a light weight simplified verification mode, wallet class encryption, GUI wallet app and many other features. This library also has a complete experimental verification mode. It works just like Bitcoin Core without actually having to use it.
Some of the other features of Bitcoinj are supported for micropayment channels, command line tools that let you work with the most complete protocols and easy implementation of Bitcoin’s contract features in your own app.
How to Invest in Bitcoinj?
You cannot actually invest in Bitcoinj. This is not a private company looking for funding but an open source Github project led by a community of users. Because of this, investing is not the right word. If you are looking for profit, maybe you should just look somewhere else.
What you can do, if you liked Bitcoinj, is to donate money to the project or help in the development if you want.
How to Use Bitcoinj?
To use Bitcoinj, you have to download it on Github. It is important that you have already read the step by step tutorial that you can also find on Github and Satoshi’s White Paper of Bitcoin. Why? Because the documentation assumes that you have already read Satoshi’s work and that you are an expert on it, so you might find trouble in your way if you are not.
The documentation states something very important: do not try to use Bitcoinj to produce applications if you are not yet familiar with the language that you will be using. Reading the guides and the code is only the beginning. Failure in developing apps that use Bitcoinj can result in people losing great amounts of money, so be careful at all times.
The Bitcoinj Verdict
Is Bitcoinj a good tool for you? That depends a lot more on you than on the software. That is because, as we have already stated many times before, Bitcoinj is a tool for developers of cryptocurrency systems. Therefore, if you are not, this tool will mostly be useless for you, so you might want to browse our site for something more particularly interesting.
In the case that you are, in fact, a developer, Bitcoinj can be a great asset for you, as it might help you if you do not want or you can’t use the Bitcoin Core normally. If that is your case, then feel free to use this tool.