We all know about Bitcoin and how it is taking the world by storm. You may not know that Bitcoin is not the only cryptocurrency and there are many others. The Wall Street Journal recently made its own cryptocurrency called WSJCoin.
Steven Russolillo, an author for the Wall Street Journal, was very interested in why Bitcoin had become so successful. He finally came to the conclusion that the best way to learn about cryptocurrency was by creating one. Because you cannot just create a cryptocurrency with no prior knowledge, he took information from other cryptocurrencies. To do this, he travelled to the land of cryptocurrency, Japan. One of the cryptocurrencies he learned from was Bitcoin.
The goal and point of Bitcoin is for people to perform online transactions in the most secure and safe way. Bitcoin is, basically, an online transaction service with no man in the middle. Just the sender and the receiver. But if it’s online, some kind of bot has to verify if the sender has enough money to make the transaction. Well, this is where the block chain comes in. The block chain is, according to Bitcoin, a “shared public ledger on which the entire Bitcoin network relies.” This means that the block chain verifies the transactions. This is how they accomplish the goal in which there is no middle man. However, another one of their goals is “fast,” and if one server is handling all of these transaction requests at one time, it will most likely not be smooth at all and the servers may crash from time to time. They achieve this by spreading the block chain into parts. Remember that the block chain is a shared public ledger, and it is called the block chain. A chain is metal pieces connected into one long chain. These metal pieces are shared throughout the world.