A bitcoin is a crypto currency, a sequence of digital numbers. You can exchange bitcoins with software called a bitcoin client. The value of a bitcoin derives from the faith that people have in the currency and what they can procure with it. The bitcoin system is a so called peer-to-peer system, meaning that transactions take place directly between two accounts without the interference of a bank or government. But who controls the system? Well… the bitcoin users do. They can validate transactions by solving mathematical equations. These mathematical formulas follow the path bitcoins took through the system by comparing ledgers, transaction amounts and transaction dates. This is called bitcoin mining. These formulas go in batches. So when a batch is solved, which takes lots of compu
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