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What is a Bitcoin?

Bitcoins are generated and maintained by peer-to-peer or P2P software. Every coin is a unique code-string. The coins are held in digital repositories ("bitcoin wallets") with the owner possessing a private cryptographic key. A transaction results in a coin moving from one wallet to another. The real genius lies in the concept of the blockchain, copies of which are downloaded and held by many users. The blockchain is a P2P digital ledger. It records every bitcoin generated, and every transaction made, coin by coin.

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