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« One reason bitcoin can be confusing for beginners is that the technology behind it redefines the concept of ownership.

To own something in the traditional sense, be it a house or a sum of money, means either having personal custody of the thing or granting custody to a trusted entity such as a bank.

With bitcoin the case is different. Bitcoins themselves are not stored either centrally or locally and so no one entity is their custodian. They exist as records on a distributed ledger called the block chain, copies of which are shared by a volunteer network of connected computers. To “own” a bitcoin simply means having the ability to transfer control of it to someone else by creating a record of the transfer in the block chain. What grants this ability? Access to an ECDSA private and public key pair. What does that mean and how does that…

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