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    Author Topic: Bitcoins are not tokens  (Read 1504 times)
    remotemass (OP)
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    October 17, 2014, 06:43:42 AM
     #1

    Bitcoins are not tokens.
    The ledger - with replica in every node of the network - only manages transactions that take place between the public locker we call public address from which we keep a secret code we call private key.
    As the values associated with a public address get to be associated with other bitcoin addresses we can keep track of these amounts as if they are tokens but actually they are not kept anywhere.
    Only private keys are kept. They allow you to spend the bitcoins that entered circulation given as reward payments to those who secure the network validating and processing transactions.
    Knowing the private key you can compute its public address in fractions of a second but the reverse - computing the private key knowing only the public key - is not possible as it would take countless years and would have to be done by an incredible imense amount of trial and error.

    " PetroPayPal ≠ PayPal. Sats > petrocash. Stack free. " — #Cubic #Postcode.
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