Bitcoin is a decentralized digital currency that we can buy, sell and exchange directly, without an intermediary like a bank. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralised authority, unlike government issued currencies. There are no physical Bitcoin, only balances kept on a public ledger that everyone has transparent access to, that along with all Bitcoin transactions is verified by a massive amount of computing power. Balances of Bitcoin tokens are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them.
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