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Bitcoin: The security of transaction block chains Video transcript Voiceover: At its core, bitcoin is just basically a chain of digital signatures that really reflect the coin's path through the bitcoin ecosystem. And, you know what? I think it's actually conceptually easier to think of bitcoins as collective entries into a ledger rather than as a physical coin because if you think about it, in a ledger, you have a record of transaction histories, which is what happens in bitcoin, whereas with the physical coin, it's more, like, memory-less. There's no history in a physical coin of where that coin has really been in the past.
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