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Watch this great video by Duncan Elms for a brief introduction.
Video: Bitcoin Explained
Or this video course on khan academny.
Bitcoin: What is it?
Bitcoin transactions work by sending change back to yourself. For example if you have a wallet with a previous transaction of 1 bitcoin in it and want to send your friend half of that, your bitcoin client creates a new transaction with 2 destinations – 0.5 btc to your friend and 0.5 btc back to yourself.
But there is no way to know for sure if a transaction has change in it or not. This website has an algorithm that tries to figure out which amounts are change, it does a decent job but it's still an estimate.
The total value under the estimate shows you all the money flowing trough the network, including change.
It is based of that calculating 1500 megahashes in 1 second is consuming 1 joule (=1 watt).
It is a weighted average from all major bitcoin exchanges.
* Low volume currencies have their price converted from the USD price.
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I did! Johan Nordberg. Visit my website – twitter – github.
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