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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 a guess.
The total value under the estimate shows you all the money flowing trough the network, including change.
It is based on that calculating 4,000,000,000 hashes in 1 second (4gh/s) consumes 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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