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Author Topic: what the "amount of bitcoin" technically?  (Read 7999 times)
bitcoinex (OP)
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August 09, 2010, 09:53:54 PM
 #1

Anybody can say exactly what is the "amount equal to 0.01 BC" technically?

This is element of the chain of hashes that satisfy a certain condition? Or what?

(This is for the description of the legal validity of the exchange bitcoin in Russia)

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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BrightAnarchist
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August 09, 2010, 10:24:27 PM
 #2

It means that there is a publicly announced transaction that everyone is aware of that credits your account with 0.01 BTC from some other account. It is digitally signed by the owner of the source account, so everyone knows that they agreed to pay you the 0.01 BTC.

There are no BTCs really, just transactions. Your BTCs are just transactions to you from others. Transactions that you own can be split or combined when signing then over to other accounts.
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August 09, 2010, 10:34:42 PM
 #3

I don't understand the question. Sad
NewLibertyStandard
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August 09, 2010, 10:54:46 PM
 #4

The question originates from the thread The legal definition of bitcoins (translated from Russian), where they're trying to determine the legal definition of bitcoins.

The same topic has been discussed in English in multiple threads, including one titled Money Transfer Regulations.

I'm not a lawyer, but to the best of my knowledge, from a general legal perspective, bitcoins are digital goods, элeктpoнныe тoвapы. But if a business is trading large amounts of money in and out, they would still need to follow financial regulations, including but not limited to KYC (Know Your Customer) regulations, to discourage money laundering.

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