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Clearly, a user who can forge a chain of coin ownership can create money out of thin air. For this reason, electronic cash systems need ways to allow users to detect fake chains of ownership. As well see later, a significant portion of the Bitcoin networks activities revolve around addressing this problem. Chain of ownership as described here only works if three fundamental problems can be solved: Each user need an unambiguous identity that can be added to a coins chain of ow.
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