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Update ch01.asciidoc, What is bitcoin 3rd para

Made a few implied points more explicit and changed "transaction" to "address" in a few occasions where it was more appropriate
for e.g.  
"Users of bitcoin own keys which allow them to prove ownership of transactions in the bitcoin network, unlocking the value to spend it and transfer it to a new recipient. " to 
"Users of bitcoin own keys which allow them to prove ownership of addresses in the bitcoin network. Unlocking these addresses, unlocks any value associated to it and grants the user the ability to spend and thus transfer value from it."

Do key holders really own transactions? when someone transfers bitcoin to a user's address, is that transaction really theirs rather than the spender's? Isn't it more appropriate to say that the bitcoins associated to their address is theirs.

"Unlocking value to spend it and transfer it to a new recipient"
here unlocking value implies the "value to spend" instead of "spend the value", also, isn't spend and transfer the same thing? and a user could transfer bitcoins to an old recipient instead of a new one.
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bitcoins.SG 2014-09-04 14:20:45 +05:45
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@ -7,7 +7,7 @@ Bitcoin is a collection of concepts and technologies that form the basis of a di
Users can transfer bitcoin over the network to do just about anything that can be done with conventional currencies, such as buy and sell goods, send money to people or organizations, or extend credit. Bitcoin technology includes features that are based on encryption and digital signatures to ensure the security of the bitcoin network. Bitcoins can be purchased, sold and exchanged for other currencies at specialized currency exchanges. Bitcoin in a sense is the perfect form of money for the Internet because it is fast, secure, and borderless.
Unlike traditional currencies, bitcoins are entirely virtual. There are no physical coins or even digital coins per se. The coins are implied in transactions which transfer value from sender to recipient. Users of bitcoin own keys which allow them to prove ownership of transactions in the bitcoin network, unlocking the value to spend it and transfer it to a new recipient. Those keys are often stored in a digital wallet on each users computer. Possession of the key that unlocks a transaction is the only prerequisite to spending bitcoins, putting the control entirely in the hands of each user.
Unlike traditional currencies, bitcoins are entirely virtual. There are no physical coins or even digital coins per se. The coins are implied in transactions which transfer a quantitative value from sender to recipient. Users of bitcoin own keys which allow them to prove ownership of addresses in the bitcoin network. Unlocking these addresses, unlocks any value associated to it and grants the user the ability to spend and thus transfer value from it. Keys can be stored in a variety of mediums, including a piece of paper, but are most oftenly stored on the user's computer. Possession of a key that unlocks an address is the only prerequisite to spending bitcoins transferred to it; putting the control entirely in the hands of the user.
Bitcoin is a fully-distributed, peer-to-peer system. As such there is no "central" server or point of control. Bitcoins are created through a process called "mining", which involves looking for a solution to a difficult problem. Any participant in the bitcoin network (i.e., any device running the full bitcoin protocol stack) may operate as a miner, using their computer's processing power to attempt to find solutions to this problem. Every 10 minutes on average, a new solution is found by someone who then is able to validate the transactions of the past 10 minutes and is rewarded with brand new bitcoins. Essentially, bitcoin mining de-centralizes the currency-issuance and clearing functions of a central bank and replaces the need for any central bank with this global competition.