I have a few questions about bitcoin and trying to wrap my head around it.
1) If people can generate bitcoins out of thin air on their computer how does it not mess with the value of the bitcoin?
2) I have bitcoin-qt on my computer a mac, If i ever had to reinstall my os how do i keep my wallet? is the address to my wallet generated based on my hardware or is it automatically generated to where if i reinstalled my os it would create a new one.
3) I read that bitcoin mining is pure luck. My question is what is the software mineing from and where is it collecting its data from? My bitcoin-qt software has been synchronizing with a network for a while now and i'm not sure what it is downloading.