Installing FCP on a different computer

I quickly (but too late) realized that a MacBook is not really up to FCP, so have decided to get a Pro. Can I install the FCP (Academic version) on the new machine if I wipe it off the old? Will there be id recognition issues? Licensing issues?

Thanks, drew. I should have been more clear that I am going from a MacBook to a MacBook Pro, so if there were any issue, it would be with having it on two notebooks. But, as you noted, my intention is to have it on only one computer in the end.
To be clear: is it true that irrespective of any limitations on number of computers I am allowed to have with a single copy of FCP at any given time, I should be ok if I have it on only one computer at any time, even if it was once on another computer. Is that hopelessly confusing?

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