2021-01-02 01:04:38 -06:00
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---
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layout: default
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title: 'Re: [p2p-research] Bitcoin open source implementation of P2P'
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2021-01-02 01:16:09 -06:00
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date: 2009-02-12 19:01:24 +0000
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grand_parent: Emails
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2021-01-02 01:08:21 -06:00
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parent: '[p2p-research]'
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2021-01-02 01:04:38 -06:00
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nav_order: 2
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---
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# Re: [p2p-research] Bitcoin open source implementation of P2P
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2021-01-02 10:37:32 -06:00
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Satoshi explains the difference between Bitcoin and Chaumiam cash.
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2021-01-02 01:04:38 -06:00
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{: .fs-6 .fw-300 }
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---
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```
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2021-01-02 01:16:09 -06:00
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Date: Thu, 12 Feb 2009 19:01:24 +0000
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From: Satoshi Nakamoto <satoshin@gmx.com>
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To: p2presearch@listcultures.org
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Subject: Re: [p2p-research] Bitcoin open source implementation of P2P
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Martien van Steenbergen wrote:
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2021-01-02 01:18:06 -06:00
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> Very interesting. Is this akin to David Chaum's anonymous digital money?
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> His concept makes sure money is anonymous unless it is compromised, i.e.
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> the same money spent more than once. As soon as it's compromised, the
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> ‘counterfeiter’ is immediately publicly exposed.
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2021-01-02 01:18:06 -06:00
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It's similar in that it uses digital signatures for coins, but different
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in the approach to privacy and preventing double-spending. The
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recipient of a Bitcoin payment is able to check whether it is the first
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spend or not, and second-spends are not accepted. There isn't an
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off-line mode where double-spenders are caught and shamed after the
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fact, because that would require participants to have identities.
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2021-01-02 01:18:06 -06:00
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To protect privacy, key pairs are used only once, with a new one for
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every transaction. The owner of a coin is just whoever has its private key.
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2021-01-02 01:18:06 -06:00
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Of course, the biggest difference is the lack of a central server. That
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was the Achilles heel of Chaumian systems; when the central company shut
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down, so did the currency.
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2021-01-02 01:18:06 -06:00
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> Also, in bitcoin, is there a limited supply of money (that must be
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2021-01-02 01:04:38 -06:00
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> managed)? Or is money created exaclty at the moment of transaction?
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2021-01-02 01:18:06 -06:00
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There is a limited supply of money. Circulation will be 21,000,000
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coins. Transactions only transfer ownership.
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Thank you for your questions,
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Satoshi
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http://www.bitcoin.org
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_______________________________________________
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p2presearch mailing list
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p2presearch@listcultures.org
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http://listcultures.org/mailman/listinfo/p2presearch_listcultures.org
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```
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