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+---
+layout: default
+title: Bitcoin P2P e-cash paper
+grand_parent: Emails
+parent: Cryptography Mailing List
+nav_order: 9
+---
+
+# Bitcoin P2P e-cash paper
+
+The email on the Cryptography Mailing List that announced Bitcoin publicly to the world.
+{: .fs-6 .fw-300 } 
+
+---
+
+```
+James A. Donald wrote:
+> Furthermore, it cannot be made to work, as in the
+> proposed system the work of tracking who owns what coins
+> is paid for by seigniorage, which requires inflation.
+
+If you're having trouble with the inflation issue, it's easy to tweak it for transaction fees instead. It's as simple as this: let the output value from any transaction be 1 cent less than the input value. Either the client software automatically writes transactions for 1 cent more than the intended payment value, or it could come out of the payee's side. The incentive value when a node finds a proof-of-work for a block could be the total of the fees in the block.
+
+Satoshi Nakamoto
+
+
+---------------------------------------------------------------------
+The Cryptography Mailing List
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+```