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+---
+layout: default
+title: '[p2p-research] Bitcoin P2P e-currency v0.1 released'
+date: 2009-02-13 19:45:28 +0100
+grand_parent: Emails
+parent: '[p2p-research]'
+nav_order: 5
+---
+
+# [p2p-research] Bitcoin P2P e-currency v0.1 released
+
+The email on the Cryptography Mailing List that announced Bitcoin publicly to the world.
+{: .fs-6 .fw-300 } 
+
+---
+
+```
+Date: Fri, 13 Feb 2009 19:45:28 +0100
+From: Satoshi Nakamoto <satoshin@gmx.com>
+To: p2presearch@listcultures.org
+Subject: [p2p-research] Bitcoin P2P e-currency v0.1 released
+
+Announcing the release of Bitcoin, a new open source peer-to-peer 
+electronic cash system that's completely decentralized, with no central 
+server or trusted parties.  Users hold the crypto keys to their own 
+money and transact directly with each other, with the help of the P2P 
+network to check for double-spending.
+
+Windows NT/2000/XP/Vista.  Open source C++ code is included.
+
+Download: http://www.bitcoin.org
+
+- Unpack the files into a directory
+- Run BITCOIN.EXE
+- It automatically connects to other nodes
+
+If you can keep a node running that accepts incoming connections, you'll 
+really be helping the network a lot.  Port 8333 on your firewall needs 
+to be open to receive incoming connections.
+
+You can get coins by getting someone to send you some, or turn on 
+Options->Generate Coins to run a node and generate blocks.  I made the 
+proof-of-work difficulty ridiculously easy to start with, so for a 
+little while in the beginning a typical PC will be able to generate 
+coins in just a few hours.  It'll get a lot harder when competition 
+makes the automatic adjustment drive up the difficulty.  Generated coins 
+must wait 120 blocks to mature before they can be spent.
+
+There are two ways to send money.  If the recipient is online, you can 
+enter their IP address and it will connect, get a new public key and 
+send the transaction with comments.  If the recipient is not online, it 
+is possible to send to their Bitcoin address, which is a hash of their 
+public key that they give you.  They'll receive the transaction the next 
+time they connect and get the block it's in.  This method has the 
+disadvantage that no comment information is sent, and a bit of privacy 
+may be lost if the address is used multiple times, but it is a useful 
+alternative if both users can't be online at the same time or the 
+recipient can't receive incoming connections.
+
+Total circulation will be 21,000,000 coins.  It'll be distributed to 
+network nodes when they make blocks, with the amount cut in half every 4 
+years.
+
+first 4 years: 10,500,000 coins
+next 4 years: 5,250,000 coins
+next 4 years: 2,625,000 coins
+next 4 years: 1,312,500 coins
+etc...
+
+When that runs out, the system can support transaction fees if needed. 
+It's based on open market competition, and there will probably always be 
+nodes willing to process transactions for free.
+
+Satoshi Nakamoto
+
+http://www.bitcoin.org
+
+_______________________________________________
+p2presearch mailing list
+p2presearch@listcultures.org
+http://listcultures.org/mailman/listinfo/p2presearch_listcultures.org
+```