diff --git a/docs/emails/bitcoin-list/3.md b/docs/emails/bitcoin-list/3.md new file mode 100644 index 0000000..f3ee5f7 --- /dev/null +++ b/docs/emails/bitcoin-list/3.md @@ -0,0 +1,77 @@ +--- +layout: default +title: “[bitcoin-list] Bitcoin v0.1 Alpha release notes” +grand_parent: Emails +parent: bitcoin-list +nav_order: 3 +--- + +# Bitcoin P2P e-cash paper + +The email on the Cryptography Mailing List that announced Bitcoin publicly to the world. +{: .fs-6 .fw-300 } + +--- + +``` +Release notes for Bitcoin v0.1 Alpha + +Bitcoin is a new electronic cash system that uses a peer-to-peer +network to prevent double-spending. It's completely decentralized +with no server or central authority. + +You can find screenshots and the download link at: +http://www.bitcoin.org + +Windows only for now. Open source C++ code is included. + +- 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. + +The software is still alpha and experimental. There's no guarantee +the system's state won't have to be restarted at some point if it +becomes necessary, although I've done everything I can to build in +extensibility and versioning. + +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 +```