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+---
+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
+```