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85 lines
2.9 KiB
Markdown
---
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layout: default
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title: "Bitcoin v0.1 released"
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grand_parent: Emails
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parent: Cryptography Mailing List
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nav_order: 16
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date: 2009-01-08 19:27:40 UTC
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---
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# Bitcoin v0.1 released
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Satoshi officially releases the first Bitcoin client to the world.
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{: .fs-6 .fw-300 }
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---
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```
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Announcing the first release of Bitcoin, a new electronic cash
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system that uses a peer-to-peer network to prevent double-spending.
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It's completely decentralized with no server or central authority.
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See bitcoin.org for screenshots.
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Download link:
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http://downloads.sourceforge.net/bitcoin/bitcoin-0.1.0.rar
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Windows only for now. Open source C++ code is included.
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- Unpack the files into a directory
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- Run BITCOIN.EXE
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- It automatically connects to other nodes
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If you can keep a node running that accepts incoming connections,
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you'll really be helping the network a lot. Port 8333 on your
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firewall needs to be open to receive incoming connections.
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The software is still alpha and experimental. There's no guarantee
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the system's state won't have to be restarted at some point if it
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becomes necessary, although I've done everything I can to build in
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extensibility and versioning.
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You can get coins by getting someone to send you some, or turn on
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Options->Generate Coins to run a node and generate blocks. I made
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the proof-of-work difficulty ridiculously easy to start with, so
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for a little while in the beginning a typical PC will be able to
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generate coins in just a few hours. It'll get a lot harder when
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competition makes the automatic adjustment drive up the difficulty.
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Generated coins must wait 120 blocks to mature before they can be
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spent.
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There are two ways to send money. If the recipient is online, you
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can enter their IP address and it will connect, get a new public
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key and send the transaction with comments. If the recipient is
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not online, it is possible to send to their Bitcoin address, which
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is a hash of their public key that they give you. They'll receive
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the transaction the next time they connect and get the block it's
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in. This method has the disadvantage that no comment information
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is sent, and a bit of privacy may be lost if the address is used
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multiple times, but it is a useful alternative if both users can't
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be online at the same time or the recipient can't receive incoming
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connections.
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Total circulation will be 21,000,000 coins. It'll be distributed
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to network nodes when they make blocks, with the amount cut in half
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every 4 years.
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first 4 years: 10,500,000 coins
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next 4 years: 5,250,000 coins
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next 4 years: 2,625,000 coins
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next 4 years: 1,312,500 coins
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etc...
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When that runs out, the system can support transaction fees if
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needed. It's based on open market competition, and there will
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probably always be nodes willing to process transactions for free.
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Satoshi Nakamoto
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---------------------------------------------------------------------
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The Cryptography Mailing List
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Unsubscribe by sending "unsubscribe cryptography" to majordomo at metzdowd.com
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```
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