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[ox-en] Fwd: [p2p-research] Bitcoin P2P e-currency v0.1 released

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---------- Forwarded message ----------
From: Satoshi Nakamoto <satoshin>
Date: Sat, Feb 14, 2009 at 1:45 AM
Subject: [p2p-research] Bitcoin P2P e-currency v0.1 released
To: p2presearch

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

Windows NT/2000/XP/Vista.  Open source C++ code is included.


- Unpack the files into a directory
- 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

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

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