Bitcoin v0.1 released

Date: January 16, 2009

Source: Cryptography Mailing List (metzdowd.com)

URL: https://satoshi.nakamotoinstitute.org/emails/cryptography/17/

Dustin D. Trammell wrote:

> Satoshi Nakamoto wrote:

> You know, I think there were a lot more people interested in the 90's,

> but after more than a decade of failed Trusted Third Party based systems

> (Digicash, etc), they see it as a lost cause. I hope they can make the

> distinction that this is the first time I know of that we're trying a

> non-trust-based system.

Yea, that was the primary feature that caught my eye. The real trick

will be to get people to actually value the BitCoins so that they become

currency.

I would be surprised if 10 years from now we're not using

electronic currency in some way, now that we know a way to do it

that won't inevitably get dumbed down when the trusted third party

gets cold feet.

It could get started in a narrow niche like reward points,

donation tokens, currency for a game or micropayments for adult

sites. Initially it can be used in proof-of-work applications

for services that could almost be free but not quite.

It can already be used for pay-to-send e-mail. The send dialog is

resizeable and you can enter as long of a message as you like.

It's sent directly when it connects. The recipient doubleclicks

on the transaction to see the full message. If someone famous is

getting more e-mail than they can read, but would still like to

have a way for fans to contact them, they could set up Bitcoin and

give out the IP address on their website. "Send X bitcoins to my

priority hotline at this IP and I'll read the message personally."

Subscription sites that need some extra proof-of-work for their

free trial so it doesn't cannibalize subscriptions could charge

bitcoins for the trial.

It might make sense just to get some in case it catches on. If

enough people think the same way, that becomes a self fulfilling

prophecy. Once it gets bootstrapped, there are so many

applications if you could effortlessly pay a few cents to a

website as easily as dropping coins in a vending machine.

Satoshi Nakamoto

http://www.bitcoin.org

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