[Blockchain Today Reporter Seo-yeon Jang] In 2010, software developer Gavin Andresen provided bitcoin for free to promote bitcoin adoption, Cointelegraph reported.
Reportedly, on the 11th (local time), Reddit’s r/cryptocurrency community recalled the time when US software developer Gavin Andressen gave 19,700 BTC, reminding us of the interesting history of Bitcoin (BTC).
The thread that started with’uGroundbreakingLack78′ reminded me of the time when Andressen first launched the website he called the Bitcoin faucet in June 2010. In the domain of’freebitcoins.appspot.com,’ Andressen allowed visitors to earn 5 BTC per day simply by solving Capcha, a program that differentiates between machine input and humans.
User’uGroundbreakingLack78′ said, “To fuel the first faucet, Andressen used his 1,100BTC. After distributing these quantities, the faucet was reloaded, and the early Bitcoin miners and giants also coined I donated.”
On June 11, 2010, the makers of the faucet announced the’really stupid’ idea of offering free BTC in a post on the infamous Bitcointalk forum. “I want the Bitcoin project to be successful. I think people are more likely to succeed if they take a few coins and use them,” he said.
Andressen played an important role in the development of Bitcoin during its formation. He joined the core development team in 2012 after announcing that Satoshi Nakamoto, the main software developer for the reference implementation of BTC and the founder of Bitcoin’s pseudonym, would leave the project.
The Bitcoin Faucet website no longer works, but the screen grab on the domain homepage reveals very basic settings that allow users to earn BTC and set up a digital wallet. Bitcoin faucet is said to have provided a total of 19,700 BTC to solve the capcha problem. This amount of BTC is currently priced at nearly $1.2 billion.
With Bitcoin on another surge, many investors will want to get just 5 BTC. However, at present value, it is not only easy to talk about. Given the apparent BTC shortage on major exchanges, this flagship digital currency could be up to a higher level today in the short term. Bitcoin’s peak could still be months later, according to on-chain data, suggesting that investors could maintain an overwhelming surge.
Bitcoin price fell below $62,000 in mid-March, the rise has stopped, and altcoins are catching up. At its present value, Bitcoin’s market capitalization exceeds $1 trillion. Major institutions and companies have invested in digital assets to prepare for the declining currency.
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