Reddit’s r/Cryptocurrency community revived a stimulating piece of Bitcoin [BTC] history earlier on Sunday, with a new thread reminiscing about the time that American software developer Gavin Andresen gave away 19,700 BTC.
A thread started by “uGroundbreakingLack78” took the Reddit community all the way back to June 2010 when Andresen first launched the so-called Bitcoin faucet website. Using the domain “freebitcoins.appspot.com,” Andresen gave visitors the chance to earn 5 BTC per day just by solving a captcha, which is a program intended to differentiate human from machine input.
User “uGroundbreakingLack78” explained:
“To fuel the primary faucet, Andresen loaded it with 1,100 BTC of his own. After these got away, the tap was reloaded, with early bitcoin miners and whales also donating coins.”
The faucet’s creator revealed his “really dumb” idea of making a gift of free BTC on the now infamous Bitcointalk forum within a post that appeared earlier on 11th June 2010. His motivation: “[…] I would like the Bitcoin project to succeed, and that I think it’s more likely to be a hit if people can get a couple of coins to undertake it out.”
Andresen played a serious role in Bitcoin’s development during its formative days. He was the leading software developer for BTC’s reference implementation, having joined the core development team earlier in 2012 after Satoshi Nakamoto, Bitcoin’s pseudonymous founder announced that he might be leaving the project.
Although the Bitcoin faucet website is not any longer functioning, a screengrab of the domain’s homepage revealed a really basic setup where users can earn BTC and found out their digital wallet. The Bitcoin faucet reportedly gave away 19,700 BTC to users only for solving a captcha. Those BTC are worth almost $1.2 Bln at today’s prices.
With Bitcoin within the midst of yet one more market, many investors would like to get their hands on just 5 BTC. However, that’s easier said than done at the present values. Given the apparent shortage of BTC on the leading cryptocurrency exchanges, the flagship digital currency might be poised to travel higher within the short term. On-chain data reveals that Bitcoin’s moonshot could still be months away, which suggests investors remain overwhelmingly bullish.