The Legendary Bitcoin Faucet is Back
A Bitcoin Faucet, reminiscent of the original created by Gavin Andresen in 2010, is making a comeback, thanks to Charlie Shrem. This faucet famously distributed 5 BTC per user for free, which is now worth nearly $500,000 per transfer.
What to Know:
- The original faucet was a way to onboard new users to the Bitcoin network when buying or mining BTC was cumbersome.
- The new faucet site is not yet operational and currently holds no Bitcoin.
Charlie Shrem, an early Bitcoin developer, teased the relaunch earlier this week. The faucet's original concept was to hand out Bitcoin for free to anyone who could solve a simple CAPTCHA, helping thousands of early users get their first exposure to Bitcoin.
Historical Significance
The faucet was funded with 1,100 BTC by Gavin Andresen, aiming to grow the network organically. It successfully provided many their first Bitcoin, distributing small fortunes for free. Although the faucet eventually shut down with payouts dwindling to fractions of a BTC, its cultural impact remained significant as BTC prices surged over the following decade.
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