13 YEARS AGO TODAY: FIRST EVER BITCOIN FAUCET GIVEAWAY
The first-ever Bitcoin faucet was created by Gavin Andresen, a developer and early Bitcoin enthusiast. The Bitcoin faucet was launched in 2010 as a way to introduce people to Bitcoin and distribute small amounts of the cryptocurrency for free. The concept of a faucet comes from the idea of a real-world faucet where water drips out slowly, and in the case of Bitcoin, small amounts of the cryptocurrency are "dripped" out to users.
The purpose of the Bitcoin faucet was to encourage adoption and allow people to experiment with Bitcoin without needing to buy or mine it. Users could visit the faucet website, complete a simple task or solve a captcha, and receive 5 $BTC in return, each $BTC was worth $1 and that would amount to $132k today.