Gollum's Gems
Gollum's Gems 2 minutes reading from Bitcoin

The History of Bitcoin Faucets

Did you know back in the early 2010s you could get free Bitcoin by literally at times just clicking a button on a website?

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We dove into the history of Bitcoin faucets below:

1.

Bitcoin faucets are websites or apps that offer small amounts of bitcoin for completing tasks or engaging with their content. They were popularized in 2010 as a way to promote Bitcoin adoption.

2.

The first Bitcoin faucet was created by Gavin Andresen in 2010 and gave away 5 bitcoin per person. As Bitcoin's value rose, these small amounts became more valuable. In total Andersen's faucet gave away 19,700 BTC.

3.

Many faucets required users to complete captchas, surveys, watch ads, or play games to earn Bitcoin. However, as the cost of mining Bitcoin increased, some faucets started paying out smaller amounts.

4.

Despite this, many faucets remained popular and continued to attract new users. They were seen as a way for people to learn about Bitcoin and get their first small amounts.

5.

Some faucets have been accused of being scams, generating spam, distributing malware, or having security vulnerabilities. It's important to do your research before using a faucet.

6.

In recent years, the number of Bitcoin faucets has declined as some have closed down or stopped paying out. Alternative ways to earn Bitcoin, like exchanges or online marketplaces, have also become more popular.

7.

However, there are still a few faucets in operation today and they continue to be a popular way for people to learn about and engage with Bitcoin albeit with extremely low payouts.

8.

Overall,

Bitcoin faucets have played a significant role in the history of Bitcoin and have helped promote its adoption.

Who back then would have assumed the age-old ethos of - if something seems too good to be true, it probably is?

This post is based on this twitter thread.

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