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5 Bitcoins Up For Grabs! - The First Bitcoin Faucet (2010)

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Written by   1388
11 months ago
Topics: BCH, Bitcoin, Cash, Bitcoincash, Blocksize, ...

Want to make 5BTC with just a few clicks? 11 years ago, this was possible.

Although the price of BTC a decade ago was just about one cent, with the Bitcoin network still in its infancy. Meaning, anything could go wrong.

Back in 2010, Bitcoin was known in only a small circle of tech-savvy libertarians and cypherpunks. It was the best bet for the foundations of a digital currency, a network nobody could control, with enhanced individual ownership rights.

Gavin Andresen is an early Bitcoin developer that wanted Bitcoin to succeed and become widely used P2P electronic cash.

Gavin developed a simple HTML website offering 5 BTC to anyone brave enough to download the Bitcoin software and create a Bitcoin address.

The 2010 Bitcoin Faucet by Gavin Andresen

5 BTC today translates into $241,864.75.

Source: Web Archive

I’m not sure if Gavin attracted more users in Bitcoin with this approach since from what I’ve read, this faucet was quickly depleted and went offline after a while.

Bitcoin in the early days had a limited userbase and the early adopters of this financial revolution were trying their best to discuss Bitcoin and promote it in their circles.

Eventually, Bitcoin reached popularity when Silicon Valley execs in about 2011 began testing it and found it to contain a use-case that could attract millions of users.

Back in 2010, a 1MB blocksize limit was introduced by Satoshi for anti-spam and anti-DDoS reasons, as the founder of Bitcoin explained.

The Bitcoin community expressed the fact that it could be a problem to the scalability of BTC and Satoshi also acknowledged this fact, while also providing a solution to increase blocksize.

Source: bitcointalk

It was 2013 the first time I’ve read about Bitcoin in the news.

Yet, I had encountered Bitcoin before. The word wasn’t alien to me in 2013 when I read the first news article about it.

Although, I’m still not entirely sure where exactly I've first found it, just speculating since I was surprised to see the word Bitcoin again. Just thought of it as trying to exploit the BitTorrent scheme by having “bit” as the first component of the bitcoin name.

Perhaps I’ve encountered Bitcoin in the various BitTorrent websites I was heavily using since 2004, or maybe that “one time” I downloaded Tor and browsed just for a while, but I doubt it was Tor, I wasn’t using marketplaces and didn't use the software too often.

I was testing any software I could find and often had to clean my system or perform a full format to clean the malware infections.

Maybe, though, I accidentally found Gavin’s faucet in 2010 after following a series of links I landed on a Free Bitcoins faucet webpage handing out 5 BTC. I’m not entirely sure, but I have a vague memory of having visited this page. Certainly, I skipped without giving enough attention.

It seems pointless to wonder, but there is a useful part in the conclusion of this story.

What Would We Have Done if We Found A Bitcoin Faucet back then?

As with thousands of more tech-related articles I was browsing, Bitcoin probably passed me and many more until we’ve heard this word a couple of times again.

If I encountered this faucet, I simply skipped it so it doesn’t matter. Yet, I kept thinking about the massive changes that apply with just taking a moment to test beta software.

Usually, doing something for no reason means it should at least be entertaining. The faucet by Gavin didn’t explain Bitcoin. It didn’t give a description of it having any value at all, probably because the value was pretty small. There was just the message about money that was not controlled by anyone, but this wasn’t attractive enough for me, either.

Those that entered Bitcoin so early profited, although most did not hold all the mined Bitcoins forever. Some used BTC as money, others held and many lost their private keys. Probably I would have been one of those miners with a burned and discarded HD looking for it at a landfill.

CPU hashrate was increasing since some folks were mining with hundreds of desktops and CPUs combined, and eventually ASICs were programmed to solve SHA256 exclusively, so the industrial era of mining began for Bitcoin.

It is all about wondering what if, yet what matters most is what about now?

In Conclusion: Bitcoin Cash

We notice in Bitcoin Cash today the same energy and same potential Bitcoin had until 2015 when the decision not to scale Bitcoin was forged, which also established the direction of two competing Bitcoin chains (BTC and BCH).

The difference is BTC attracted new users for investing and speculation purposes. The “price go up” narrative allowed those who entered Bitcoin early to give a sense of success when investing early.

The price of BCH will follow adoption, though, and success will be derived from the utility of the network.

BTC has a vast network of fund managers promoting it to various institutions as a high-reward exposure to modern financial technology. At least this is how institutional funds and wealthy investors understand Bitcoin, today.

Eventually, it will become obvious that Bitcoin Cash offers a lot more than BTC in terms of utility and as adoption increases, the funds will follow this trend.

Images:

Lead Image: Pixabay (modified)


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Avatar for Pantera
Written by   1388
11 months ago
Topics: BCH, Bitcoin, Cash, Bitcoincash, Blocksize, ...
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Comments

In 2018 someone told me to buy BTC I never understood what crypto currency meant and when I understood I hadn't resources to invest nor had channels to mine it and in 2021 I came to know about BCH which I embraced with much love and passion. I saw BCH as the second opportunity.

$ 0.00
11 months ago

You can think of it as a second chance, but this will not be something instant. It takes years, yet, the way I see it today is a great time to be in BCH concerning price.

$ 0.00
11 months ago

I'm following up BCH with tenderness and with vision knowing that BCH 'S future is bigger than BTC of today

$ 0.00
11 months ago

I just stumbled into finding out about Bitcoin Cash the other day, and now I am intrigued by the potential use cases. Thanks for sharing your perspective and connecting it to the early days of Bitcoin. I plan to hold onto my Bitcoin Cash so I can start to understand how it works and what the potential utility will be.

$ 0.00
User's avatar oyl
11 months ago

....

$ 0.00
11 months ago

Ohh this is amazing to see anscient account you are amazing bro

$ 0.00
11 months ago

If only I could go back in time

$ 0.00
11 months ago

Sir, I will start by saying that I never had a phone or access to computer at the time bitcoin was still a couple of cents. I have tried to read and understand why any one will still not want to adopt BCH now although it has increased and may be hard for people like us to get one within few months, but it is a bet I am willing to take. I used to ask my elder brothers what they were doing when bitcoin was still very much new. I won't allow this opportunity to pass me by. Sir, is there any BCH faucet? I joined this platform to try and accumulate some BCH, I just hope I am not too late. I will keep searching and trying out every legit faucet I see.

$ 0.02
11 months ago

You can start writing here and at noise.cash and collect BCH. I don't know if there is a BCH faucet.

$ 0.00
11 months ago

Ok, thank you Sir. I will try to accumulate as as much as I can.

$ 0.00
11 months ago

Write unique content and you will start getting tips. Think of what you want to read about, if you have a particular skill or experiences, this would work better than anything else. Be unique, though it is the most important part that will help you succeed.

$ 0.00
11 months ago

Thank you so much Sir for this success tip. I will try my best to be unique.

$ 0.00
11 months ago

I save all my coins in BCH. I don't want to regret it later. I even had BTC in 2019 and sold it. 😳

$ 0.05
11 months ago

It IS amazing to me to think what my portfolio may have looked like had I much earlier on adopted the idea of Bitcoin. In my mind, and in the many conversations around the water cooler at work about it, it all just felt like fake money and no one was interested in it. Including myself. And of course, I had no idea how to even buy any, and never took the time to look into it.

Even so far as crypto itself, I really didn't have any interest in any of it until I got here. I was GETTING more interested before here. But I wasn't ready to dive in and learn more just yet. Now I have several coins to my name.

But to your conclusion, I am in that camp as well where I think (and I know I sound like a broken record) BCH just has all the goods to be THE coin to own and use. If Bitcoin did anything, I think, it was that it laid the groundwork for something ELSE to be the big coin. But Bitcoin itself won't be it.

$ 0.22
11 months ago

When I started putting money in Bitcoin, I remember I won, and you were after a while. I lost $10, 000. At once.

$ 0.00
11 months ago

I start to know about Bitcoin two years ago although I don’t know what it’s use for I just know it worth more than a dollar but in recent when I joined readcash and noisecah I’ve been trying to understand little by little what BCH and BTC mean.

$ 0.00
11 months ago

I think I started to hear about bitcoin at that time but shrugged it off. Then around 2015, a group of people here started marketing bitcoin using a multi-level marketing scheme...

$ 0.05
11 months ago

Oh, yes, there had been various pyramids and mlm's with Bitcoin. Worst way to find crypto.

$ 0.00
11 months ago

There is 0% chance that i would have clicked the faucet back then. In fact a -10000%. Bitcoin was a foreign world to me back then and even as at last year, i regard anyone involved in it or any other Crytocurrency as a fraudster.

$ 0.05
11 months ago

It was also more dangerous than now. There was no https protocol if I remember correctly and malware were having a party.

$ 0.00
11 months ago

It is an excellent historical account of Bitcoin and cryptocurrency. I appreciate your zeal to explore down memory lane and write brilliant commentaries. I will save this article.

$ 0.00
11 months ago