BTC faucets are an excellent way to profit from the industry. Although the time you could have benefited significantly has passed. At one point, BTC faucets were giving people up to 1 BTC or even more for completing a captcha. But today, before you make $1 worth of BTC on a faucet, you’d have to complete several tasks.
But how did the whole idea of the bitcoin faucet come to be in the first place? Who is behind the idea of bitcoin faucets? And what were the intentions for bitcoin faucets? These questions are what we will be elaborating on in this article.
Table of Contents
What is the story behind bitcoin faucets?
The rise of bitcoin to stardom has much to do with the bitcoin faucet. The idea behind the bitcoin faucet can be traced back to the inception of bitcoin in 2009. When bitcoin debuted in the market, it had no real value. It wasn’t until thirteen years after its debut that it became the world’s talk.
After the inception of bitcoin, a significant challenge it faced was getting it into people’s hands. But in 2010, Andresen, a software developer, came up with the bitcoin faucet idea. His idea was to facilitate the ease at which bitcoin gets to people. And in no time, it turned from a small idea and community into a worldwide phenomenon.
Andresen put his idea into action by creating a simple website. This website rewards users up to 5 BTC for completing the captcha. And the best part was that the captcha was a simple task. After completing the task, users can claim their reward by downloading the BTC software and creating a bitcoin address.
And over a year, Andresen gave up to 19,700 BTC to users. At the time, 1 BTC wasn’t worth much. Today, those BTC Andresen gave away would be worth over $413.7 million. If we were to convert those 5 BTC given away then today, it would be worth well over $105,000.
What were the purposes of the bitcoin faucet in the early days?
The story behind how the bitcoin faucet became a thing today is fascinating. Considering how Gavin Andresen came into the picture and built the bitcoin ecosystem, he remains relevant today. But what was the purpose behind the bitcoin faucet set out to achieve in the early days? And why are faucets still a thing today? Below we elaborate more on these questions.
● Increase user engagement
One of the primary purposes of faucets you may have picked up is to increase the users’ engagement with the crypto token. Users are more likely to buy, sell and trade a crypto asset when they know other users have it. For example, if only 100 people in the world have a specific crypto token, the market of people you can buy or sell from is quite slim. But increasing the number of people possessing a crypto token expands the market size of people you can buy or sell with.
● Build user trust
Another purpose crypto faucets are set out to achieve is to build trust. When users interact with a crypto token and have a positive experience, they will likely become loyal and even refer it to other users. And with bitcoin being a decentralized financial institution, it quickly won the heart of users. In other words, faucets being a free way to earn bitcoin back then, played a significant role in helping people better trust the system.
● Explore bitcoin’s potential without making a financial commitment
Also, they can explore the token’s potential by offering a crypto token to users for free with faucets. This strategy is what bitcoin used, and several other crypto tokens are using as well to get more users to test out the token. And offering these services they usually wouldn’t get or have to pay a hefty price to get and still offering high-end security was one of the USPs of bitcoin and the purpose of the bitcoin faucet in the early days.
Overall, faucets are one of the feasible ways to accumulate crypto tokens with time. Even if you missed it when it peaked in 2009, you could still earn from it today. There are several faucet platforms you can register on to complete simple tasks and earn big. Although you may earn less than 1 BTC by completing a few tasks today, you can earn a lot if you put your time and energy into it.