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Bitcoin faucets are back—wait, what is going on?

Family members who often follow crypto news might have recently come across a headline—“Bitcoin faucets are reopening.” Most people, like me, are probably confused—what exactly is a “Bitcoin faucet”? Today, let’s take a look:

👉What is a Bitcoin faucet?

A Bitcoin faucet is a website or app that allows users to receive tiny amounts of Bitcoin for free by completing simple tasks (such as watching ads, filling out surveys, solving CAPTCHAs). It’s named after the “drip” metaphor, as the amounts given out are very small, usually measured in “satoshis” (sats, 1 satoshi = 0.00000001 BTC). Each task rewards about 10 to 100 sats, which are of relatively low value.

👉Historical overview of faucets

On June 11, 2010, developer Gavin Andresen set up the world’s first Bitcoin faucet at his own expense. Users could verify CAPTCHA and submit their wallet addresses to receive 5 BTC.

This faucet operated until March 2012, distributing approximately 19,700 BTC in total. At current prices, this amount of Bitcoin is worth about $1.32 billion.

👉Faucet revival

The famous Bitcoin team “Bitcoin at Block” under Jack Dorsey’s Block company launched this initiative, planning to go live on April 6 with the “btc.day” event page, distributing Bitcoin rewards worth about $1 million (around 15 BTC). The official participation details have not yet been announced, but it’s speculated that users might need to use Block’s products (such as Cash App Bitcoin trading, Square merchant payments, Bitkey hardware cold wallets, etc.) to qualify for the rewards.

This is the first large-scale revival of the Bitcoin faucet concept since its inception in 2010, aiming to pay tribute to Gavin Andresen, the early developer who launched the original faucet.

Perhaps this reflects the geek spirit of that era—willing to spend their own money to promote Bitcoin. Today’s Bitcoin faucet revival is more about commercial promotion and marketing of their products, and it no longer carries the “flavor” of the early days. I wonder if Andresen, upon learning that his faucet distributed $1.3 billion worth of Bitcoin back then, would cry himself to death in the bathroom? If you have any other Bitcoin terms or trending memes you want to know about, feel free to leave a comment below. Little财神 is here to investigate😎