On Sunday, the r / Cryptocurrency Reddit community revived an interesting piece of bitcoin (BTC) history with a new thread, reminiscent of the time when the American developer Gavin Andresen gave 19,700 BTC.
The theme “uGroundbreakingLack78″ started the Reddit community back in June 2010 when Andresen first launched what he called a bitcoin picking site. Using the domain freebitcoins.appspot.com, Andresen gave visitors the chance to win 5 BTC a day just by solving a captcha, a program that seeks to distinguish between human and machine inputs.
User uGroundbreakingLack78 explained:
“To secure the first crane, Andresen loaded his own 1100 BTC into it. After it was abandoned, the crane was refilled, and the first bitcoin miners and whales also donated coins. ”
The creator of the crane announced his “really stupid” idea of giving away BTC for free on the infamous Bitcointalk forum in a post posted on June 11, 2010. His motives: “[…] I want the Bitcoin project to be successful, and I think it will most likely be a success if people have a handful of coins to try it. ”
Andresen was instrumental in the development of Bitcoin in its early days. He was the main developer of the BTC benchmark app, and joined the core development team in 2012 after Satoshi Nakamoto, the founder of Bitcoin under a pseudonym, announced that he was leaving the project.
Although the bitcoin collector site no longer worked, a screenshot of the domain’s website showed a very simple setup where users could earn BTC and set up their digital wallet. The Bitcoin crane allegedly gave users 19,700 BTC just to perform a captcha verification. These bitcoins are worth almost $ 1.2 billion at current prices.
A bitcoin crane site that appeared once in 2010. Image via Reddit
Since Bitcoin is in the middle of yet another bull market, many investors will only have 5 BTC. However, this is easier said than done with current values. Given the apparent lack of BTC on major stock exchanges, the common digital currency may be on the verge of growth in the short term. Data along the chain show that Bitcoin is still far ahead, which means that investors remain insanely optimistic.
The Bitcoin price peaked at just under $ 62,000 in mid-March, after which the rally stopped and altcoins began to catch up. At current values, the market value of bitcoins is over $ 1 trillion. Companies and large companies have, among other things, invested in digital assets as a hedge against currency depreciation.