The early days of Bitcoin came with many criticisms, as the digital assets’ belief was not optimal. The digital asset, which is the first in the Blockchain space, was not welcomed with much fanfare, as many investors were unable to wrap their heads around the cryptocurrency. Fast forward to today, the digital asset is the most valuable in the Blockchain space, and it is also the toast of many investors flocking into the space. However, a story that just surfaced on the cryptocurrency community group of the popular social online platform- Reddit, confirmed that one of the Bitcoin project software developers had to share 19,700 Bitcoins in 2010 to boost the image of the digital asset.
Andresen was invested in the Bitcoin project
According to the story shared by GroundbreakingLack78 on the crypto community group on Reddit, he explained that famous software developer- Gavin Andresen had to give away almost 20,000 Bitcoins in 2010. According to the story, Andresen had to create a Bitcoin website, where he allowed visitors on the website to earn 5 BTC for every captcha challenge that they solve on the website.
Andresen, who was one of the Bitcoin project’s foremost developers, had to give out the first 1,200 Bitcoins off his wallet. He later decided to seek help from other Bitcoin holders and investors, who donated to the giveaway project. In an interview a few years later, Andresen told the press that he believed so much in the Bitcoin project, hence why he had to give other people the token for free to hold it and try it out.
Andresen does not regret his decision, even though he felt it was a dumb idea. However, the story has now resurfaced on Reddit and has left many members of the crypto community in awe, considering the value of the number of Bitcoins given away for free eleven years ago.
Bitcoin no longer needs any form of marketing or promotion services
The worth of the Bitcoins given away by Andresen and his website is currently valued at $1.2 billion at today’s prices, a figure that is almost as high as Elon Musk’s Tesla’s spending on Bitcoin. However, according to the story by GroundbreakingLack78, the website is no longer active at the moment, and the free Bitcoin giveaway has since stopped since ten years ago.
However, the technique used by Andresen, who joined the Bitcoin project as a core developer in 2012 after Satoshi left the project, is one that many DeFi protocols have always employed. However, these protocols do not give away huge tokens but allow users to earn rewards for their participation and activities on the protocol.
Fortunately, Bitcoin is now one of the most successful crypto space projects and would no longer be needing any form of promotional activity. The digital asset is currently the most coveted by investors and remains the space’s most valuable cryptocurrency. At the time of writing, Bitcoin is currently trading at $60,174, and despite being unable to hit a new ATH, is poised for more success by many crypto analysts.