World’s (Likely) Oldest Bitcoin Faucet is Giving Away a Lambo

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World's (Likely) Oldest Bitcoin Faucet Giving Away a Lambo (1)

One of the oldest surviving Bitcoin faucets in the world, possibly even the oldest, has just announced a giveaway featuring the car most associated with the crypto world: the Lamborghini Huracán.

Speaking exclusively to Bitcoin News, Freebitco.in owner “wetsuit” has confirmed that the site is ready to present the iconic luxury car to a single winner by the time the contest ends in six months time on  31 October 2019. The winner will be determined by a provably fair (via cryptographic hash results) lottery drawing and can also request for USD 200,000 in Bitcoin, in lieu of the physical prize.

From humble faucet to Lambo giveaway

Freebitco.in started in October 2013 as a faucet and claims over 19 million registered users, making it one of the oldest and largest Bitcoin-related sites online.

Faucets are scripts that give out free crypto for typically simple tasks such as solving captchas. The rewards are typically worth less than a cent, usually in the smallest denominations such as satoshi for Bitcoin. Faucets were synonymous with Bitcoin and crypto, especially in the early years when Bitcoin use was not as widespread.

Early Bitcoin developer Gavin Andresen is credited as the creator of the world’s first Bitcoin faucet in 2010. Visitors would get up to 5 Bitcoins per dispense. Thanks to Bitcoin’s phenomenal rise in value since then, in comparison, Freebitco.in gives out between 35 satoshi to 0.035 BTC every hour (at time of writing).

Now over five years in existence, Freebitco.in said that they began life when two ideas had predominantly occupied the crypto space: Bitcoin faucets and Bitcoin dice:

“While the site was originally a Bitcoin faucet, seeing the growing need for Bitcoin gambling in the crypto-community, we built a Bitcoin dice platform around the faucet, that we’re proud to say is one of the biggest Bitcoin gaming websites on the internet today.”

And today, its primary goal remains the same: get a wider base of users into the crypto-community and, at the same time, ensuring existing users enjoys this innovation to the fullest. Commenting on the current giveaway, Freebitco.in says:

“Owning a Lamborghini is a crypto-enthusiast’s dream, and we could not think of a better prize to reward our users for supporting the novel technology of crypto currency through its ups and downs.”

Is there still a future for faucets?

Today, very few Bitcoin faucets are in existence, with most dying out over the years or implementing heavy advertising to maintain operations. Freebitco.in is one of the very few which has avoided this route:

“We started the website with the intention of monetizing it with advertisements; However, I personally have never liked getting blasted with ads every single time I visit a page. So, one day we decided to take a big risk and said, “No more ads!”… we have always prioritized user experience above everything else. Talking about lasting long, we aren’t just a Bitcoin faucet anymore – we are so much more than that, and that has helped us build this amazing community of crypto-gaming enthusiasts.”

Despite the bleak outlook for faucets, Freebitco.in still believes that “As long as there is a future for bitcoin, there is a future for faucets”. Faucets, they believe, have always been an entry point for newcomers, and there will always be new entrants to the industry looking to learn about cryptocurrency and looking to own their first units of crypto. They insist, “Nothing else does this as effectively and easily as a Bitcoin faucet.”

Five years may not be that long a time, but in the volatile and constantly evolving world of Bitcoin, where longevity is rare, Freebitco.in is perhaps one of the few that both old hands and newcomers will recognize. Prodded for a comment on price speculation, the owner said simply:

“Bitcoin has been through five cycles of boom and bust. Each time it not only recovered but reached new highs many times higher than before. I expect that pattern to repeat many times, but I am not making any predictions as to when.”

 

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