Jeff Garzik: Why give away 15678 bitcoins?
Bitcoin

Jeff Garzik: Why give away 15678 bitcoins?

By Alfredo de Candia - 11 Oct 2019

Chevron down

15678 bitcoins: this is the sum that the early adopter Jeff Garzik gave away back in 2010.

Garzik, one of the many reference points for bitcoin, often suspected of being Satoshi Nakamoto, commented on Twitter on a post by another user, Brett Scott, who highlighted some negative aspects of bitcoin.

Scott had in fact criticised the developments of the queen of cryptocurrencies in recent years and how BTC has become an investment asset, and therefore a store of value, rather than a payment method.

It’s certainly a shared downside, especially considering that if everyone owned bitcoin only as a store of value and didn’t use it as a payment system then it would mean that bitcoin would fail in its original intent, which was to replace fiat currencies.

Jeff Garzik and the bitcoin giveaway

Following this logic, it’s understandable why at the beginning of the development of BTC, some personalities from the crypto world would have given out many bitcoins, just like Jeff Garzik did back in 2010.

In essence, as Garzik explains, the reason for these giveaways was precisely to encourage their spread as a payment method.

At the time, the price of bitcoin was certainly very low, it is enough to remember the case of the famous pizzas paid 10000 bitcoin precisely to encourage the spread and circulation.

This giveaway technique can still be found today, both to promote events and to spread a new project, especially new blockchains and their tokens: worth mentioning are the airdrops of the various projects, one recent example is K-tune with its 1 million tokens. 

Finally, for the record, it is worth noting that those famous 15678 BTC are now worth over $130 million.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.