Bitcoin
Coinbase CEO Recalls Distributing 1 BTC per Tester During 2012 Launch
Coinbase co-founder Brian Armstrong shared that he distributed one full Bitcoin to early platform testers when the coin traded between $5 and $10.
In an appearance on the podcast The Wolf Of All Streets, Coinbase co-founder and chief executive Brian Armstrong recounted the onboarding methods used when the exchange launched in 2012. To attract initial users, Armstrong gave away one full Bitcoin to anyone willing to install and test the application, estimating that around 1,000 people received the promotional coin.
At the time, Bitcoin traded between $5 and $10, making the total expenditure roughly $5,000 to $10,000. Armstrong noted that such promotional distributions were common in the sector's early days, pointing to developer Gavin Andresen's 2010 faucet that distributed 5 BTC per visitor. Coinbase also employed smaller promotional giveaways at the time, including referral rewards of 0.10 BTC and fractional transfers by email.
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