Charlie Shrem - one of the most pioneering and controversial figures in the Bitcoin community - has just announced a new project called 21million.com, aimed at restoring the "Bitcoin Faucet" model that helped spread this cryptocurrency in its early stages.
The information was shared by Shrem on May 4th on the social media platform X. The project recreates the original Bitcoin Faucet website developed by Gavin Andresen - the first core Bitcoin developer - in 2010. The "Bitcoin Faucet" model allows users to receive a small amount of BTC for free after completing a CAPTCHA test - a simple mechanism to distinguish real people from bots.
Currently, the 21million.com website only displays a simulated CAPTCHA interface with a Bitcoin wallet address input field. However, the BTC distribution feature has not yet been activated, and the website announces that no BTC source is currently available. Nevertheless, Shrem affirms that users will not need to meet any conditions to participate. "I want Bitcoin to succeed, so I created this small service to give you a few starter coins," he wrote.
When asked about the development process, Shrem shared that he is programming the project himself using "vibe coding" - a term implying coding based on inspiration and AI support tools, rather than working traditionally with a technical team.
The "Bitcoin Faucet" model played a crucial role in the early development of the BTC ecosystem. The faucet built by Gavin Andresen is said to have distributed a total of 19,700 BTC - equivalent to about $1.86 billion at current rates. At that time, users could receive up to 5 BTC daily just by solving a CAPTCHA, helping to motivate thousands of people to create wallets and experiment with Bitcoin transactions.
Other platforms like FreeBitco.in emerged between 2011-2013, but the model gradually weakened as Bitcoin prices rose and transaction costs increased, making faucet rewards no longer economically effective.
Shrem's return with a nostalgic project also attracts attention due to his ups and downs in the crypto world. In 2011, Shrem co-founded BitInstant - one of the first Bitcoin exchanges - with Gareth Nelson. At its peak, BitInstant processed up to 30% of global BTC transactions and received investments from notable names like Roger Ver, Erik Voorhees, and the Winklevoss twins.
Shrem was also a co-founder of Bitcoin Foundation and served as Vice President from 2012. However, in 2014, he was arrested and sentenced for money laundering assistance on the Silk Road platform through BitInstant. Shrem pleaded guilty to reduced charges and served one year in prison, being released in 2016.
After serving his sentence, Shrem continued working in the cryptocurrency field. He founded the consulting company CryptoIQ, managed the $13 million investment fund Druid Ventures, and hosted the podcast The Charlie Shrem Show. In 2018, he was involved in a lawsuit with the Winklevoss twins regarding allegations of misappropriating 5,000 BTC, but the matter was settled privately in 2019.
