What is Bitcoin Pizza Day?
Every year, the crypto community celebrates Bitcoin Pizza Day on May 22 to commemorate the first recorded commercial transaction involving Bitcoin. On this day in 2010, a Floridian programmer named Laszlo Hanyecz, who was also an early Bitcoin miner, made history by purchasing two pizzas for 10,000 Bitcoins.
Prior to the first bitcoin halving in 2012, each successful miner was rewarded with 50 BTC for discovering a new block. This meant that a person only needed to mine 200 blocks to earn 10,000 BTC, which was relatively easy, considering that there weren’t many people competing to mine them at that time.
As Bitcoin has grown in popularity and value, this transaction has become iconic. Let’s explore five (5) fascinating facts about Bitcoin Pizza Day and its significance in the world of cryptocurrencies.
1. The First Physical Bitcoin Transaction
On May 18, Hanyecz announced on a forum called Bitcointalk.org that he was looking to buy two large pizzas using Bitcoin. He was offering 10,000 BTC to anyone who would be willing to order, collect and bring them to him.
Four days later, someone accepted the offer of Laszlo and thus he wrote: “I just want to report that I successfully traded 10,000 bitcoins for pizza.” The pizzas were made by Papa John’s, but Hanyecz had bought them secondhand from a 19-year-old named Jeremy Sturdivant (username “jercos”).
Hanyecz made history by exchanging 10,000 Bitcoins for two pizzas. This transaction is widely considered to be the first-ever commercial (physical) Bitcoin transaction.
2. The Cost of the Pizzas
The two pizzas Hanyecz purchased with his 10,000 Bitcoins cost him a total of $25.
3. The Value of the 10,000 BTC
At the time of the transaction, the 10,000 Bitcoins Hanyecz spent on the pizzas were worth around $41. If Hanyecz had hypothetically sold his entire 10,0000 Bitcoins at Bitcoin’s all-time high of $68,990, he could have made around $690 million — enough to buy 46 million large Papa John’s pizzas at $15 a piece. Your guess is as good as mine — Laszlo sold his fortune for two pieces of Pizzas 😃.
The transaction is often used as a reminder of how drastically the value of Bitcoin has appreciated over the years.
4. The Impact on Cryptocurrency Adoption
While many would assume that Laszlo made a foolish decision, the Bitcoin pizza story presented the foundations for using cryptocurrency to pay for coffee and other physical products. Bitcoin Pizza Day serves as a reminder of the early days of Bitcoin and highlights the real-world use cases of cryptocurrencies. It demonstrates how Bitcoin can be used for everyday transactions and its potential to revolutionize the traditional financial system.
5. The Growing Value of Bitcoin
Since the first Bitcoin Pizza Day, the value of Bitcoin has experienced exponential growth. Bitcoin’s price has skyrocketed, and it has become one of the most valuable and widely recognized cryptocurrencies in the world. After an All-Time High (ATH) of $68,990, Bitcoin is currently trading at $27,000 (as of the time of writing this article).
Bitcoin Pizza Day continues to inspire the cryptocurrency community and serves as a reminder of the journey Bitcoin has taken since its early days. It remains an important milestone in the history of cryptocurrencies and encourages individuals to explore the possibilities and potential of digital currencies.
How does Bitcoin Pizza Day fascinate you? Share in the comment section. If you found this article insightful, give a clap and tell me how you feel about it.
Sponsored
Stand to earn the biggest reward in any crypto exchange! Bybit is offering up to 30,000 USDT in deposit rewards! Deposit easily and safely using my link here: https://partner.bybit.com/b/ojhayfunds
If you’d love to give a tip, Bitcoin: bc1q4gx20l9wmnrt9wqpzeu38ex970xc622d3wm5xr
USDT(TRC20): TNUxCa9WcNjuKyP1q7KCJQWasrssBAa97K
Follow Me on all Socials ⏬ ⏬
Twitter: @ojhayfunds
LinkedIn: John Okoi
Instagram: @johnokoi.eth
