Today, crypto enthusiasts worldwide are celebrating Bitcoin Pizza Day — the ten-year anniversary of the first Bitcoin transaction.
Back in 2010, a programmer from Las Vegas Laszlo Hanyecz decided to buy some pizza. To pay for two Papa John’s pizzas worth $25, the guy spent 10,000 Bitcoin. The deal has made it into history, 22 May became a great day for the Bitcoin community, and Laszlo Hanyecz will be forever known as “Bitcoin Pizza Guy”.
The lucky guy to take up Hanyesz”s offer and accept Bitcoin was crypto enthusiast Jeremy Sturdivant from Jacksonville, Florida.
At that time, BTC was basically worthless, about $0.008. But before Hanyecz, nobody used Bitcoin to make payments, and the prices were largely based on theoretical value. So it is safe to say his transaction jumpstarted BTC pricing.
As Bitcoin has been growing in value over time, the cost of those two pizzas has become eye-popping. For example, in 2017, when the crypto community was celebrating Bitcoin Pizza Day, the amount of 10,000 BTC was worth over $21 million. In 2018, the pizzas’ cost rose to $82 million. By the ninth anniversary, this sum made up approximately $80 million.
Today, Bitcoin price makes up $9,102.81, according to CoinMarketCap, which means the two pizzas would now cost over $91 million. It sounds really ridiculous, and no surprise that such a deal turned into one of the strongest memes of the cryptocurrency world.
History of Bitcoin Pizza Day
A couple of years after the transaction, Hanyecz said:
“It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool. No one knew it was going to get so big.”
That was not the end of Hanyecz’s story, his purchase in 2010 was not the only legendary transaction he took part in. In 2018, Laszlo Hanyec made the news again. This time, he bought two more pizzas using the Bitcoin’s Lightning Network. This time he paid only 649000 satoshis or 0.00649 Bitcoins which means that he paid nearly $62 for both pizzas.
“In short, I paid bitcoin using the lightning network and he arranged for pizza to be delivered to me. In this trade, my friend is just a middleman that is taking the risk of accepting lightning payments, but it demonstrates the basic premise of how this works for everyday transactions. It could just as well be the pizza shop accepting the payment directly with their own lightning node.”
Some think that Hanyecz should have regretted the purchase in 2010, as spending 10,000 BTC on pizzas is not the best investment. However, nobody could know for sure that Bitcoin would be so popular one day. Even the creators themselves did not know whether BTC would have a future. Therefore, Hanyecz’s position is absolutely understandable.
On Coinspeaker, you can read other Bitcoin news as well.