The Story Behind “Bitcoin Pizza Day”
How would you feel about purchasing two pizzas for millions of dollars? It sounds ridiculous, doesn’t it? On the other hand, this is precisely what took place on May 22, 2010, a day that is now commemorated as Bitcoin Pizza Day.
It was on this day that Bitcoin was used for the very first time to purchase anything in the real world, a transaction that has since become legendary in the world of cryptocurrencies.
Let’s understand more about it.
What is Bitcoin Pizza Day?
On May 22, 2010, Laszlo Hanyecz, an early Bitcoin fan, bought pizza using Bitcoin for the first time. On a Bitcoin forum, coder and early Bitcoin miner Hanyecz offered 10,000 bitcoins for two huge pizzas. A forum member accepted his offer and delivered two Papa John’s pizzas, the first Bitcoin transaction.
At the time, 10,000 bitcoins were worth $41. The current market indicates that if he had not ordered the pizza, 10,000 bitcoins would be worth a total of $616 million. Despite the huge value differential now, Hanyecz has no regrets about his purchase. He found Bitcoin physical and useful by buying pizza with it, a milestone when Bitcoin was still unknown outside the crypto community. Crypto aficionados worldwide celebrate Bitcoin Pizza Day every year to mark its progress.
This event is considered a legend within the cryptocurrency community because it brings attention to the two primary applications of bitcoin: payment and storage value.
One of Coinbase’s advertisements used a pizza to highlight these concepts. The advertisement showed that one bitcoin was equivalent to one pizza in 2012, a stack in 2016, and a pile in 2024.
Watch the advertisement here : Bitcoin Moves Money Forward | Bitcoin Halving
Conclusion
Since the first Bitcoin Pizza Day, Bitcoin’s value has risen dramatically. This demonstrates its tremendous growth. In its early days, Bitcoin was worth only a handful of pizzas. Bitcoin’s value growth shows its growing use in digital transactions worldwide.
Bitcoin is incredibly volatile. Its price can change swiftly, causing big gains or losses. Thus, while Bitcoin’s development potential fascinates investors, its high risk requires concern and intelligent decision-making.
