Many historical revolutions and traditions started with seemingly insignificant acts.
The industrial revolution, which is the basis of today’s economy, started with Britain’s simple love for tea. And we all know about the fall of the apple that led to the discovery of gravity, right?
Something similar happened in the crypto space too. A regular transaction involving pizzas came to be folklore in the crypto community. That pizza is commemorated today—Bitcoin Pizza Day.
What’s the Story Behind Bitcoin Pizza Day?
The story has quite a few interesting angles to it. Let’s explore them.
The Man Behind the Legend
The story dates back to one fine day when a Floridian man craved some pizza.
Laszlo Hanyecz, a young programmer, was an early contributor to Bitcoin. The network was barely a year old at the time. As part of an even more niche community back then, he advanced the mining of Bitcoins significantly. He introduced a program that made it possible to mine Bitcoins using computers’ Graphics Cards (GPUs) instead of CPUs.
But most people in the community do not know Laszlo today for his contribution to mining. Instead, he is known for being the first person to have paid for pizzas with Bitcoin!
One ordinary day—on 22 May 2010, to be precise—just before lunchtime, Laszlo took to the Bitcointalk forum (a forum to discuss all things Bitcoin) and wrote:
Image: Original Bitcoin Forum Topic published by Laszlo
That was only a year since its inception, so Bitcoin was priced at a fraction of a cent. No vendor would accept it as a means of exchange for actual goods.
Luckily, another Bitcoin enthusiast, Jeremy Sturdivant, took up the offer. So he ordered two pizzas (priced at about $30 each), from a chain, in exchange for 10,000 BTC.
This was a significant moment in Bitcoin’s history. Because it was the first actual transaction using any crypto, this was the first time Bitcoin was accepted in exchange for real-world goods.
The Bitcoin Pizza Day
As Bitcoin got popular and real-world transactions started picking up, May 22nd was marked as Bitcoin Pizza Day by crypto fans.
Since then, Bitcoin has grown in value. The annual celebration is more of a reminder of Bitcoin’s journey toward becoming an asset class.
The Bitcoin–Pizza transaction proved to the world that crypto could be used as a medium of exchange. It established the fact that Bitcoin and crypto indeed carry value.
But the fascination with the tale goes beyond all that. People began wondering, what if Laszlo hadn’t sold those coins? That’s when Bitcoin Pizza Day really took off.
So what are those pizzas worth today?
Currently, the price of one BTC is approximately ₹25 lakhs.
The math around it, therefore, goes like this:
2 pizzas = 10,000 BTC
So, the value of BTCs paid for two pizzas as of 20 May 2022 is around ₹2,500 crore.
Suppose Laszlo did not give away those 10,000 BTC, would he have made THAT much money? We may never know because Bitcoin gets its value from circulation.
Is It Too Late to Invest in Bitcoin?
If you ask us, the best time to buy Bitcoin was 10 years ago. The second-best time, though, is now.
But you don’t have to listen to us; please DYOR before making any investment decisions.
Today, however, is a day to celebrate Bitcoin’s incredible journey—from costing next to nothing to becoming an asset that has touched many lives. So, WAGMI 🚀
We look forward to pizza on the moon with you all.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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