In recent years, restaurants have begun accepting payments for delicious slices in bitcoins. These businesses see the potential benefits of using digital currency. For example, they say it allows them to accept payments from customers who don’t want their credit card information stored on their phones. So why not combine pizza and bitcoin into one delicious treat? This article will explain the origin and importance of Bitcoin Pizza Day.
Bitcoin Pizza Day: The Origin
Laszlo Hanyecz, a pioneer cryptocurrency user, paid 10,000 Bitcoins for two pizzas on May 22, 2010. This transaction marked the first use of bitcoin in purchasing goods.
Bitcoin Pizza Day is observed globally on May 22. The day commemorates the first use of decentralised digital money to purchase a pizza in the real world.
Significance of Bitcoin Pizza Day
Bitcoin Pizza Day is celebrated essentially as a technological revolution and invention of alternative money. High inflation rates experienced in 2010, just after the global financial crisis, raised questions about the economic models and policies and the role of traditional fiat currency as a store of value. Bitcoin was a relief.
Bitcoin gained some real-world tangibility and gave crypto enthusiasts a realisation of how it could represent the negotiated value traders in virtual deals.
The Bitcoin community has since expanded, with numerous new developments increasing Bitcoin use cases and the transaction costs slashed. Many traders currently accept Bitcoin payments for goods and services.
The May 22 pizza transaction gave way for a tamper-proof, sensor-proof digital currency with no centralised issuer.
History of Bitcoin Pizza Day
On May 18, 2010, a programmer and early bitcoin miner from Florida named Laszlo Hanyecz issued a statement on Bitcointalk.org that he wished to buy pizza using bitcoin. He offered 10,000 BTC to anyone willing to take him up on his offer, to order, collect and deliver them to him. 19-year-old bitcoin user Jeremy Sturdivant took him up on his trade and offered $41 for those bitcoins, pricing BTC at less than half a cent per coin. He took up the offer, purchased the Pizzas from Papa Jones at $25, and delivered them. This transaction marked a historical event.
By May 2010, Bitcoin boasted a small but growing economy, mostly trading peer-to-peer and on small exchanges. The use of bitcoin to purchase goods was unheard of.
Hanyecz acquired his bitcoins through mining on his laptop. Bitcoin mining on consumer-grade hardware was utterly sensible at the time. Bitcoin mining is a highly competitive industry, with extensive mining firms spending millions of dollars on developing specialised hardware such as ASICs.
Before th first bitcoin halving in 2012, successful miners earned 50 BTC, meaning miners needed only 200 blocks to earn 10,000 BTC, a task not so tricky given there weren’t many people competing to mine.
The following are key highlights of the history of Bitcoin Pizza day:
10,000 BTC Was Worth $41
Hanyecz traded his bitcoin for $41, putting the price per bitcoin at roughly $0.004.
Hanyecz Waited Four Days to Get His Pies
Hanyecz initially posted on the Bitcoin.org forums on Tuesday, May 18, but It took a while for him to get his order. Jercos completed the delivery the next day, the transaction taking place at around 2:16 p.m. EST.
Hanyecz Bought More than Two Pizzas for Bitcoin
Enticed by the response and possibility of buying pizza using bitcoin, Hanyecz pushed the limit in June, announcing that the deal was ‘an open offer,’ but brought it to a close in August since he could not generate thousands of coins daily.
Jercos Sold His Bitcoin
Five years after the trade, Sturdivant disposed of his bitcoin worth about $400. He supported the currency spending, noting that the 10,000 BTC he received quickly made it back into the economy.
Bitcoin Pizza Day Wasn’t as Popular.
Bitcoin Pizza Day is currently widely known. However, it was non-existent before 2014 since awareness of Bitcoin was relatively low.
Hanyecz’s story, partly popularised by a New York Times article, was boosted in 2014 by a blog and tweet from the @Bitcoin Twitter handle.
Bitcoin Pizza Day Isn’t the First “Bitcoin Holiday.”
In 2011, the Bitcoin community was keen to mark the disappearance of Bitcoin creator Satoshi Nakamoto after stepping down from his role as project lead. April 28, 2011, was dubbed “Satoshi Disappear Day.”
Pictures of the Real Bitcoin Pizzas
Hanyecz’s penchant for photography led him to maintain well-kept records of just what the pies looked like at the time in 2010.
Conclusion
Bitcoin Pizza Day is a global phenomenon. Bitcoin is now widely known worldwide, and its value is no longer that of a few cents on the dollar. Companies and businesses appreciate the value of crypto and offer services payable using crypto. This economic revolution continues to gain momentum as adoption and uses cases increase.
Can I buy Pizza with Bitcoin?
Yes! There are places around the world where one can use bitcoin to order pizza, like Domino’s and Papa John’s(Not in U.S. Stores).
Who is Satoshi Nakamoto?
Satoshi Nakamoto was the inventor of Bitcoin. He/she released the source code for Bitcoin in 2009, which allowed third parties to verify transactions on the blockchain. This made Bitcoin highly resistant to fraud. However, since then, no one has been able to identify who exactly is behind the pseudonym, Satoshi Nakamoto.
When is Bitcoin Pizza Day?
Known as the first day BTC was used in a real-world transaction, Bitcoin Pizza Day is celebrated every 22nd of May.
Sourced from crypto.news.
Written by Wayne Jones on 2022-09-08 20:00:00.
