Bitcoin Was First Used to Buy Pizza
Bitcoin Pizza Day is an event that commemorates the first real-world transaction involving Bitcoin. It is observed across the world on May 22.
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History of Bitcoin Pizza Day
It took place on May 22, 2010, when Laszlo Hanyecz, a Bitcoin enthusiast and an early crypto adopter, made a purchase of two Papa John’s pizzas for 10,000 bitcoins (BTC).
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Laszlo Hanyecz was a Floridian programmer who was also an early bitcoin miner.
At the time, Bitcoin had no established value, so this transaction served as a notable example of using cryptocurrency as a medium of exchange.
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On May 18, Hanyecz announced on a forum called Bitcointalk.org that he was looking to buy pizza – preferably two large ones – using bitcoin. He offered 10,000 BTC to anyone who would be willing to order, collect and bring them to him. Someone pointed out that he could get $41 for those bitcoins on a certain exchange website, which priced BTC at less than half a cent per coin.
Another user agreed to the trade, and the pizzas were purchased and delivered to Laszlo’s address. This transaction, though seemingly mundane at the time, has gained significance in Bitcoin’s history as the first documented instance of Bitcoin being used for a tangible purchase.
It highlights the incredible appreciation of Bitcoin’s price since its early days.
Significance of Bitcoin Pizza Day?
The historical significance of Bitcoin Pizza Day is visible in the use of Bitcoin for purchasing real products. Laszlo inadvertently set a precedent for future use cases of Bitcoin, and the growth of Bitcoin is proof of the same.
According to Laszlo, the pizza purchase with Bitcoin showed the world that Bitcoin is real. Although, the Bitcoin pizza price turned out to be a huge loss for Laszlo as he was left with only a few Bitcoins in single digits.
Bitcoin Pizza Day has become a symbolic event celebrated annually by the cryptocurrency community to mark the growth and adoption of Bitcoin as a decentralized digital currency.
It serves as a reminder of the humble beginnings and the potential for future development in the world of cryptocurrencies.
This year Bitcoin Pizza Day celebration, Binance has started its Celebrate Bitcoin Pizza Day with Binance to stand a chance to win 10% of your trading volume.
Now the question is – if you were Laszlo Hanyecz, how much would you pay in BTC to order the pizza?
