Bitcoin Pizza Day
How much are you willing to pay for pizza in Bitcoin? 10 years ago the guy spent 10,000 BTC – nearly $100 million today. Celebrate the Bitcoin pizza day with BTCMEX!
Pizza was the first physical item bought with Bitcoin. On May 22, 2010 Laszlo Hanyecz, known today as the Bitcoin pizza guy, spread the word on the Bitcointalk forum, which resulted in the first real-world use case of cryptocurrency. The hungry man from Jacksonville, Florida, bought two Papa John’s pizzas paying 10,000 Bitcoins for them.
I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day.
I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!Laszlo Hanyecz, the Bitcoin pizza guy
A British man took up Hanyecz’s offer and bought the two pizzas for him in exchange for the 10,000 Bitcoins. He payed $25 for the pizzas, while the value of 10,000 BTC was $41 that day.
Analysts believe that the Pizza Day was one of the events that caused raising interest in cryptocurrency and the upcoming Bitcoin price spike. Bitcoin was valued less that $0.01 in 2010, and first took parity with the US dollar in early 2011.
Laszlo is a Florida-based programmer and Bitcoin miner working for an online retail company GoRuck, admitted later, in 2018, that he never regretted spending so much on pizza. He also tries to use Bitcoin any time he can.
You know, I don’t regret it. I think that it’s great that I got to be part of the early history of Bitcoin in that way, and people know about the pizza and it’s an interesting story because everybody can kind of relate to that and be [like] – “Oh my God, you spent all of that money!” I was also kind of giving people tech support on the forums and I ported Bitcoin to MacOS, and you know, some other things – fix bugs and whatnot, and I’ve always kind of just wanted people to use Bitcoin and buying the pizza was one way to do that. I didn’t think it would get as popular as it has, but it’s gotten to be a really catchy story for people.Laszlo Hanyecz, the Bitcoin pizza guy
Since then, despite the volatility, Bitcoin has become the best-performing asset of the decade. Unlike the fiat currencies, which experience periods of stagnation and economic collapse, crypto has the ability to recover, and even go beyond its past highs. The deflationary nature of Bitcoin, written in its protocol explains the effect. For instance, the third halving, happened on May 11, 2020, cut the mining block reward from 12,5 BTC to 6,25 BTC. This ensures, the asset will rise in value to keep cryptocurrency mining running as a profitable industry.
Talking about the future of crypto, the Bitcoin pizza guy doubts food orders are the best use cases for cryptocurrency. In his opinion, Lightning Network is a good blockchain scalability solution for small everyday transactions. He even bought two more pizzas in 2018, using the Bitcoin Lightning Network, spending 649000 Satoshis, or 0.00649 Bitcoins, which that time was around $62 for both pizzas.