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What is Bitcoin Pizza? It was a historic event in the cryptocurrency world, marking the first time Bitcoin was used to purchase physical goods in the real world. Let’s learn about the origin of the information in this article with COINSTRATEGIST.
WHAT IS BITCOIN PIZZA?
Bitcoin Pizza is the term for the first known purchase of physical goods with bitcoin. On May 22, 2010, Laszlo Hanyecz, a programmer who later became famous for buying pizza with bitcoin, posted on the Bitcointalk forum.
In that post, he sought to make a deal with someone who would accept bitcoin as payment for pizza. Hanyecz wrote: “I’ll pay 10,000 bitcoin for a couple of pizzas… Maybe 2 large ones so I’ll have some left over for the next day.”
At that time, 10,000 BTC was worth about 41 USD, meaning each bitcoin was worth about 0.0041 USD. Hanyecz’s offer was accepted by another user on Bitcointalk, who paid $25 for two pizzas. But as of May 2021, those two pizzas cost the equivalent of more than 680 million USD.
In 2018, Hanyecz used the Bitcoin Lightning Network to buy two pizzas but this time only spent 0.00649 BTC. Bitcoin Pizza is still a much talked about story in the cryptocurrency community, illustrating the development journey of Bitcoin.
BITCOIN PIZZA DAY
May 22 became Bitcoin Pizza Day, a milestone in the history of cryptocurrency. This was the day when bitcoin was first used to make real-life purchases. The Papa John’s store in Florida, where Hanyecz’s pizza was delivered, is said to have a sign commemorating the event.
This famous transaction made the 10,000 bitcoins used to buy those two pizzas, worth millions of dollars today, a symbol of the incredible growth of cryptocurrencies. The term “bitcoin pizza” today also marks the commoditization of the use of cryptocurrency in everyday shopping transactions.
EVOLUTION OF BITCOIN PIZZA
The value of bitcoin has increased significantly since the first Bitcoin Pizza Day, illustrating the cryptocurrency’s incredible growth since its early days, when only a few pizzas could be exchanged for bitcoin. This increase is a clear testament to the increasing acceptance and widespread use of cryptocurrencies in digital transactions globally.
However, Bitcoin still has high volatility. Its price can fluctuate widely, which can lead to large profit opportunities or significant risk of loss. So, while Bitcoin’s growth potential attracts investors, investment decisions need to be carefully considered and informed to deal with its high volatility.
Bitcoin Pizza is a historic event, marking the beginning of Bitcoin on its extraordinary journey. Over the past decade, the value of Bitcoin has increased significantly. However, the cryptocurrency market also comes with many potential risks. Therefore, the decision to invest in Bitcoin needs to be carefully considered.
SOME FREQUENTLY ASKED QUESTIONS ABOUT BITCOIN PIZZA
What is Bitcoin Pizza? Here are the questions and answers about Bitcoin Bitcoin Pizza that you need to know!
WHO BOUGHT AND WHO GOT 10,000 BTC?
Jeremy Sturdivant, also known by the nickname “Jercos”, is the person who bought 2 pizzas for Laszlo Hanyecz in exchange for 10,000 BTC. At that time, Jercos was only 19 years old.
HOW MUCH DOES PIZZA COST?
The most expensive pizza in the world is worth about 680 million USD from the 10,000 Bitcoin that Laszlo Hanyecz used to buy in 2010.
WAS BITCOIN PIZZA DAY THE FIRST TRANSACTION?
Yes, Bitcoin Pizza Day is the anniversary of the first payment in Bitcoin for an actual food item. This event is considered the world’s first Bitcoin-for-Pizza transaction.
CONCLUDE
What is Bitcoin Pizza? This is not only a historic event in the cryptocurrency world but also a symbol of Bitcoin incredible growth. Thereby, it demonstrates the widespread acceptance and use of cryptocurrencies in everyday transactions.
