If you’ve ever researched cryptocurrency, you’ve probably come across an endless string of terms and slang used by people in the industry. But things don’t stop there.
There are also anniversaries in the crypto world, including Bitcoin Pizza Day. But what is the significance of this seemingly important crypto milestone?
What is Bitcoin Pizza Day?
While the crypto market just experienced its biggest boom in late 2020, cryptocurrencies themselves have been around for much longer. You may know that the first cryptocurrency ever developed and launched was Bitcoin (by Satoshi Nakamoto) in 2009. At that time, almost no one knew what cryptocurrency was, and not even Bitcoin, a The coin has an exponential value today, nor was it worth anything when it was originally created.
For about a year after Bitcoin launched, it didn’t really have a solid value, as it was never actually used to buy anything. Without some real-world comparison, the value of Bitcoin is often negotiated between sellers in Bitcoin forums, which the enigmatic Nakamoto also gave.
But that all changed on May 22, 2010, when a man named Laszlo Hanyecz made history. On this day, Hanyecz, an early crypto enthusiast, decided that he wanted to try and buy two pizzas using nothing but the Bitcoins he owned. Today, one Bitcoin would buy you enough pizza to fill a house, but things were very different back then.
So Hanyecz jumped on the Bitcointalk forum and announced that he wanted to spend 10,000 BTC on two pizzas. Today, 10,000 BTC is worth more than $300 million. In May 2010, it was worth about $40. Hanyecz says he wants to buy two large pizzas and have them delivered to his door. He even specified what type of coating he preferred.
A few days later, Hanyecz was able to find a user who could assist with this purchase and, sorry, he successfully purchased two pizzas for 10,000 BTC. Let’s hope he likes the top layer.
Bitcoin Pizza Day is a pivotal moment for crypto
On Bitcoin Pizza Day, the first object was purchased with cryptocurrency. This gives Bitcoin some real-world tangibles and is highlighted as crypto enthusiasts realize how Bitcoin can deliver value beyond the value negotiated between buyer and seller. in virtual transactions.
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