Every year Bitcoin Pizza Day is celebrated on 22nd May to remember a very interesting part of Bitcoin history where a Florida resident named Laszlo Hanyecz spent 10,000 Bitcoins on two pizzas!
But is this expenditure just about a normal food purchase?
Let’s explore!
History Of Bitcoin Pizza Day
The history of Bitcoin Pizza Day dates back to 2010 when a programmer named Laszlo Hanyecz became a part of Bitcoin’s history by spending 10,000 Bitcoins on the purchase of two pizzas. The pizzas were received from Papa John’s.
At that time, the transaction was worth approximately $41 (Rs. 3,300) however, the present BTC worth on Pizza Day amounts to a huge amount of Rs.5,909 crores! Hence, at present, these Bitcoins are worth thousands of millions keeping in mind the fluctuations of the crypto market.
Keeping in mind the current price of Bitcoin, which is $68,067.92, it can be said that Bitcoin is one of the best cryptocurrencies to invest in May 2024.
What Is Bitcoin Pizza Day? | Celebrations & More
Bitcoin Pizza Day 2024 was also celebrated on May 22nd. This day is no less than a festival for crypto enthusiasts that is celebrated worldwide and includes meetups, online discussions, and even special pizza promotions.
“Bitcoin Pizza Day is a reminder of how Bitcoin has grown over the last decade. From its humble beginnings in 2009 to now being one of the largest assets in the world, the journey has been nothing short of incredible. Bitcoin’s growth has paved the way for an entirely novel industry which is transforming finance and technology. It is also much more mainstream now than ever before with the involvement of large institutions in the Crypto market.”, said Raj Karakara, COO, of ZebPay.
Now, Bitcoin Pizza Day is not just about missed investment opportunities but also the ongoing evolution of a groundbreaking technology that has the power to shape the future of digital finance in specific and global economies as a whole.
As compared to 2010, Bitcoin’s value has increased manifold affecting the crypto market as a whole and becoming one of the major reasons why investors think investing in the crypto market is important.
Is Bitcoin Pizza Day Just About “A Pizza Party”?
- After 120 pages of Satoshi’s emails with early Bitcoin developer Martti Malmi (also known as “Sirius“) were made public, this year’s Pizza Day may also be seen from another perspective.
- This raises the question of how coincidental it was that the first Bitcoin purchase was for pizza.
“Bitcoin is valued for the things it can be exchanged to, just like all the traditional paper currencies are.When the first user publicly announces that he will make a pizza for anyone who gives him a hundred bitcoins, then he can use bitcoins as payment to some extent – as much as people want pizza and trust his announcement. A pizza-eating hairdresser who trusts him as a friend might then announce that she starts accepting bitcoins as payment for fancy haircuts, and the value of the bitcoin would be higher – now you could buy pizzas and haircuts with them. When bitcoins have become accepted widely enough, he could retire from his pizza business and still be able to use his bitcoin-savings.”, said Malmi.
- However, Hanyecz has contributed much to the world of Bitcoin, being the first one to start Bitcoin Mining using chips which further kicked off the most popular “mining arms race”! But Satoshi and Hanyecz did not agree on all the things.
- Hence, it is possible that when Hanyecz asked someone to buy his family dinner, it was actually a reply to the comment made by Satoshi.
- Rizzo claims that Hanyecz, who is still involved in the Bitcoin community, made the pizza trade available to everybody and may have finally spent billions in bitcoins at today’s pricing on Papa John’s pizzas.
Conclusion-
Hanyecz has no regrets for spending so much on just two pizzas. However, these pizzas are the most expensive and the first purchase made using Bitcoins – definitely an important part of Bitcoin’s History!
What a Pizza Party!
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
