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Nuestra Academia de Negocios y Economía
Bitcoin Pizza Day. The day that changed history
May is known as 'crypto Christmas'. Bitcoin Pizza Day, the day on which the first transaction involving this cryptocurrency took place, is celebrated on May 22. Fourteen years after this event, users celebrate it with fervor and great enthusiasm.
But What happened on May 22, 2010? What do pizzas and Bitcoin have to do with each other? Here we are going to tell you all about Pizza Day and why you should know about it.
What is Pizza Day? The inauguration of Bitcoin as a payment currency
Bitcoin Pizza Day is celebrated on May 22nd, and commemorates the first occasion when a Bitcoin adopter used this cryptocurrency to pay for 2 Pizzas, which means the first time someone used Bitcoin to buy a physical good.
This person was Laszlo Hanyecz, one of the first Bitcoin miners. This person offered 10,000 Bitcoin to buy 2 pizzas in the State of Florida, USA.
This transaction was initiated within a forum called Bitcointalk. Laszlo posted that he was looking to buy pizzas (2 large ones) and pay with Bitcoin. For this transaction, the programmer was willing to pay 10,000 BTC for that person willing to withdraw and carry pizzas. In fact, on one of the first cryptocurrency exchanges you could get 41 USD for those 10,000 BTC.
It was May 21, 2010 and there was still no one willing to trade 2 pizzas for that 10,000 BTC. It was May 22 when a 19 year old named Jeremy Sturdivant (Jercos) traded 2 large Papa John's pizzas (30 USD) for that amount of Bitcoin.
Beyond doing business, Laszlo Hanyecz wanted to prove that Bitcoin could be a currency that will be used for international purchases and transactions.
Why did Laszlo Hanyecz hold so many Bitcoin?
We are talking about 2010, one year after the publication of the Bitcoin Whitepaper by Satoshi Nakamoto. Before the first Bitcoin Halving, you could get 50 BTC for each new block mined, so a person would only need to mine 200 blocks to get 10,000 BTC. In that year this wasn't particularly complicated, since there weren't many miners competing for blocks, only minimal effort was required.
How much does that 10,000 BTC equal today?
Pizza Day also increases the curiosity of many users due to the fact that, with the increase in the price of Bitcoin, a fortune was actually exchanged for 2 pizzas. As of today, and with the new all-time high of 70,000 USD, those two pizzas would currently be worth 700 million dollars.
But, the important point is not whether Laszlo made a good deal. What is celebrated is that it was the first known transaction involving a digital currency in exchange for a physical good, such as food.
Today cryptocurrency spending is a more everyday occurrence. For example, with the release of cryptocurrency cards, it is now quite common to pay for services or food, and it is no longer just Bitcoin that is used.
In addition, cryptocurrency companies celebrate Bitcoin Pizza Day with promotions, and some pizzerias even exchange their product for a small portion of Bitcoin.
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