Bitcoin Pizza Day

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Bitcoin Pizza Day is an annual celebration in the cryptocurrency community that commemorates the first real-world transaction involving bitcoin. On May 22, 2010, Laszlo Hanyecz, a programmer from Florida, paid 10,000 bitcoins (valued at around $41 at the time) for two Papa John's pizzas.[1][2][3][4]

Background[edit]

In its early days, bitcoin was a little-known digital currency that had very little monetary value. Laszlo Hanyecz was an early adopter and miner of bitcoin. On May 18, 2010, he posted a request on the Bitcoin Talk forum titled "Pizza for bitcoins?", offering to pay 10,000 bitcoins for a pizza delivery.

A 19-year-old student named Jeremy Sturdivant responded and agreed to order the pizzas from Papa John's and have them delivered to Hanyecz's home in exchange for the bitcoins. On May 22, 2010, the transaction was completed, marking the first documented purchase of a physical good with bitcoins.

Significance[edit]

The Bitcoin Pizza Day transaction is considered a seminal moment in bitcoin's history as it represented the first time that the digital currency was used to purchase a physical item. It demonstrated that bitcoins had a real-world value beyond just being traded between users.[5]

As bitcoin's value and adoption grew over the years, the 10,000 bitcoins paid for those two pizzas became worth millions of dollars, highlighting the early adopters' foresight and the cryptocurrency's potential for appreciation.

Bitcoin Pizza Day has since become an annual celebration in the crypto community, with enthusiasts often ordering pizza and exchanging bitcoin on May 22nd to commemorate the event. It serves as a reminder of bitcoin's humble beginnings and its journey towards mainstream acceptance.

Legacy[edit]

The Bitcoin Pizza Day transaction has become a legendary story in the crypto world, often cited as an example of the early believers' commitment to the technology and their willingness to experiment with its real-world applications.

It has also been used as a cautionary tale about the potential value of holding onto cryptocurrencies in their early stages, as the 10,000 bitcoins spent on those pizzas would be worth tens of millions of dollars at today's prices.[6]

References[edit]