Have you heard of Bitcoin Pizza Day? Here’s why you should have | Atalayar
Digital money has taken over the world and no one can ignore it. For entrepreneurs and market investors, the digital currency situation is an overwhelming field. In any case, how could it all begin? Clearly, the first crypto exchange cost more than two pizzas. Do you think this is funny? Here’s what you need to know.
On May 22, 2010, a cryptominer in Florida traded his Bitcoins for two pizzas. The exchange is notable for being the first to use Bitcoin for a business transaction with a real company. However, Bitcoin was still not an acceptable form of payment during that time.
First Bitcoin transaction
Laszlo Hanyecz paid 10,000 BTC at a neighborhood pizza shop in 2010 known as Papa John’s to buy two large pizzas. His bitcoins were only worth $40 at the time. Hanyecz posted in a bitcoin forum and simply exchanged his bitcoins with those who could deliver him these pizzas because the digital currency was not yet acceptable in the corporate world. Judging by the current value of Bitcoin, which is over $46k, Hanyecz pizzas can be declared as the most expensive pizzas ever.
Pizza day
Crypto enthusiasts officially named May 22 Bitcoin Pizza Day as this famous pizza purchase announced the commercialization of digital money in the real world. This was the first event where bitcoin was used to purchase tangible assets with which we are familiar.
Bitcoin Pizza brand
Following the Bitcoin and pizza craze, which shows no signs of slowing down anytime soon, Anthony Pompliano, founder of Morgan Creek Digital, announced a seven-day Bitcoin pizza event on Twitter taking place in May 2021. It has partnered with free pizza places in ten cities across the US, but ironically won’t accept bitcoin as payment. All proceeds from pizza sales will be contributed to the Human Rights Foundation’s fund, which enables bitcoin miners.
Fun facts
When buying pizza, 10,000 BTC was only worth $41
Laszlo Hanyecz may have traded his bitcoin for $41 in a deal. If the data is correct, the cost per bitcoin at the time of the offering was around $0.004, or four thousandths of a penny.
In any case, this brief check of Bitcoin’s past is a testament to how much has happened in a small period of time. A penny now can be worth 100 times its value tomorrow, or vice versa. If you have recently bought or are considering buying crypto, you are probably afraid of what might happen to your money. Perhaps the fact that the price of a Bitcoin has risen from around $1 to around $30,000 over the last few years will provide some confidence. It’s been a bumpy road, and we’re sure to see more swings as the industry continues to dive into an unfamiliar setting.
Therefore, assistance from experts is a must. There are several crypto platforms like Bitcoin-up.io that make sure you don’t trade Bitcoin for pizza. Funny right? Maybe, maybe not. However, the Bitcoin Up platform is one of those we found to be committed to helping beginners avoid costly mistakes. You can also take this as a fun fact if you want, especially since the platform offers educational and educational content at the same time.
Bitcoin Pizza Day: Not the first crypto holiday
Bitcoin users have been creating events for almost as long as the technology has existed. Bitcoiners honored the absence of Bitcoin founder Satoshi Nakamoto, who had resigned as lead designer, by announcing April 28, 2011 as “Satoshi Disappear Day”. It is a proposed bitcoin event to pay tribute to an incredibly unidentified leader and analyze how the bitcoin community will remain active after the founder of bitcoin has left.
Hanyecz waited 4 days for his pizzas
Hanyecz waited a long time for the purchase for several days. Hanyecz previously stated on a forum that he submitted the offer on Tuesday, May 18, 2010, but he did not receive the pizza until Saturday, May 22 with the help of Jercos.
Hanyecz spent BTC on more than two pizzas
Hanyecz didn’t limit himself to just two pizzas. In June 2010, he attempted to move the border, writing in his post that the exchange was “an open proposition.”
There were rumors that there were other pizza requests, and there is reason to believe that this is the problem with Hanyecz ending his open proposal in August because he can no longer deliver a large number of coins each day.
Jercos later traded 10,000 BTC
It didn’t take long for Jeremy “Jercos” Sturdivant to be dragged back into the picture as the Bitcoin Pizza Day celebrations progressed. He was the person involved with Laszlo Hanyecz in the very first recorded bitcoin acquisition of a tangible product.
“A currency is meant to be spent,” Sturdivant had stated at the time, emphasizing that the 10,000 BTC he had acquired was returned to the market quickly as they were all worth about $400.
Final thoughts
The crypto fever is on an ATH, especially among young financial investors. Although Bitcoin Pizza Day seems to be doing well now, there are few reports of past celebrations before 2014. That’s because Bitcoin was brand new before 2013. Because of this historic event, the worldwide crypto community gathers every year on May 22 to honor the first physical virtual currency transaction.
Hanyecz could have made approximately $690 million if he had speculatively traded his entire reserve at bitcoin’s ATH of $68,990, which can buy 46 million large Papa John’s pizzas that cost $15 each.
Furthermore, 5 percent of the 10,000 BTC Hanyecz spent on the pizzas in 2010 ended up in an unusually wealthy account, while part of the assets were allegedly burned on a failed crypto trade.
