HAPPY BITCOIN PIZZA DAY FOLKS.
Bitcoin Pizza Day is a time to get together with friends and family to remember the day that marked the first time bitcoin had a market value.
This May, the crypto community celebrates the 12th anniversary of the first-ever exchange of cryptocurrency for real-world physical products. Laszlo Hanyecz ordered two large pizzas from Papa John’s in May 2010 and paid with BTC. At the time, each Bitcoin was worth less than a penny… about $0.003, to be specific. The pizzas cost about $30, so Hanyecz paid 10,000 BTC for them.
His dinner became historic as it was the first cryptocurrency transaction to pay for a product. Every year, this day is celebrated on the 22nd of May as Bitcoin Pizza Day. Despite the recent turbulence in the crypto market, cryptocurrency remains a global trend worldwide. So while the crypto enthusiasts and whales across the globe are in anticipation of the Bitcoin price reaching another record high
To say Hanyecz loved pizza, would be an understatement. After this successful exchange, he posted that 10,000 bitcoin for two large pizzas was “an open offer.” Evidently many more people ordered pizza for him because on August 4, 2010, Hanyecz rescinded his offer citing that he couldn’t afford to keep generating enough bitcoin to pay for the pizzas.
At the time of writing, 10,000 bitcoin are worth approximately $291,305,000! Did Hanyecz expect bitcoin to ever become as valuable as it is today? Probably not, but that’s not the point. Hanyecz just wanted to do a simple exchange, bitcoin for pizza. And that’s exactly what he did.
Today, many look at this trade and think, “Oh wow, that guy must feel like a complete buffoon. Who trades that amount of money for two pizzas?” If that is what you think, then I’m afraid you’ve missed the impact of this monumental event.
It’s Significance
Back then, in crypto’s early beginnings, Hanyecz’s first cryptocurrency transaction marks a key moment in the narrative of decentralised finance (DeFi), signalling the potential of DeFi. In fact, it can be said that without those pizza transactions, the entire crypto landscape could have been vastly different. They were a successful proof of concept in how DeFi has a real-world solution.
Why You Should Care
Bitcoin Pizza Day has become a modern-day phenomenon, and is widely celebrated across the crypto community. Numerous crypto exchanges mark the occasion with giveaways, hangouts and meetups to commemorate the first ever physical bitcoin transaction.
