Coin Hours for Pizza
May 24, 2019 is Coin Hour Pizza Day!
Every great cryptocurrency sees the day when it is first used for goods and services rather than speculative trading. For Skycoin’s Coin Hours, that day is here. True to form for crypto, Coin Hours have followed in the same steps as Bitcoin with its historic Bitcoin Pizza Tx, the first time Bitcoin was sold in exchange for goods. That’s right. The first Coin Hour sale for goods has finally occurred. Coin Hours have officially been sold for pizza!
On May 22, 2010, now affectionately known as Bitcoin Pizza Day, the budding cryptosphere community witnessed a sale of two large pizzas in exchange for 10,000 BTC. This constituted the first recorded instance in which Bitcoin had been sold for an actual item rather than traded around like funny money. The deal was a steal for the pizza salesman since 10,000 Bitcoin was then deemed to be worth about $41 and he got them all for $25 of food. At the height of the 2017 Bitcoin bubble those coins spent on pizza pies were worth at least $200,000,000 USD. Today those pizzas cost about $80,000,000, still a hefty sum. After all, it only took a mere nine months from that day for Bitcoin to reach parity with the USD. Who knows what Coin Hours will soon be worth?
Having been in development since late 2010, Skycoin has been bought and sold countless times over the years, for cash, for crypto, and for innumerable goods and services. Just as with Bitcoin having been sold for cash before the Bitcoin Pizza Tx, the first Coin Hour sale for Skycoin has already taken place prior to the Coin Hour Pizza Tx. There were only two prior CH sales, both of which occurred at rate of 300,000 CH to 1 SKY. The first trade was August 15, 2018 at 4:51 AM UTC, made by GoldCH, AKA Mr. Friendly Internet Platypus, on Telegram in the main Skycoin chatroom where he sold 3,050,000 CH for 10 SKY. Skycoin opened at $2.41 USD that day which made that first sale worth $24.10 and gave each individual Coin Hour an initial arbitrary value of $0.000008 cents or 0.000000001 BTC which is 1/10th of a satoshi. Remember, these aren’t the real values we’ll see on Skywire’s bandwidth market.
The Coin Hour Pizza Tx also involves GoldCH. In this case he’s selling 4,000,000 CH to another user named Benji in exchange for his evening’s meal. The transfer of the 4,000,000 CH is going to take place using the Coin Hour Bank once it opens, a tool which enables users to perform off-chain Coin Hour transfers between one another without the cost of a Coin Hour burn. As a result, there is not tx hash link to supply. However, this allows Benji to receive 4,000,000 CH instead of only 2,000,000 from GoldCH. The food had a cost of $15.90 AUD, or $11.01 USD. Having been exchanged for 4,000,000 CH, that gives each CH a value of $0.00000275 USD. That gives the CH in the exchange an arbitrary valuation of .00000000034 BTC. Yes, that’s 10 decimal places and Bitcoin only goes to 8 so it’s less than a satoshi, even less than the initial arbitrary valuation at 1/10th of a satoshi. Bear in mind that these were all fun transactions between friends and not an establishment of a Coin Hour’s true market value.
We’ll find the true market value of Coin Hours soon enough. How? Coin Hours are a commodity currency backed by the digital asset of bandwidth on the first bandwidth market in the history of the internet. Coin Hours are designed as a peer-to-peer payment in the Skywire meshnet service economy, creating the first closed-loop economy in cryptocurrency since its debut 11 years ago. One user pays another for forwarding or storing their data across the Skywire meshnet. SDR and SDN protocols ensure the shortest route and therefore lowest cost to the end user. Coin Hours will also enable Skycoin holders to retain their net value in Skycoin while trading the interest they’ve earned in the form of Coin Hours. Such utility has proven impossible with Bitcoin and others, something which has held them back from being used as actual currencies since they’ve turned into vehicles for speculative investment.
Between burn-free transfers on the Coin Hour Bank, an OTC Buyback auction to exchange Coin Hours for Skycoin, and the eventual debut of the SkyDEX with its Universal Coin API where CH will be used as a way to make fee-free trades, Coin Hours are poised to make their value well known. Whether it’s facilitating free transactions of Skycoin, paying for bandwidth across the Skywire meshnet, being used for burn-free peer-to-peer payments within the Coin Hour Bank, enabling purchases and micro-transactions via CX Chains apps and games, making trades fee-free on the future SkyDEX, or even simply paying a friend for pizza, Coin Hours are proving to be of more and more value every day.
Visit https://skycoin.net/buy for a number of different ways to get your first Skycoins and begin earning your own Coin Hours now!
