Once upon a time, almost a decade ago, a couple of brave souls decided to take a chance on bitcoin. On 18 May 2010, one hungry soul decided to offer 10,000 bitcoins in exchange for pizza. His intent was to trade bitcoin for pizza in whatever way it was possible — back then, no pizzerias or other eateries were accepting bitcoin as payment (and most still don’t — we know; we looked). By the 22nd of May, some other adventurous soul decided to take the risk, shelling out about 20 USD in fiat currency in exchange for what was then the equivalent of about 40 USD (not much of a risk then since it was still twofold his original investment). In the end everyone was happy: the hungry man got his pizza and the pizza buyer/supplier got his bitcoin, and with that, the first-ever bitcoin-for-pizza transaction was completed.
Perhaps we’d say that the rest is history… at least if crypto payments were slightly more common today. We’ve come a long way but still haven’t reached the point that we can make all our purchases with digital currency. That day is coming, though. After all, NBX is creating just such a payment system right now.
Nevertheless, in recognition of this milestone in cryptocurrency payments, there is now the Bitcoin Pizza Index — not unlike The Economist’s famous Big Mac Index, keeping tabs on how much those two original pizzas are worth as the value of bitcoin fluctuates, and on the anniversary of this first bitcoin-pizza transaction, we even commemorated the occasion with Bitcoin Pizza Day…
And we at NBX happen to think it’s worth celebrating Bitcoin Pizza Day and are celebrating in all of our global offices. To commemorate the original pizza-for-bitcoin transaction, we did try to find an eatery ready to deliver pizza directly to us in exchange for bitcoin (again, NBX is on the case, busily working on a direct payment solution), but as stated, this still doesn’t exist in most places. So, we have faithfully re-enacted the big day nine years ago, engaging a ‘middleman’ to purchase pizza for us with cash while we pay him for his trouble in bitcoin. An intrepid but novice cryptocurrency explorer, one of our trusted colleagues at the NBX HQ in Oslo, learned to set up a digital wallet and took delivery of bitcoin from another colleague — a cryptocurrency pioneer of sorts — in exchange for supplying the office with plenty of dough… of the pizza variety. No, he won’t be walking away with 10,000 bitcoin — but he at least has helped feed his colleagues, contributed to the tradition of Bitcoin Pizza Day and has made his entry into the brave new world of crypto.
In the end, our other global NBX offices feasted on the fruits of the bitcoin. In Oslo, our fiat currency price came to 1,225 Norwegian kroner, and the BTC price was 0.01769123. Norwegian prices being what they are (exorbitant, in case you didn’t know), our other offices may have gorged themselves on much better deals.