Understanding Bitcoin Pizza
Bitcoin Pizza refers to a significant event in Bitcoin’s history that took place in 2010.
Laszlo Hanyecz, based in Florida, used Bitcoin to purchase two pizzas during this event.
While the transaction may not be remarkable, the celebration of Bitcoin Pizza Day stems from the price paid for those pizzas.
Hanyecz paid 9000 BTC for the two pizzas, which, at the time of writing, would be valued at approximately $263,214,000, with one Bitcoin priced at $29,246.
The First Bitcoin Pizza Purchase
Laszlo Hanyecz is the first person to conduct a business transaction using Bitcoin.
On May 22, 2010, he purchased two Papa John’s pizzas.
Over time, the value of Hanyecz’s pizzas has soared.
Just nine months after the transaction, when Bitcoin reached parity with the US dollar, the pizzas were estimated to be worth $10,000.
From that point forward, the rest is history.
Interestingly, Hanyecz has no regrets about his decision.
In an interview, he expressed his view that Bitcoin is a means to harness greed.
He further explained that while it is common knowledge that anyone who held Bitcoin for four years would have profited, businesses cannot afford to hold onto it for extended periods without paying their expenses.
Hanyecz stated, “It was an exciting system, but nobody’s using it. If nobody’s using it, it doesn’t matter if I have it all.”
The Bitcoin Pizza Day
The irony of this historic transaction extends to the person who bought the pizza from Hanyecz. Sturdivant, 19, then sent Hanyecz two pizzas and received 10,000 bitcoins in return.
However, unaware of the immense potential of this cryptocurrency, Sturdivant spent all the bitcoins to cover the costs of a business trip.
Sturdivant later admitted that if he had treated Bitcoin as an investment, he might have held onto it longer.
He also remarked, “I would never have thought that the same number of Bitcoins would have a purchasing power on the order of real estate.”
At the time, the actions of both Hanyecz and Sturdivant might seem foolish, but the actual value of this digital currency was unknown to many back then.
Since this intriguing transaction, Bitcoin Pizza Day has been celebrated by crypto enthusiasts worldwide on May 22.