On May 22, 2010, cryptocurrency miner Laszlo Hanyecz made the first recorded commercial transaction using bitcoins, paying 10,000 BTC for two Papa John's pizzas that cost about $40 at the time. At today's rate of $111,800 per bitcoin, those pizzas would cost $1.1 billion.
G. Ostrov
15 years ago, on May 22, 2010, an event occurred that forever changed the history of cryptocurrencies. Programmer and cryptocurrency miner Laszlo Hanyecz made the world's first recorded commercial transaction using bitcoins, paying 10,000 BTC for two Papa John's pizzas.
The Historic Transaction
At the time, two pizzas cost approximately $40, making the value of one bitcoin about $0.004. Hanyecz posted an offer on the BitcoinTalk forum, asking someone to order him pizza in exchange for bitcoins. User Jeremy Sturdivant responded and fulfilled the order.
This transaction became a turning point in cryptocurrency history, as it was the first time bitcoin was used as a real means of payment for goods in the real world. Before this moment, cryptocurrency existed only in theory and experiments.
Incredible Value Growth
At the current bitcoin rate of $111,800, those same 10,000 BTC are worth more than $1.1 billion today. This means that with this money, one could now buy more than 70 million Papa John's pizzas.
The growth in bitcoin's value since the "pizza transaction" has been over 27 million percent, making this story one of the most striking examples of missed opportunity in financial history.
Bitcoin Pizza Day
In honor of this historic event, the crypto community annually celebrates May 22 as Bitcoin Pizza Day. On this day, cryptocurrency enthusiasts around the world buy pizza with bitcoins, paying tribute to Laszlo Hanyecz and his contribution to the development of the crypto economy.
Hanyecz himself doesn't regret his transaction. In interviews, he has noted that someone had to take the first step in using bitcoin as a means of payment, and he's glad it was him.
Impact on the Crypto Industry
Hanyecz's transaction proved that bitcoin could function as a full-fledged currency. This event drew attention to cryptocurrencies and contributed to their further development and adoption by society.
Today, thousands of companies worldwide accept bitcoin, and the total capitalization of the cryptocurrency market exceeds trillions of dollars. It all started with two pizzas and 10,000 bitcoins.
Official Bitcoin website: https://bitcoin.org