Every year on May 22 the crypto community celebrates the “Bitcoin Pizza Day” to commemorate the fantastic event when one of the Bitcoin pioneers spent what is today worth around $60m on pizza (check up the updated value here). It was also the first recorded purchase of physical goods with cryptocurrency. Two pizzas were bought in 2010 for 10,000 BTC (worth $170m at the highest point in 2018 🙂
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It was the first documented purchase with the use of a cryptocurrency. It wasn’t so easy back then. Laszlo Hanyecz, the man behind the first Bitcoin transaction, had made his order for two pizzas five days before. “I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day,” Hanyecz on an online forum.
He used the first version of Lightning Network. The technology was just over a year old. A guy took the offer, got $10,000 BTC from Laszlo, which was worth around $41at the moment, and ordered two Papa John’s pizzas at a store nearby Laszlo for $25.
Not only the buyer was immediate $16 ahead, but he also got hands-on precious $10,000 BTC. Nine months later Bitcoin reached 1:1 with the U.S. dollar, making the two pizzas worth $10,000, in 2018 it was $170m.
The winner of the transactions stayed anonymous, while Laszlo Hanyecz is famous and his purchase is celebrated globally every year. “It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Hanyecz told the NY Times.