What Is Bitcoin Pizza Day? – MUO – MakeUseOf

Let us commemorate the first ever cryptocurrency transaction for a tangible object.
If you've ever delved into crypto, you've probably come across an endless string of terminology and slang used by those within the industry. But things don't stop there.
There are also anniversaries within the crypto world, including Bitcoin Pizza Day. But what is the meaning of this seemingly important crypto milestone?
Although the crypto market only experienced its biggest boom in late 2020, cryptocurrency itself has been around for much longer. You may know that the first cryptocurrency ever developed and launched was Bitcoin (by Satoshi Nakamoto) in 2009. Back then, almost no one knew what crypto was, and even Bitcoin, a coin that has exponential value today, was worth next to nothing when it was initially created.
In the year or so following Bitcoin's launch, it didn't really have a solid value, as it had never actually been used to buy anything. Without some real-world comparison, Bitcoin's value was generally negotiated among sellers within the Bitcoin forum, which the mysterious Nakamoto also launched.
But this all changed on May 22, 2010, when a man named Laszlo Hanyecz made history. On this day, Hanyecz, an early crypto enthusiast, decided that he wanted to try and buy two pizzas using nothing but the Bitcoin he owned. Today, one Bitcoin would buy you enough pizzas to fill a house, but things were very different back then.
So, Hanyecz hopped on the forum Bitcointalk and announced that he wanted to spend 10,000 BTC on two pizzas. Today, 10,000 BTC is worth over $300 million. In May 2010, it was worth around $40. Hanyecz stated that he wanted to buy two large pizzas and have them delivered to his home. He even specified the kind of toppings he preferred.
A few days later, Hanyecz was able to find a user who could facilitate this purchase, and, lo and behold, he successfully managed to buy two pizzas for 10,000 BTC. Let's hope he liked the toppings.
On Bitcoin Pizza Day, the first-ever physical object was bought using cryptocurrency. This gave Bitcoin some real-world tangibility and marked when crypto enthusiasts realized how Bitcoin could harbor a value beyond that negotiated between buyers and sellers in virtual deals.
Katie is a Staff Writer at MUO with experience in content writing in travel and mental health. She as a specific interest in Samsung, and so has chosen to focus on Android in her position at MUO. She has written pieces for IMNOTABARISTA, Tourmeric and Vocal in the past, including one of her favourite pieces on remaining positive and strong through trying times, which can be found at the link above. Outside of her working life, Katie loves growing plants, cooking, and practicing yoga.
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