By Jake Coleman
Bitcoin is the first and most popular cryptocurrency on the market today. According to Coinmarketcap, as of 26 May 2023, BTC is worth $26,463. However, some people wondered if Bitcoin could reach the level it is at now.
The account of Bitcoin Pizza Day’s start shows how impatience can lead to substantial financial losses. Imagine someone spending a staggering $238 million on two large pizzas from Papa Johns’s. It looks like Laszlo Hanech was up to something else when he exchanged 10,000 BTC for two pizzas.
Nothing is strange about the purchase of two pizzas being an important event in Bitcoin history. People often think that the Bitcoin user in the pizza story, Laszlo Haneč, made a hasty choice by spending his digital assets on a simple pizza. Interestingly, buying a pizza with Bitcoin was the first time authentic goods were purchased with cryptocurrency.
This guide explains how Bitcoin pizza day came about and what it means.
Why Do We Celebrate Bitcoin Pizza Day?
The best way to understand what Bitcoin Pizza Day is to learn the history of its origins. Every year, people in the cryptocurrency world celebrate Bitcoin Pizza Day on 22 May.
Laszlo Hanech, a miner and hacker from Florida who was one of the first to use Bitcoin, was a crucial figure in Bitcoin’s rise in popularity.
Before Bitcoin’s rewards were halved in 2012, each miner who found a new block received 50 BTC. Thus, mining around 200 blocks would yield a bonus of 10,000 BTC.
Because Bitcoin was still in its early stages of growth in 2010, mining was not a competition. In 2010, when Bitcoin was starting to grow, few people were using it.
Mr. Hanietz thought exchanging his Bitcoins for something you could touch, like two slices of pizza, would be wise.
2010 will always be remembered as when someone used Bitcoin to buy a pizza. Laszlo offered on the Bitcointalk website to buy a pizza with a Bitcoin transaction.
The idea was to give 10,000 BTC to the person who would order, pick up and deliver two Papa John’s pizzas. Four days later, someone agreed to Laszlo’s idea, leading to an important historical event. It is believed that someone used Bitcoin as a medium of exchange in an actual financial transaction involving tangible goods.
Why Is Bitcoin Pizza Day Unique?
The Bitcoin Pizza Day celebration is of great historical significance because it shows how Bitcoin can be used to make purchases.
Laszlo’s actions inadvertently set the standard for how Bitcoin can be used in the future, as evidenced by the fact that the currency has increased in value many times. Laszlo stated that the fact that Bitcoin can be used to buy pizza proves that it is a real currency.
Unfortunately, Laszlo lost a lot of money on the Bitcoin pizza deal, and now he only has a few Bitcoins in his wallet. People interested in Bitcoin often use tools to determine how much two pizzas are worth now, based on the current market price of Bitcoin.
The most exciting answer to the question of how much a Bitcoin pizza is worth now has to do with the highest Bitcoin price in history. If Laszlo had sold his 10,000 BTC at the market peak, when Bitcoin’s price was around $68,990, he could have made much money.
Assuming the numbers are correct, he would have $690 million in his bank account. He could have bought 46 million large pizzas from the famous Papa John’s company with this money. It seems likely that Laszlo would have amassed a large pizza stock that could have kept him alive for a long time.
Some people may think Laszlo’s choice is silly. Still, the Bitcoin pizza story has laid the groundwork for using cryptocurrency to pay for everything from a cup of coffee to an expensive real estate investment.
Conclusion
The story of the Bitcoin pizza will be remembered as an important moment in the history of Bitcoin for a long time to come. In the early days of Bitcoin, a Bitcoin worker from Florida named Laszlo Hanyecz could mine and get 10,000 BTC as block rewards. It was a shame that regular cash could not be used to buy Bitcoin.
Laszlo started a transaction to buy two big pizzas for a vast 10,000 units of Bitcoin. Within four days, he got a quick confirmation that the transaction was successful. Over time, the story of Laszlo will be seen as an early example of how people started to use Bitcoin.
