Bitcoin Pizza Day: He paid 10,000 BTC for 2 pizzas – the most important transaction ever? –

Bitcoin Pizza Day: He paid 10,000 BTC for 2 pizzas - the most important transaction ever?  -

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As a cryptocurrency, Bitcoin (BTC) was primarily intended as an alternative payment method.

But the economic background in the Bitcoin protocol is also a good idea. Because Bitcoin is not just a payment method, but a decentralized payment protocol that inflation will no longer operate from a certain point in time.

14 years after its publication, banks and state institutions have to admit that Bitcoin prevails. BTC has not yet reached the mainstream in terms of usage as a payment method. But there are hardly any people who do not know what Bitcoin is.

Bitcoin Pizza Day: Forum user bought 10,000 BTC for 2 pizzas

Many strange stories also ensured the growing demand. Laszlo Hanyecz is often mocked. Because today’s IT employee paid a whopping 10,000 Bitcoins for 2 pizzas in 2010. As things stand, these 10,000 bitcoins are worth about $260 million. So the order is the most expensive pizza delivery ever. If the current Bitcoin price forecasts are correct and the price of the cryptocurrency continues to rise, the most expensive pizza in the world will also increase in the future.

To compare: today you could buy more than 1,000 pizzas with one bitcoin. If we put the value of 5,000 Bitcoins per pizza in relation to the total amount in circulation at the time, all Bitcoins (about 2.85 million) were even 571 pizzas at the time.

The strange story behind Bitcoin Pizza Day goes back to a forum. In the Bitcointalk forum, the Bitcoin enthusiast wrote on May 22, 2010:

“I’ll pay 10,000 bitcoins for some pizzas… maybe two large ones so I have some left over for the next day. I like to have leftover pizza to nibble on later.”

At the time, he didn’t care if the pizzas were homemade or from a pizzeria.

At that time, bitcoin was worth about 0.004 US dollars. At the time, few Bitcoin owners could have dreamed that Bitcoin would reach such a high price as it does today and that an entire industry would develop around cryptocurrencies.

For Laszlo it was a test. He wanted to see if he could use Bitcoin as a payment method. So it worked. Later he wrote in the forum:

“I just want to report that I managed to exchange 10,000 souls for pizza.”

Laszlo doesn’t mind making the biggest mistake of his life to outsiders. Because at that time it could not be predicted that the value of Bitcoin could increase so much within a few years. Bitcoin was not known to the general public, except as a concept within a small scene. Even Satoshi Nakamoto was still active in the Bitcointalk forum at the time.

Incidentally, another user from the Bitcointalk forum ordered the pizzas for Laszlo from a local pizzeria. But he also has nothing of his potential wealth. Because he spent the bitcoins for online games.

Bitcoin Pizza Day: Why this transaction was so important

Unbelievable as it sounds, this bitcoin transaction is one of the most important, if not the most important, transaction ever in bitcoin history. Because it is considered the first commercial Bitcoin transaction. For the first time, someone had paid for something with the digital currency.

Finally, for a medium of exchange to function as money, it must be recognized as such by others. That’s what happened with the Laszlo transaction.

What remains is a story and a global holiday within the crypto scene: Bitcoin Pizza Day.

Many bitcoin enthusiasts use such days and events to reiterate the importance of holding purchased bitcoins for the long term. It is also called HODL when investors buy Bitcoin and hold it long term.

Last updated on 22 May 2023

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