The global crypto community comes together every year on May 22 to celebrate the first physical bitcoin transaction in a day that has been christened, Bitcoin Pizza Day.
This day marks the anniversary of the first Bitcoin transaction in which an early crypto miner from Florida, United States, paid for two pizzas with the cryptocurrency. What’s even more interesting is that he paid 10,000 Bitcoins, which today is worth over $80 million, for the two pizzas.
On May 22, 2010, just over one year after the bitcoin blockchain went live, Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas. It was pretty easy to get a hold of the cryptocurrencies back then, at the time each successful miner was rewarded with 50 BTC for discovering a new block. This meant one only needed to mine 200 blocks to earn 10,000 BTC.
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Organized on bitcointalk forum, Laszlo Hanyecz reached out with an advertisement to buy from anyone who would cook the pizza or order the pizza and deliver to him. “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 wrote.
“I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself…”
– Laszlo Hanyecz, BitcoinTalk
A British man took up Hanyecz’s offer and bought the two pizzas for him in exchange for the 10,000 Bitcoins.
“I just want to report that I successfully traded 10,000 bitcoins for pizza.” – Jercos
The pizzas were made by Papa John’s but Hanyecz had bought them second-hand from an 19-year-old named Jeremy Sturdivant (username “jercos”).
Since the inception of Bitcoin, Hanyeczs’ pizzas have obviously got more and more expensive. If Hanyecz had hypothetically sold his entire stash at bitcoin’s all-time high of $68, 990, he could have made around $690 million – enough to buy 46 million large Papa John’s pizzas at $15 a piece.
At the latest bitcoin price of $29 160.49, the 10,000 bitcoins would command at least $291 million. Anyway, at least he got to set bitcoin on its way by purchasing the first real world commodity with it.
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