Hooray: today is international Bitcoin Pizza Day! You might be wondering what Bitcoin has to do with pizza? Well, to find out we have to go back in time about 10 years, to the very first transaction ever made with Bitcoin!
Two pizzas for $96,000,000. On May 18, 2010, Laszlo Hanyecz posted a question on a Bitcoin forum. He was looking for someone to have 2 pizzas delivered to his home for the amount of 10,000 BTC. Yes you read that right: 10,000 Bitcoins! At the time, Bitcoin was only worth $40, so Laszlo's experiment still seemed reasonable, but today those pizzas would be worth a whopping $96,000,000! Those are some very expensive pizzas if you ask us! It took several days for someone to respond to the ad, but 18-year-old Jeremy Sturdivant finally decided to help. On May 22, 2010, he ordered two pizzas from a Papa Johns near Laszlo that he paid for with his credit card. Now, you can imagine that it takes a little bit of swallowing when you realize that your Bitcoins are worth that much after 10 years. And you just spent them on pizza, that peaks your spirits. Laszlo himself, however, knows how to put it all into perspective. Bitcoin had virtually no value at the time because no one was using it, and he will forever be remembered as the first person to actually buy something with Bitcoin. He was a true pioneer and every year on May 22, the well-known Bitcoin Pizza Day is thus celebrated. This has now become a real holiday, where Bitcoin enthusiasts commemorate this event and often eat a nice piece of pizza to go with it, enjoy!
Someone has to be the first when asked why he had carried out this transaction. Laszlo simply replied, that someone had to be the first. He also later confessed that he owned a good 100,000 Bitcoins, which he mined himself. Also that he spent a large part of it on pizza over the years. This man clearly loves pizza! An average person would be flabbergasted after losing so much to something as banal as fast food. 100,000 Bitcoin would be worth about $960 million today, which means Laszlo has spent almost 1 billion on pizzas over the years. Hope they tasted good! He doesn't care though, and focuses mainly on the fact that he was the first one to actually buy something with his Bitcoins. Laszlo is very proud of this, which is only right, as he will never be forgotten within the crypto community!
In the pizza store in question where Sturdivant ordered the infamous pizzas, there is also a commemorative plaque to Laszlo's day and issue in question. In February 2018, Laszlo repeated this ritual by ordering 2 pizzas there through the Bitcoin Lightning network, that is on top of the Bitcoin network that allows for much more and much faster transactions.
Hodling or spending
Hodling or buying pizza: to buy or not to buy? Reading this story, you might be scared to actually spend your Bitcoins on anything, for fear that in a few years they will have increased dramatically in value and you will have made a "stupid purchase". However, we shouldn't worry too much about this, because if we want Bitcoin to grow, the currency simply has to be used. This is something that Laszo knew like no other, so you can also see his investment, as a hugely smart move that launched the use of Bitcoin. This has caused the price to rise exponentially! So the next time you're unsure if you would buy a pizza, a pair of shoes or a phone with your coins: remember that the more they are in circulation, the more they will be worth in the future! However, nothing prevents you from also "hodling" a piggy bank of coins, until their value continues to rise exponentially, of course, and Bitcoin peaks again. But until then, feel free to order a pizza. It won't cost you a billion dollars! We will enjoy a slice today, it has become a tradition after all. Team InforCrypt wishes you a happy Bitcoin Pizza Day, enjoy!