What Is Bitcoin Pizza Day? | TechBuzz

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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?

What Is Bitcoin Pizza Day?

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.

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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.

MAKEUSEOF VIDEO OF THE DAY

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.

Bitcoin Pizza Day Was an Important Moment for Crypto

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.

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I am admin of techbuzz.asia blog & I provide tech-related news. As a part of my hobby, I make content related to technology and gadgets reviews too. I love to be a content creator apart from it, I am a full-time employee in an MNC company and manage blogs systematically. You can mail me at [email protected]

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