Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Bitcoin Pizza Day: A Delicious Slice of Crypto History Turns 14

CryptopotatoCryptopotato2024/05/22 12:07
By:Author: Chayanika Deka

Bitcoin Pizza Day serves as a reminder of the incredible progress the world’s largest cryptocurrency by market cap has made.

Today, May 22nd, marks the 14th anniversary of Bitcoin Pizza Day, a historic occasion that forever etched Laszlo Hanyecz’s name in the annals of the cryptocurrency industry’s history.

On this day in 2010, the Floridian programmer and early Bitcoin adopter made the first documented purchase using the cryptocurrency, exchanging 10,000 BTC for two Papa John’s pizzas.

The Bite that Sparked a Bitcoin Revolution

According to the conversation on Bitcoin Forum in 2014, 1 BTC on May 22, 2010, was worth $0.0041, making the purchase amount $41. Bitcoin’s value has increased significantly since the first Bitcoin Pizza Day and is currently above $70,000.

Laszlo Hanyecz’s pizza purchase has become a legendary event in the history of Bitcoin. While the transaction may seem financially extravagant in hindsight, it holds a special significance in Bitcoin folklore as it demonstrated the practical use case of the digital currency as a medium of exchange.

This act of using Bitcoin for an actual purchase, no matter how costly it may seem today, highlighted the importance of active participation and real-world applications for the success and adoption of the network.

As the entire industry celebrates this milestone, it’s hard not to marvel at the massive growth Bitcoin has experienced, especially in light of the significant events that have transpired this year.

First was the much-anticipated approval of spot Bitcoin ETFs in the US that opened the floodgates for massive capital inflow. The second was the halving event that further solidified Bitcoin’s position as a legitimate and widely adopted asset.

Last Pizza Day Celebration Turned Sour

It is also important to remember that the past year has served as a cautionary tale, with the emergence of several malicious entities exploiting the hype surrounding meme coins to dupe unsuspecting investors.

Capitalizing on investors’ risk appetite and the frenzy surrounding pizza-related meme coins, these scammers resorted to creating obscure tokens and then pulling the rug after hitting their target. Thankfully, the current year has been relatively calmer on the scammer front despite the continuing meme coin hysteria.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
APR up to 10%. Always on, always earning.
Stake now!

You may also like

The Daily: Binance launches pre-market spot trading, Caroline Ellison gets sentenced to two years in prison, Hamster Kombat teases roadmap and more

Binance has launched a pre-market spot trading service that uses “actual tokens.”Former Alameda CEO Caroline Ellison was sentenced to two years in prison for her role in the collapse of FTX.Hamster Kombat teased token buybacks, NFTs and the launch of a web app ahead of its highly-anticipated airdrop.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

The Block2024/09/25 17:51

Friday's end-of-month bitcoin options expiry could trigger significant market volatility: Deribit

Friday’s end-of-month bitcoin options expiry could significantly impact market volatility, according to Deribit CEO Luuk Strijers.Major cryptocurrencies, such as bitcoin and ether, have traded flat over the past 24 hours.

The Block2024/09/25 16:44