Cryptocurrency

What is Bitcoin (BTC) Pizza Day

Bitcoin Pizza Day is the celebration of the first real-world bitcoin transaction. On May 22, 2010, Laszlo Hanyecz made a post on a Bitcoin forum offering to pay 10,000 bitcoins for two Papa John’s pizzas. At the time, this was equivalent to USD 41; however, today would be worth over $100 million.

This day is celebrated not just by Bitcoin users but also by pizza enthusiasts. Anyone can celebrate Bitcoin Pizza Day. You don’t even need to own any bitcoins or buy pizza on that day. If you are serious about celebrating Bitcoin Pizza Day in style, you can do some fun things to commemorate this special day. This post will look at bitcoin (BTC) pizza facts.

Suppose you would like to go all out and purchase pizza with bitcoin on that day. The man who purchased the pizza was Laszlo Hanyecz, a Florida-based software programmer. The man purchased two pizzas with 10,000 BTC (bitcoin), which would be worth about $81 million today. Visit the site here to understand bitcoin transactions and their benefits.

Who Buys Bitcoin (BTC) Pizza First?

In 2010, Laszlo Hanyecz was the first person to buy something with bitcoin. He is a computer programmer who wanted to order pizza from Papa John’s. He paid 10,000 bitcoins for one of their large pies. The pizzas cost $25 each, but he only paid for one because another user bought the other pie.

At the time, bitcoin wasn’t as valuable as it is now; in fact, one bitcoin was only worth $0.003 in 2010. That means that buying two pizzas cost him 3 cents. Nowadays, people don’t use real coins (also known as cryptocurrency) to pay for things like they did back then; instead, they use crypto-wallets.

This transaction changed the way people perceived cryptocurrencies. A transaction demonstrated you could use bitcoin to buy real-world products. It also showed that real-world businesses could start accepting bitcoin as a means of payment. As time went on, it became clear that Laszlo’s pizza purchase wasn’t just an isolated incident. 

Pizzas continued to be bought with BTC, and other merchants started to accept the cryptocurrency as a way of payment. And then, in November 2012, WordPress, which is currently one of the biggest websites in the world, announced they’d start accepting payments using bitcoin.

It meant people began viewing cryptocurrencies more seriously and realized they were being used more regularly than just for buying drugs online. Of course, not all businesses were keen to onboard this new technology at first, and some still didn’t. Still, there’s no denying the fact that Laszlo’s pizza purchase was significant in shaping how people perceived cryptocurrencies.

On Lightning Pizza Day, Hanyecz bids to recreate his first purchase and get two pizzas for 10,000 satoshis (BTC).

As the day draws near, Hanyecz has released details of his plan to commemorate the event by sending 10,000 satoshis to anyone who orders him a pizza. The difference this time is that he will be using the Lightning Network (LN) to pay for it.

This is notable because Hanyecz’s first bitcoin transaction took place more than two months before Satoshi Nakamoto released his seminal bitcoin paper. Since then, however, bitcoin transactions have become slow and expensive.

The LN is a second-layer solution to bitcoin’s scalability problem that aims to enable instant and cheap transactions on the main chain. You can also use bitcoin trading software for cryptocurrency transactions. In addition, You can trade with this tool.  It does this by creating payment channels off-chain where multiple transactions can take place between users directly without being broadcasted on the main chain.

Final Words

On May 22 every year, Bitcoiners worldwide celebrate Bitcoin Pizza Day by ordering their favorite pizza. They have come a long way since Hanyecz’s original $30 order, but it shows that you can use cryptocurrency to buy almost anything nowadays. 

Laszlo Hanyecz is known as “the father of bitcoin pizza day” because he made the first purchase using cryptocurrency, and by now, we are sure you know what he bought. We have told you about the bitcoin (BTC) pizza day in detail in this post. You can read the above guide to learn more fun facts about the bitcoin (BTC) pizza.




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