This year marks the 12th anniversary of Bitcoin Pizza Day, widely celebrated in the Bitcoin community.
In case you are new to Bitcoin, here is a quick guide to understand why it’s such an important occasion for Bitcoin holders.
What is Bitcoin Pizza Day?
On May 22, 2010, Laszlo Hanyecz traded his Bitcoins to get two pizzas from a local pizza store. The transaction is also known as the first recorded usage of Bitcoin for a commercial transaction.
Laszlo posted on Bitcointalk.org and asked to exchange 2 large pizzas for 10,000 Bitcoins. He also specified his preferences:
I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.
How many Bitcoins did the pizza cost?
Hanyecz might have bought his pizza for 10,000 BTC (worth around US$41 back in 2010). So, the cost per Bitcoin is around $0.004 at the time of purchase. Now, the two pizzas are currently worth over $300 million – making it the most expensive pizza purchase in history.
What did Papa John’s do with the Bitcoin?
Papa John’s name was closely associated with the Bitcoin Pizza Day because the pizzas were made by them. But the pizza chian wasn’t the one who received the 10,000 Bitcoin – a California student Jeremy Sturdivant ordered on Hanyecz’s behalf..
Did the pizza guy keep the Bitcoin?
Unfortunately, no. Instead of saving the Bitcoin for the future, Sturdivant spent his earnings on a road trip with his girlfriend – according to Telegraph.
Moral of the story
12 years have passed since the very first Pizza Day. The Bitcoin community has evolved with infrastructure and technology allowing you to buying and doing more than just buying a pizza with Bitcoin on the lightning network.
The story of Bitcoin Pizza Day is a powerful reminder that it’s definitely best not to wager against crypto. And HODL has proven to be a prudent strategy in long term. Crypto, in whatever shape it takes from now on, is staying put and will affect the world into the indefinite future, along these lines you ought to consider getting a piece.