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On May 22nd, 2010, a programmer by the name of Laszlo Hanyecz did something that would go down in history as a pivotal moment for the world of cryptocurrency.
Hanyecz purchased two pizzas for 10,000 bitcoins, which at the time was worth only a few dollars but would eventually become a fortune.
This event would later become known as "Bitcoin Pizza Day," and it is celebrated annually by the crypto community around the world.
The story of how Bitcoin Pizza Day came to be is quite fascinating. In the early days of Bitcoin, there weren't many places where you could actually use the currency to buy things. Hanyecz, a Bitcoin enthusiast, wanted to test the limits of the cryptocurrency and see if he could use it to purchase something tangible.
He posted on a Bitcoin forum offering 10,000 bitcoins to anyone who would order him two pizzas. Hanyecz wrote: "I’ll pay 10,000 bitcoins for a couple of pizzas.. Like maybe 2 large ones so I have some left over for the next day".
A few days later, a British man named Jeremy Sturdivant (also known by his online handle "Jercos") took up the offer and ordered the pizzas from Papa John's in the United States.
Hanyecz sent the 10,000 bitcoins to Jercos, and in exchange, Jercos had the pizzas delivered to Hanyecz's home in Florida. And just like that, Bitcoin had been used to purchase something in the real world for the very first time.
Hanyecz obtained the coins by mining on his laptop, a practical approach during the early days of Bitcoin when even consumer-grade hardware was sufficient. However, Bitcoin mining has evolved into a fiercely competitive industry, with significant investment by large firms to develop specialized mining hardware like ASICs.
At the time of the infamous pizza purchase, 10,000 bitcoins were worth only about $40. But as the value of Bitcoin skyrocketed over the years, those same 10,000 bitcoins would eventually be worth millions of dollars.
Despite the immense value of those 10,000 BTC today, Hanyecz has expressed no regrets about spending them on two pizzas. At the time, Bitcoin was an obscure Internet phenomenon with a small following of enthusiasts, and using cryptocurrency to purchase physical goods was seen as a far-fetched concept. In fact, the transaction might have even seemed like a bargain. Since then, the world of cryptocurrencies has undergone tremendous growth and change.
Bitcoin Pizza Day has become an important holiday for the cryptocurrency community. It's a reminder of the early days of Bitcoin and how far the currency has come since then. It's also a celebration of the power of cryptocurrency to change the world.
Before exploring further the identity of Satoshi, it is important to know about the famous incident involving Bitcoin: 10,000 BTC was used to purchase two pizzas in 2010.
Bitcoin is the name of a peer-to-peer (P2P) digital money. It is also known as bitcoin (with a lower "b") or simply BTC. The term "Bitcoin" refers to a type of digital currency that is...
Take this Quiz to test your Bitcoin Knowledge. The minimum score to pass the Quiz is 70% of correct answers.
BTC Dominance refers to the percentage of the total cryptocurrency market capitalization that is represented by Bitcoin. In other words, it is a measure of how much of the total cryptocurrency market is made up of Bitcoin. It is calculated by dividing the market capitalization of Bitcoin by the total market capitalization of all cryptocurrencies.
The benefit of utilizing Casascius Coins is that they give a physical means of storing and spending bitcoins. They also make it simple to send someone a precise quantity of Bitcoin. If you wanted to gift someone 1 BTC, for example, you could just hand them a 1 BTC coin.
As a consequence of Bitcoin's tremendous expansion, Satoshi has reached a place among the top 100 wealthiest individuals on earth. Nevertheless, it appears that Satoshi has never disposed of any of their Bitcoin, and his current state of being alive is uncertain.