As we speak marks the eleventh anniversary of Bitcoin Pizza Day, an annual celebration of Bitcoin and a solemn parable for the advantage of HODLing.
On Could 22 2010, Laszlo Hanyecz, a Florida software program programmer and one-time Bitcoin core contributor, purchased two Papa John’s pizzas for 10,000 Bitcoin. It’s one of many first occasions that somebody purchased one thing with Bitcoin.
“I simply wish to report that I efficiently traded 10,000 bitcoins for pizza,” beamed Hanyecz the BitcoinTalk forum on Could 22, 2010, earlier than posting several photographs of the 2 Papa John’s pizzas he purchased.
These two pizzas price $41 on the time. At as we speak’s value, 10,000 bitcoins price $384 million. And at Bitcoin’s all-time excessive of $64,863 final month, these two pizzas could be price $684 million.
In a Bloomberg interview in February, Hanyecz stated he has no regrets about his buy—though he suggested utilizing money to purchase pizzas.
The concept of holding tightly onto Bitcoin didn’t make sense again in 2010, when every Bitcoin was solely price a few cents.
Steve Ehrlich, CEO and founding father of Voyager Digital, advised Decrypt, “Again then, the tangible worth of Bitcoin appeared inconceivable, and its future unsure, so one may justify that it was a enjoyable social experiment.”
However so much has modified since Hanyecz’s pizza buy—and never simply Bitcoin’s value. Bitcoin began out as a peer-to-peer cash system that early adherents hoped may change central bank-controlled fiat cash.
However the mixture of a capped provide, an costly mining system and heightened demand meant that Bitcoin’s value and transaction charges stored rising, making it extra useful as “digital gold” quite than as a helpful medium of trade—and definitely not helpful for purchasing pizza.
“I attempted paying for pizza final night time in Bitcoin and was met with a puzzled look,” Jayne Cripps of digital asset brokerage GlobalBlock advised Decrypt.
Bitcoin pizza day means one thing completely different for supporters of Bitcoin Money, a cryptocurrency that hard-forked from Bitcoin in 2017 to prime it for funds. A small group of BCH supporters nonetheless dwell like Laszlo Hanyecz did in 2010.
Hayden Otto, a BCH investor, advised Decrypt he celebrated this 12 months’s Bitcoin pizza day with 30 others at Mama Teresa’s Pizzeria, a BCH-accepting restaurant in North Queensland, Australia. It’s “like Bitcoin pizza day day-after-day” for Otto and his fellow BCH spenders, he stated.
However Bitcoin Money, like all cryptocurrencies, isn’t any much less unstable than Bitcoin. It’s presently buying and selling for $698, down 13% over the previous 24 hours.
In case you’re hungry, it’s nonetheless simpler to maintain shopping for your pizzas in money.
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