Imagine it is 2010, wherein electronic cash like Bitcoin is launched. The price of Bitcoin now is just $0.08. And you are one of the holders of a huge amount of Bitcoin.
Given an opportunity, how will you spend your Bitcoins? Will you invest it somewhere? Or will you spend it to buy something to eat?
Quite confusing right?
Don’t worry!! I have one such interesting story about how someone can spend $10,000 BTC on buying 2 pizzas.
Yes, you heard it right!!! Laszlo Hanyecz was that man who is known as the “Bitcoin pizza guy” Laszlo, is a computer programmer from Florida. He was the first documented individual in the world to purchase something with Bitcoin. Laszlo bought two Papa John’s pizzas for a whopping 10,000 BTC.
It was in 2010, Hanyecz bought the pizzas when the currency wasn’t even a penny. And now nearly after 10 years, that same amount of Bitcoin is worth roughly $800 million USD (~$8000 USD per BTC).
This Bitcoin pizza guy is so sweet that he even posted a thank you note to student Jeremy Studivant (jercos). The note stated that,
“I just want to report that I successfully traded 10,000 bitcoins for pizza. Thanks jercos.”
Unfortunately this guy had no idea that BTC would be worth $8,000 in future. And now after a span of 10 years, Hanyecz has spoken to CBS News about it for 60 minutes.
Out of curiosity, Cooper asked “Are there nights you wake up, where you think, ‘I could have had $800 million… if I hadn’t bought those pizzas?'” For this, disappointed Laszlo said, “I think thinking like that is… not really good for me,”
On the show, Cooper was seen grilling Laszlo over the decision. To which Hanyecz responded that he had no regrets for it. Furthermore he shared his anecdote saying,
“I think it’s great that I got to be part of the early history of Bitcoin in that way, and people know about the pizza and its an interesting story because everybody can kind of relate to that and be [like] – ‘Oh my God, you spent all that money.’”
He also added further that,
“I didn’t think it would get as popular as it has, but it’s gotten to be a really catchy story for people.”
Why Is 22nd May Celebrated As Bitcoin Pizza Day?
On May 18, 2010, the Bitcoin Pizza Guy posted on Bitcointalk saying,
“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. I like having leftover pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for Bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!
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.
If you’re interested please let me know and we can work out a deal.”
Moving forward to May 22, 2010, he updated that the Bitcoin transaction is complete stating,
“I just want to report that I successfully traded 10,000 Bitcoins for pizza.”
Having known all this, are you excited to know how the $800 million pizza looked? Come have a look!!!
To commemorate this transaction, May 22 is called the Bitcoin Pizza Day. Many crypto enthusiasts and pizza providers celebrate this day by offering discounts, giveaways and congratulating each other.
Impact Of The Incident
Although it looks funnier from outside, this incident has a lot of importance. It is because of such transactions that Bitcoin would never see higher values as now. In 2013, Hanyecz explained the New York Times that
“It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool.”
After few days when Bitcoin reached $1, he cashed all off his earning tp buy a new computer.
Hanyecz sent 0.00649 BTC to one of his friend in London for delivering two pizzas to him in Florida. These coins were sent through the Lightning Network.
Along with Bitcoin Pizza, there is something called Lightning Pizza which let’s you order Domino’s pizza using Lightning Network. Basically, they offer 5% off, <$0.01 transaction fees, instant settlements and ~30 min delivery time on every order.
Bitcoin Pizza Day Becomes Huobi Prime Day
The crypto trading platform, Huobi Global revealed to celebrate the Bitcoin Pizza Day on Wednesday May 22. They are providing discounts for selling cryptocurrencies. Huobi also plans to launch Reserve Right Token (RSR) on Huobi Prime. They’re aimed at providing a stablecoin accessible to everyone in the world.