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Market Insights

Bitcoin Pizza Day

The primary aspect of creating Bitcoin was to move from the traditional centralized finance system to a better, more efficient, and advanced decentralized system for transactions. But bitcoin brought a revolution in the financial market and took everyone by storm. Thus, Bitcoin Pizza Day is celebrated every year on May 22 to mark Bitcoin’s success and appreciate its offerings. 

Why is Bitcoin Pizza Day celebrated?

It is a fascinating story. So, 12 years ago, a Florida man, Laszlo Hanyecz, was craving pizza one night. He wanted to order two large pizzas from Papa John’s. Laszlo was a bitcoin miner and wanted to pay for the pizza using bitcoins. On May 18, he announced on Bitcointalk.org that he would give 10,000 BTC to anyone willing to order, buy, and then bring the two large pizzas to him. After four days of silence, on May 22, a 19-year-old student named Jeremy Sturdivant accepted the offer and got 10,000 BTC for a significantly less amount (nearly $25). This is the first real-world transaction using cryptocurrency, and Hanyecz became the first person to make commercial payments using Bitcoin.

This was the most expensive pizza purchase ever made in the history of humanity. Also, 10,000 BTC was worth $41 in 2010, so Hanyecz did not care much. But later on, he admitted in an interview that he deeply regretted that day. If he had held on to those BTCs, they would be worth millions. On the 11th anniversary of this pizza day, Bitcoin reached a record high price of 630 million dollars.

In light of this historical event, the crypto community comes together to celebrate Bitcoin Pizza Day all over the world every year. It is a reminder not to make regretful decisions like Hanyecz and to spend your assets carefully. It is also considered a holiday in the bitcoin community when some miners do not mine bitcoin on this day and instead buy pizza. Also, some pizza places offer discounts to those making payments via crypto. 

In honor of the 12th anniversary of Bitcoin Pizza Day, let’s look over some more interesting facts:

  • Hanyecz did not stop at two pizzas.

Yes, you read that right! Even after using his 10,000 BTC for two large pizzas, Hanyecz kept making such purchases. In June of the same year, he made an open offer to deliver pizza in exchange for his bitcoins.

  • Jeremy used his BTCs after almost five years. They were worth $400 in total, but he still made quite a profit. He believed that a currency is meant to be spent, and he soon brought back the 10,000 BTC into the economy.
  • Before the initial halving in 2012, each successful miner was rewarded with 50 BTC for creating a new block. As a result, Hanyecz just needed to mine 200 blocks to obtain 10,000 BTC, which was not challenging given the lack of competition in 2010.
  • Bitcoin Pizza Day is not the only first in the Bitcoin community. On April 28, 2011, Satoshi Nakamoto stepped down from the project lead, and this day is commemorated as “Satoshi Disappear Day.” This day is observed in honor of the legendary anonymous founder of Bitcoin.

Bottom line

Pizza Day is a time-traveling fantasy for many people who can only imagine being wealthy. Pizza Day is a fantasy for them about being lucky and not having to work while generating a lot of money. Instead, it should serve as a reminder that conviction is difficult to achieve. Conviction demands knowledge, wisdom, and courage, which take time, energy, and effort to develop. Instead of being envious of early adopters and daydreaming about being one of them, we should devote our efforts to developing the conviction necessary to endure in the face of adversity. Thus, have some pizza and do not let go of your hard-earned assets without much consideration.

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