Laszlo Hanyecz Still Doesn't Regret a Thing
Ten years ago, on March 25th A hungry Bitcoin enthusiast called Laszlo Hanyecz made the first real-world transaction with Bitcoin. Laszlo was an early Bitcoin miner that accumulated a large stash of Bitcoin before it had any fiat value.
He initially posted on Bitcoin's first forum, Bitcointalk that he was looking to purchase two large pizzas in exchange for 10,000 BTC. A few days later a different forum user took him up on his offer and paid for Laszlo's pizza by credit card. The pizzas had all of Laszlo's requested topping and were ordered from a Floridian branch of Papa Johns.
In today's Bitcoin value, those two pizza's cost roughly $93 million dollars or $46 million per large pizza. At an average of almost $6 million dollars per slice in todays value, this was probably the most expensive pizza to have ever been baked.
The infamous Bitcoin Pizza transaction was a historic moment in the world of cryptocurrencies as it was the first exchange of goods for Bitcoin. It essentially helped create a fungible price for Bitcoin as a unique digital currency. Additionally it added legitimacy to Bitcoin, as purchasing food is a pretty standard transaction.
When asked on a segment of the news show, 60 minutes regarding the Bitcoin pizza transaction, Laszlo said: "I just thought it would be cool If I could say; I just exchanged this open source internet money for a real world good. And I thought what better thing than food. Food is a basic necessity. And Pizza? Every geek understands pizza."
Ever since that fateful day on March 22nd, Bitcoin and cryptocurrency enthusiasts have taken the time to celebrate by ordering pizza.
Bitcoin & History
A lot has changed in the world of Bitcoin and cryptocurrencies since 2010.
Bitcoin's creator, Satoshi Nakamoto has seemingly disappeared in 2012, but a handful of individuals have claimed to be the man behind the pseudonym. This includes BSV's figurehead Craig Wright, Bilal Khalid, and Jorg Molt to name a few.
The fiat value of Bitcoin has also gone through quite a few changes over the years. Bitcoin's price is currently trading at $9000 but it had its all-time-high of $20,000 on December 2017. It later fell to lows of $3400 the following year, which was dubbed "crypto-winter". It later recovered and market optimism seems to be back.
In the years following Bitcoin's release, the original cryptocurrency managed to inspire thousands of newer cryptocurrencies. While many are no longer widely traded and are considered "dead coins", some such as Litecoin (LTC), Ripple (XRP) and a handful of others have been around for years.
Bitcoin has also gone though many forks over the years. The first notable fork was Bitcoin XT which was forked in 2014 by former Bitcoin Core programmer Mike Hearn. While this fork eventually fell out of favor in 2015 and is no longer traded on most exchanges.
Another notable fork was Bitcoin Cash (BCH) which forked in 2017 due to a disagreement regarding block size, transaction speed and fees. Bitcoin Cash is still a popular cryptocurrency and is listed as the fifth largest cryptocurrency by market cap. BCH is currently trading at $220.
BitcoinSV (BSV) later forked from Bitcoin Cash in 2018 following disagreements with some technical aspects of Bitcoin Cash. It is listed one ranking below Bitcoin Cash, making it the 6th most popular cryptocurrency. It is currently trading at $190.
Regardless of disagreements between different cryptocurrency communities, all cryptocurrency fans should take a moment to honor the Bitcoin's first transaction. Ideally this should be done with a slice of pizza.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado