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Beyond Bitcoin Pizza Price: Surprising Facts About Bitcoin Pizza Day

May 22nd is now forever known as Bitcoin Pizza Day, the holiday that marked the date in 2010 when the first real good was bought with the first decentralized digital money.

But like any public holiday, be it Thanksgiving or Valentine’s Day, Bitcoin Pizza Day could tell more about those who celebrate it today than any actual historical facts. In fact, those who see the holiday as passé or even against the values ​​of the Bitcoin community remain.

What stays true is that Bitcoin had a small but growing economy until May 2010, where Bitcoin was still mostly peer-to-peer and traded on a few small exchanges.

Laszlo Hanyecz, an early developer and miner, eager to push the boundaries of Bitcoin trading further, exclaimed that he would be ready and willing to pay 10,000 BTC for two pizzas should anyone be willing to trade it to record.

Bitcoin user Jeremy “Jercos” Sturdivant would agree to the terms and shortly afterwards two Papa John’s pies would arrive at Hanyecz. History was made – but some supporting facts have been lost over time.

In honor of the 11th anniversary of Bitcoin Pizza Day, we’ve compiled a list of lesser-known facts about perhaps the most famous Bitcoin holiday.

At this year’s Bitcoin price high of $ 63,000, the two pizzas were worth $ 630 million.

1) 10,000 BTC was worth only $ 41 at the time of purchase

Although data on the early bitcoin economy is hard to come by, according to bitcoin user ender_X, Hanyecz could have traded his bitcoin on an exchange for US dollars … about $ 41 to be precise. If the numbers are correct, the price per bitcoin at the time of sale is roughly $ 0.004 – or four-thousandths of a cent.

While that number isn’t exactly zero, the price was low enough to believe Hanyecz might overtake the deal, and his post ended with the joke – “Good luck getting your free pizza”.

2) Hanyecz had to wait four days to get his pies

Sure, it’s not as impressive as Satoshi waited almost 11 months for Bitcoin to set a price, but by conventional grocery delivery standards, Hanyecz waited a while for his order.

In fact, on Tuesday May 18, Hanyecz first posted on the Bitcoin.org forums when he wrote:

“I pay 10,000 Bitcoins for a couple of pizzas … like maybe 2 big ones, so I have some left over for the next day. I like to have left over pizza to nibble on later … If you are interested, please let me know and we can negotiate a deal. “

Still, he didn’t get his pizza until Saturday. By Friday, some were even tricked into researching Hanyecz’s health, with the user asking BitcoinFX if he was “getting hungry”.

“I would just find it interesting if I could say that I paid for a pizza with bitcoins,” replied Hanyecz.

Jercos would help him complete the next day delivery, with the transaction happening around 2:16 p.m. EST, according to records supported by Bitcoin Talk.

3) Hanyecz bought more than two pizzas for Bitcoin

Hanyecz didn’t stop at just two pizzas, however. Attracted by the reaction, Hanyecz attempted to break the limit in June, adding that the deal was “an open offer”.

“I will exchange 10,000 BTC for 2 of these pizzas anytime as long as I have the money (I usually have enough),” he wrote on June 12th. “If anyone is interested, please let me know.”

Rumor has it that there have been other pizza order exchanges, and there is some evidence that this may be the case as Hanyecz ended its open listing in August.

“Well, I didn’t expect this to become this popular, but I can’t really afford to keep doing it as I can no longer generate thousands of coins a day,” he wrote. “Thanks to everyone who has already bought me pizza, but I’m holding back from it for the time being.”

That’s not to say he’s completely left his pizza-buying past behind. In 2018, Laszlo became the first person to buy a pizza over the Lightning Network, even though he was only paying 0.00649 BTC at the time.

4) Jercos eventually sold his Bitcoin

As the Bitcoin Pizza Day holiday grew, it wasn’t long before Jeremy “Jercos” Sturdivant was brought back into the spotlight. He gave his only interview to a website called “Bitcoin Who’s Who” in 2015, five years after trading.

To the likely dismay of current HODLers, Sturdivant said at the time that “some currency is about to be issued,” noting that the 10,000 BTC he received “got back into the economy quickly” when they had a total value of about 400 Had US dollars.

“Of course there will always be people hoarding coins and trying to get rich, and quite a few people got quite rich, but they wouldn’t have gotten around it without economic growth,” he said, noting that Bitcoin was meant more like a PayPal or to be similar to Stripe.

Sturdivant added some more notable details about the transaction, which he believed closed via IRC, while discovering that he was only 19 years old at the time of the trade.

5) Bitcoin Pizza Day wasn’t widely celebrated at first

While Bitcoin Pizza Day is widely known today, there is little record of celebrations before 2014. Not surprisingly, given that Bitcoin awareness was low prior to 2013.

It appears that Hanyecz’s story was popularized in part by an article in the New York Times and then upgraded in 2014 by a blog and tweet from the @Bitcoin Twitter handle.

Because of the Bitcoin price then testing $ 1,000, the story went national in the U.S., with major media outlets like ABC News joining TechCrunch, Slate, and The Wall Street Journal in popularizing the transaction.

Still, as shown in the WSJ post, some bias was taken as the holiday became known as a way to scold “Bitcoin hoarders” who wanted to use the technology as a store of value rather than a payment method, a tension among users, which last until today,

6) Bitcoin Pizza Day was not the first “Bitcoin Holiday”

That’s right, bitcoiners are making holidays for almost as long as the technology has been around, the first commemorative date being in 2011.

At the time, Bitcoin users really wanted the disappearance of Bitcoin inventor Satoshi Nakamoto, who recently resigned from his role as project manager, and declared April 28, 2011 “Satoshi Disappear Day”.

“I propose that we have a Bitcoin holiday in honor of our legendary anonymous founder and observe the fact that the Bitcoin community will be fine after the inventor of Bitcoin leaves,” wrote user Kiba at the time.

Although Bitcoin Pizza Day happened a little earlier, it took some time before it became a public holiday, probably because the price hadn’t really gone up yet. It’s also worth noting that Bitcoin Pizza Day seems to coincide in some ways with the narrative “Bitcoin for Payments” pushed by industrial companies from 2014 to 2016.

7) You can still see the pictures of the real bitcoin pizzas

Wondering what million dollar pizzas actually looked like? Do not be surprised anymore.

Thanks to Hanyecz’s penchant for photography, we have well-kept records of what these expensive pies looked like when they were eaten in 2010.

Hanyecz posted a total of five pictures of his food that appear to have a variety of less-than-traditional toppings, including olives, jalapeños, whole tomatoes, and more.

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