Date:
Bitcoin Pizza Day is celebrated annually on May 22, commemorating the first documented commercial transaction using Bitcoin on this date in 2010.
Key Participants:
- Laszlo Hanyecz: A Florida-based programmer and early Bitcoin miner who offered to pay 10,000 BTC for two pizzas.
- Jeremy Sturdivant (Jercos): A Bitcoin enthusiast who accepted the offer and arranged the pizza delivery.
Transaction Details:
- Offer: On May 18, 2010, Hanyecz posted on the Bitcointalk forum: "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."
- Execution: On May 22, Jercos ordered two Papa John's pizzas (large, with toppings) for Hanyecz, who completed the Bitcoin transfer.
- Bitcoin Value at the Time: 10,000 BTC was worth approximately $41, making each pizza ~$20.50.
Significance:
- First Real-World Transaction: Demonstrated Bitcoin's potential as a medium of exchange, moving beyond theoretical use.
- Cultural Milestone: Highlighted the evolution of cryptocurrency from a niche experiment to a viable financial tool.
- Volatility Lesson: The transaction became a famous example of Bitcoin's price volatility, as 10,000 BTC would later peak at over $600 million (based on 2021 all-time highs).
Current Perspective:
- Hanyecz's View: He has stated he doesn't regret the trade, as it helped Bitcoin gain practical traction.
- Jercos's Outcome: Used the BTC to fund travels and projects, later reflecting on the irony of its value surge.
Celebration:
The crypto community marks the day by:
- Purchasing pizza with Bitcoin (where accepted).
- Sharing memes and discussions about Bitcoin's history.
- Hosting events to reflect on cryptocurrency's growth and risks.
Technical Context:
- Mining in 2010: Block rewards were 50 BTC, so 10,000 BTC equated to 200 blocks (~33 hours of mining). Hanyecz mined extensively, accumulating coins early.
- Blockchain Record: The transaction is permanently recorded in Block 57043, a testament to Bitcoin's immutable ledger.
Legacy:
Bitcoin Pizza Day symbolizes both the grassroots origins of cryptocurrency and the unpredictability of its value. It remains a poignant reminder of how early adopters' actions shaped the digital currency landscape.