The 10,000 BTC Laszlo Hanyecz spent on two pizzas still has a special place in the annals of Bitcoin.
The bitcoin industry observes International Bitcoin Pizza Day on May 22. Laszlo Hanyecz’s 10,000 BTC purchase of two pizzas less than two years after Satoshi Nakamoto released the nine-page Bitcoin whitepaper gave bitcoin use legitimacy.
Day of bitcoin pizza
Although there are dozens of cryptocurrencies, Bitcoin is still an unquestionably brilliant application of blockchain technology. Bitcoin has endured the test of time, rising from humble origins to a market valuation of $1 trillion. Laszlo Hanyecz was in fact one of the pioneers of what is widely regarded as a vital marketing masterpiece for the uptake of Bitcoin.
There were no trustworthy marketplaces for Bitcoin trading in the early days. As an alternative, BTC was exchanged directly through message boards and Internet Relay Chat rooms. At that time, cryptocurrencies were still considered to be experimental technologies and were only worth a few pennies.
On May 22, 2010, the Florida-based programmer Hanyecz paid 10,000 BTC for two Papa John’s pizzas to become the first individual to utilize Bitcoin in a commercial transaction. The cost of one bitcoin at the time of purchase was $41. 10,000 BTC now would cost around $300 million.
Pizza purchases outside of
More than simply “that man” who spent 10,000 Bitcoin on pizza, as the internet loves to sensationalize, is Laszlo Hanyecz. Let’s examine his ground-breaking efforts outside the pizza buy in honor of Bitcoin Pizza Day.
Hanyecz was the first developer to release the Bitcoin code for Mac OS in addition to correcting other vulnerabilities throughout the network’s early phases.
He also altered the environment for mining bitcoins. Bitcoin was mined using CPU long before the development of application-specific integrated circuits (ASICs).
It wasn’t until Hanyecz created a mining algorithm that allowed miners to mine BTC using their graphics cards (GPUs) that GPU mining began to take off. At the time, even Satoshi Nakamoto, with whom he had regularly communicated via several mails, believed that implementing GPU mining was too advanced for the advancement of Bitcoin.
Despite the fact that Bitcoin has managed to catch the attention of many influential members of the industry, it is time for the community to acknowledge the dedication and hard work of the many Bitcoin OGs, like Hanyecz, who made the digital asset what it is today.