Many people might have heard the legend of 10,000 BTC for 2 pizzas. But what is its true significance, and why do so many people in the Crypto community celebrate this anniversary? Let me explain in simple terms.
What is Bitcoin Pizza Day?
In May 2010, about 14 years ago, 19-year-old Jeremy Sturdivant was reading a Bitcoin Forum, which is similar to our Pantip website.
On May 18, 2010, a programmer named Laszlo Hanyecz posted, "He would pay 10,000 Bitcoins for 2 pizzas."
At that time, if he had sold 10,000 BTC on the market, it would have been worth only $41 USD (1 BTC = $0.0041 USD). So, he decided to post on the Bitcoin Forum on May 18. Four days later, Jeremy Sturdivant accepted the offer and delivered two pizzas as Hanyecz requested to his home. This was considered the first real-world transaction using Bitcoin. After Sturdivant received 10,000 Bitcoins, what did he do with them?
Laszlo Hanyecz photographed in 2010 with his children and two Papa John's pizzas purchased with 10,000 Bitcoins, which would now be worth hundreds of billions of dollars.
What happened to Mr. Sturdivant's 10,000 Bitcoins?
After receiving 10,000 Bitcoins, Mr. Sturdivant exchanged them for about $400 USD in fiat currency and used it to travel with his girlfriend. Later, Mr. Sturdivant said, "I didn't know it would be this big."
Image from May 22, 2010. Jeremy Sturdivant (top) trades two large pizzas for 10,000 Bitcoins from Laszlo Hanyecz, a transaction that would inspire the annual Bitcoin Pizza Day celebration.
So, why is Bitcoin Pizza Day important?
The importance is not in how much Bitcoin he used to buy these two pizzas, but that this purchase demonstrated that Bitcoin could genuinely be used as a medium of exchange for goods. Before this, Bitcoin was seen as a theoretical concept, not practically usable, merely for speculation or use on the Dark Web. This also showed that transactions could be made via Blockchain without needing intermediaries like banks, unlike in the past.
Over time, people have seen that Bitcoin's demand has continuously increased because it is limited to only 21 million coins and cannot be produced arbitrarily. This has caused Bitcoin's value to rise steadily since 2009. Bitcoin also stimulated the emergence of various other cryptocurrencies, leading to the widespread adoption of Blockchain.
Why do many people in the Crypto community celebrate Bitcoin Pizza Day?
Many people in the Crypto community celebrate Bitcoin Pizza Day because it is a significant date in Bitcoin's history, representing the first real-world transaction using Bitcoin. It proved that Bitcoin could be used as a currency to exchange for actual goods. Thus, it became a symbol of Bitcoin's growth and success, transforming from a digital currency of little value then to a currency with immense value now. This allows people in the Crypto community to witness Bitcoin's success and development.
Bitcast invites everyone to Bitcoin Pizza Day 2024, which will be held on Wednesday, May 22, at SCBX NEXT TECH, Siam Paragon, 4th Floor, from 2:00 PM to 5:00 PM.
The event will feature speakers such as Bitcoin experts A. Phiriya, A. Khing Right Shift, Dr. Big The Big Secret, Khun Han Blockchain Review, and the ladies from Lady Crypto, Ploy Khor Lao, and Naomi, with Tendo Right Shift as the host. Come and meet us! There will also be pizza, grilled pork, burgers, and drinks. Special thanks to our sponsors from Binance TH, Merkle Capital, Chitbeer, and Hea Ball Moo Ping Boran By Kitchen Rai. And we can't forget our media partners who helped promote this event until all 250 registration slots were filled.
In summary, what did we learn from Bitcoin Pizza Day?
The story of buying pizza with 10,000 Bitcoins opened the door for ordinary people to understand that transactions using Bitcoin could exchange goods or services, similar to the money we use daily, and without needing intermediaries like banks.
Ultimately, no one knows how far Bitcoin will go. If we understand why we hold Bitcoin, we won't be swayed whether its value goes up or down. 1 BTC equals 1 BTC.
Ref:
https://www.reddit.com/r/Bitcoin/comments/13on6px/everyone_talks_about_the_guy_who_paid_10000/
https://nypost.com/2021/05/24/bitcoin-pizza-guy-who-squandered-365m-has-no-regrets/
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What's interesting about this year's Bitcoin Pizza Day 2024 event?