Bitcoin Pizza Day: Fourteen years ago today Laszlo Hanyecz paid 10,000 Bitcoin for a pizza, marking the first commercial transaction made using the cryptocurrency. And with it, Bitcoin Pizza Day was born.

The Florida-based programmer, aged 28 at the time, posted a pizza order in a Bitcoin Talk Forum on May 22, 2010.

He wanted a pizza delivery “where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!”

Also read: Bitcoin Surges Over $71 as Short Traders Take Losses

Pizza Set the Stage for Bitcoin Revolution

Hanyecz offered 10,000 bitcoin (BTC) to the person who would bring him the pizzas.

“I’ll pay 10,000 bitcoins for a couple of pizzas … like maybe 2 large ones so I have some leftover for the next day. I like having leftover pizza to nibble on later,” he said.

“You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins…”

Jeremy Sturdivant, a California student who was 19 at the time, took up the offer and brought Hanyecz two large pizzas from Papa John’s for 10,000 Bitcoin.

The deal, which has since been mythologized as Bitcoin Pizza Day, has earned notoriety over time because 10,000 BTC, worth about $41 at the time, is now worth $700 million at existing prices.

More importantly, Pizza Day marked the first time Bitcoin, first mined by its pseudonymous founder Satoshi Nakamoto on January 3, 2009, was ever used in a commercial transaction. The transaction spawned an industry that is now valued at $2.7 trillion.

11 years ago today, a very hungry programmer, Laszlo Hanyecz, paid 10,000 bitcoin for two Papa John's pies, marking the very first bitcoin pizza transaction, ever. Considering today’s bitcoin value, that trade is worth roughly $613 million. Happy #BitcoinPizzaDay !

— Papa Johns (@PapaJohns) May 22, 2021

Exchanges Use Bitcoin Pizza Day for Educational Outreach

On May 22, 2024, the crypto community celebrates the 14th anniversary of the Bitcoin Pizza Day.

Hashtags such as #BitcoinPizzaDay and #PizzaForBitcoin are lighting up social media platforms as crypto enthusiasts and businesses throw pizza parties, contests, and educational outreaches around the world.

Crypto exchange Bitget is working NounsDAO, Unlock Protocol, Stand with Crypto, OwnTheDoge, the World Pizza Champions and others to throw a Global Pizza Party in 150 cities across the world.

Meanwhile, the largest cryptocurrency exchange, Binance, is engaging and educating people on Bitcoin Pizza Day with events concurrently held in 16 countries between May 17 and May 22.

Bitget CEO Grace Chen told Cryptopolitan that Pizza Day marked a turning point in the evolution of Bitcoin as it embodied proof of concept, publicity boost and cultural impact for the cryptocurrency.

“This seemingly simple transaction carried profound significance,” Chen said.

“Hanyecz’s pizza purchase demonstrated that Bitcoin could be used to buy real goods and services, validating the idea of decentralized digital currency.”

Concerning publicity boost and culture, she observed: “The successful transaction sparked interest and excitement both within and outside the Bitcoin community, encouraging more people to explore and experiment with Bitcoin.”

Pizza Helped Fuel Web3 Growth

Bitcoin Pizza Day has become a part of crypto culture, fostering a sense of community and shared history among enthusiasts and investors. Chen noted that the story has enduring educational value still utilized to reach more people with the idea of a decentralized currency.

The day is more than a quirky anecdote. “It symbolizes the early steps of Bitcoin in proving its utility and establishing its place in the world of finance,” the Bitget CEO explained.

“It reminds us of the journey from a novel idea to a revolutionary financial technology, highlighting the community spirit and innovative drive that continues to propel the cryptocurrency space forward,” Chen adds.

Real-world applications unlocked by Bitcoin extend to social pillars such as education.

People attending Bitcoin Pizza Day in Bahrain, 2023. Image credits: Binance/X No Regrets for Buying Million-Dollar Pizza

Years later, the man who squandered the equivalent of $700 million in bitcoin on two pizzas has no regrets.

Laszlo Hanyecz, who claims to have texted a few times with Satoshi Nakamoto, relishes the idea that his pizza order is now a red-lettered parable in cryptocurrency mythology.

“You know I don’t regret it. I think I like the fact that I got to be part of the early history of bitcoin in that way, and people know about the pizza and it’s an interesting story because everybody can relate to that and be like – Oh my God, you spent all that money!” Hanyecz said in a 2020 interview.

His opposite number, Sturdivant is not spared the notoriety as he used up his profit from the pizza deal for traveling.

Sturdivant estimates that the highest amount he has ever had in Bitcoin was about 40,000 BTC from mining and trading early on.

“I’ve never seen Bitcoin as an investment, and while it’s easy to look back and say ‘I could have been a millionaire,’ I think it’s more important to look at the mindset I had during the pizza transaction,” he says.

“[It was not] that of acquiring an investment, but of making use of a form of currency. If I was looking to hoard coins, I very likely wouldn’t have been in the right place at the right time.”

Cryptopolitan Reporting by Jeffrey Gogo

STEPN has announced that it is the first blockchain gaming app to integrate Apple Pay. After the announcement, the local token of the M2E game GMT started to rise.

Move to Earn (M2E) game STEPN has made a remarkable announcement. The pioneering move-win project has integrated a payment channel outside of the cryptocurrency wallet. According to the announcement made by the developers, Apple Pay is now available for purchasing shoes. Thus, the Web3 game became the first blockchain game application to integrate Apple Pay.

While STEPN developers reported that they received support from Apple, they shared the future of different innovations for IOS users. Now, STEPN will offer the "Badges and Achievements" system like other games on the App Store. The success of STEPN, which provides the purchase of USDC via Apple Pay, was also appreciated on the investor side. The price of the GMT coin recorded gains of up to 7%, climbing as high as $0.29.

#Bykaranteli #GMT #PizzaDay #feedfeverchallenge #keepbuilding

Bitcoin’s (BTC) price has been struggling to surpass the $30,000 mark, and its recent drop below $27,000 has dashed hopes of a swift recovery. 

This price movement comes when the crypto community gears up to celebrate #bitcoinpizzaday on May 22, which marks the anniversary of the first-ever Bitcoin transaction for two pizzas back in 2010. 

As this event unfolds, speculation exists about its potential impact on Bitcoin’s price. Notably, optimistic market observers believe that Pizza Day’s nostalgia and sentimental value could generate renewed interest in Bitcoin, attracting new investors and driving up demand despite the subdued general market. 

In looking at Bitcoin’s possible price pump, the focus is on reclaiming the $27,000 support level. In this line, cryptocurrency trading analyst Michaël van de Poppe, in a tweet on May 22, acknowledged that Bitcoin remains flat, and if the crypto breaks the $27,200 level, it’s likely to rally to $29,000 and potentially record new highs.

“Bitcoin is still stuck in between, while Ethereum (ETH) shows more strength. If Bitcoin breaks $27,200, it’s likely to continue running to $29,000 and potentially new highs. Until then, we remain flat,” he said.

Bitcoin price analysis chart. Source: TradingView

Bitcoin and volatility 

Elsewhere, according to onchain data provided by crypto analysis platform Glassnode, Bitcoin’s seven-day price range has been relatively tight at 3.4%. Comparisons to previous periods, such as January 2023 and July 2020, indicate that similar tight price ranges preceded significant market moves in the past. Therefore, the trend suggests high volatility is on the horizon. 

Bitcoin volatility chart. Source: Glassnode

Notably, when price ranges are compressed, it often signifies a period of consolidation and indecision among market participants. Sharp price movements can follow such periods as buying or selling pressure intensifies.

On the other hand, there exists some skepticism for #bitcoin to rally on #PizzaDay based on the current market movement. Bitcoin’s recent trading has been gloomy, with the asset weighed down by other prevailing factors. 

Bitcoin has been displaying a consistent consolidation pattern, gradually declining but retaining its overall value. Despite this downward trend, the maiden cryptocurrency has only experienced a marginal decrease of about 2% over the last 30 days.

Leading up to Pizza Day, Bitcoin has remained relatively inactive, showing a lack of clear direction. Despite macroeconomic triggers, the #cryptocurrency has failed to break free from its current status quo.

It is worth noting that on May 22, 2010, a Bitcoin user named Laszlo Hanyecz made history by purchasing two Papa John’s pizzas for a staggering 10,000 BTC worth around $268.72 million at the time of publishing. This transaction is often hailed as the first real-world use of Bitcoin, marking a significant milestone in the cryptocurrency’s journey hence the Bitcoin Pizza Day. 

CoinGecko@coingecko

Bitcoin price analysis

By press time, Bitcoin was trading at $26,872 with weekly losses of about 2%. 

Bitcoin seven-day price chart. Source: Finbold

Under technical analysis, Bitcoin is dominated by bearish sentiments. A summary of the one-day gauges from TradingView aligns with the ‘sell’ sentiment at 10 while moving averages are for ‘sell’ at 9. Oscillators are neutral at 9.

Bitcoin technical analysis. Source: TradingView

Considering that Bitcoin has been consolidating recently and facing challenges due to macroeconomic factors, it suggests a lack of significant upward momentum in the near term. Consolidation typically indicates a period of price stability and indecision among market participants.

While Pizza Day has historically generated enthusiasm and increased attention in the cryptocurrency community, its impact on short-term price movements remains uncertain. 

source: finbold

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Photo source by Binance

In celebration of Bitcoin Pizza Day, Binance Feed is launching a series of promotions for Binance Feed Creators. From May 19 to May 28, you can create content related to #BinancePizza on Binance Feed and have a chance to win a share of the 3,000 USDT prize pool.

How to Participate

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2. Include the #BinancePizza hashtag in your content.

3. Get at least 10 engagements (emojis, comments, or shares) on your content.

Eligible Content

The following types of content are eligible for this promotion:

* Historical content about #Binance #Bitcoin #PizzaDay

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Rewards

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* Create your first content piece on Binance Feed during the Activity Period.

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* Create and share eligible content pieces for Binance Feed on at least three days during the Activity Period.

* Receive a minimum of 100 engagements across all eligible content creations submitted during the Activity Period.

* Share in a pool of 1,200 USDT in Gift Cards.

Promotion C: Supreme Pizza Rewards

* Rank among the top 20 Binance Feed Creators based on the overall quality and creativity of your content, as well as the number of engagements received.

* Share in a pool of 1,500 USDT in Gift Cards.

On top of that, outstanding content creations may be featured on Binance’s social media channels.

Start Creating Today!

Celebrate Bitcoin Pizza Day with Binance Feed and a chance to win a share of the 3,000 USDT prize pool. Create new and original content related to #BinancePizza on Binance Feed and get at least 10 engagements on your content. The more creative and engaging your content is, the better your chances of winning.

Terms and Conditions

* Only Binance Feed Creators are eligible to participate in these promotions.

* Non-Binance Feed Creators may apply to become a Binance Feed Creator here.

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* The content must be original and exclusively created for these promotions. Old content creations and content submissions in previous Binance competitions or activities are not eligible for these promotions.

* By participating in these promotions, authorship remains with the Binance Feed Creator, but the Binance Feed Creator acknowledges to transfer the copyright of the submission(s) to Binance. All Binance Feed Creators grant Binance, including but not limited to, copy, edit, display and publish the submissions.

* All Binance Feed Creators who qualify for rewards in any of the above promotions will receive a push notification via Creator Center > Feed Assistant within two weeks after the end of the Activity Period. The top 20 Binance Feed Creators in Promotion C will also be announced to all Binance Feed Creators within two weeks after the end of the Activity Period via a push notification via Creator Center > Feed Assistant.

* All Gift Card rewards will be distributed to eligible user accounts within three weeks after the promotions ends. Users can claim their Gift Cards on the Binance App or website. To view and redeem Gift Card rewards by Binance App, visit the homepage > Profile > Gift Card. Please make sure your App is updated to iOS 2.32.0 or Android 1.43.0, or later. Learn how to use a Gift Card.

* Binance reserves the right to revoke the eligibility of a content piece or Binance Feed Creator if the account is involved in any dishonest behavior, or if there is a guidelines violation such as spam, copy and paste, plagiarism, inappropriate content, or anything that is listed under the Binance Feed Creator Content Guidelines or Binance Feed Community Platform Terms and Conditions.

* Binance reserves the right to cancel any reward(s) if it determines in its sole and absolute discretion that Binance Feed Creators have engaged in dishonest or abusive activities, or breached any applicable terms and conditions.

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