The first documented purchase using Bitcoin is buying of two pizzas for 10,000 BTC in 2010 | 10% for @tron-fan-club

May 2010 is a historic event in the crypto world. It took place in the early days of Bitcoin when a programmer named Laszlo Hanyecz made the first documented purchase using the cryptocurrency. This was a big milestone of crypto world because before that it was unthinkable that crypto can be used as a method of payment. Hanyecz's purchase involved two pizzas. It became a milestone in the history of Bitcoin. After that it was said that the potentiality of bitcoin is available as a medium of exchange.

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At the time, Bitcoin was still a relatively obscure and experimental digital currency. Hanyecz was a Bitcoin enthusiast. He understood the the real-world value of Bitcoin by exchanging it for a tangible good. He posted on a Bitcoin forum offering 10,000 BTC in exchange for someone ordering him two pizzas from a local Papa John's. To Hanyecz's surprise a fellow forum user took up his offer and ordered the pizzas to be delivered to his door. So Hanyecz transferred the agreed-upon amount of 10,000 BTC to the user's Bitcoin wallet. This transaction effectively became the first documented instance of using Bitcoin as a medium of exchange for real-world goods.

The value of Bitcoin in 2010 was significantly lower compared to its present-day value. At the time of the pizza purchase the agreed-upon exchange rate was around $41 for 10,000 BTC. So each bitcoin is less than a cent. Little did anyone know that this seemingly simple pizza transaction would later be considered a pivotal moment in Bitcoin's history. The significance of Hanyecz's pizza purchase lies in its symbolic representation of Bitcoin's potential as a decentralized digital currency. It demonstrated that Bitcoin could be used for real-world transactions. It was able to challenge the notion that cryptocurrencies were purely speculative assets. This event helped solidify Bitcoin's status as a medium of exchange and laid the groundwork for its adoption as a legitimate form of digital money.