Happy Bitcoin Pizza Day!

in bitcoin •  last year 

On this day (May 22nd) in 2010, two pizzas were purchased for 10,000 bitcoin.

This transaction was significant in that it marked the first ever purchase of a consumer product with cryptocurrency.

Well, perhaps not officially the first, but it marked the first well known and widely publicized one.

That 10,000 bitcoin may sound like a lot, but you have to remember that at the time 1 bitcoin was trading for fractions of a penny.

In fact, the total dollar amount of those bitcoins was equal to roughly $25 USD.

Two large pizzas for $25 actually probably sounded like a pretty good deal at the time!

However, now at current prices, it's not such a great deal...

Check this out:

(Source: https://www.coindesk.com/he-paid-how-much-coindesk-releases-bitcoin-pizza-day-price-tracker/)

At today's prices, those two pizzas cost roughly $84 million...

About $42 million per pizza...

Ouch!

That kind of volatility is precisely why many people say that bitcoin cannot be used as a wide spread medium of exchange.

People are not willing to spend something that could be worth 10X a few years (or months) from now.

Conversely, people are not willing to accept something that could be worth 50% less a few months (or days) from now.

Though, over time volatility is expected to decrease.

Bitcoin Pizza Day represents a significant milestone.

The exchange of bitcoin for pizza was significant in that it represented the first time that bitcoin would be used as a form of exchange.

A form of currency.

Now it also has a bit of a comedic affect as well considering that those coins are worth a significant amount of money compared to back then.

For that reason, May 22nd will forever be known and remembered in the hearts of cryptocurrency enthusiasts as "Bitcoin Pizza Day!"

Go have a slice of pizza today in remembrance of where we came from!

Stay informed my friends.

Image Source:

http://jetspizza.com/menu/pizza

Follow me: @jrcornel

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This reminds me of when 50 Cent "discovered" that he was a bitcoin millionaire.

Man, I wish I could discover that. Hahah. Maybe if I leave what I have earned in Steem, and come back in a few years after I have forgotten about it, I will come back a millionaire.

Wishful thinking? Meh.

This made me want pizza...for breakfast! :)

Hey, steem was hovering around 26 cents. Only a year or so later it's hovering around 3 dollars! If a 5 thousand dollar stash turns into 50 thousand in only a year or so from now... that aint bad!
MO PIZZA!!!! :) Keep the faith, I believe we WILL be very happy people!

True dat, man, true dat :)

Yeah I mean, considering the amount of money currently in steem it is just a little baby. With a market cap of only $700M (according to coinmarketcap) there is no way why it cannot easily go 10x or even 50x that would only still make it the third coin after ethereum in the current market. However a few months ago that would only make it the 6th coin. I mean come on STEEM can grow so much more! So no powering down for me!

It's pretty clear that it will 500x for me since I don't know any other service at the moment that do value exchange in 3 seconds with no fees. Is there any other cryptocurrency that works on creating a bandwidth model similar to Steem?

Eos?

EOS hasn't even officially launched a blockchain yet and is already valued 13X higher than steem currently. EOS may have a bright future but it is already priced mostly to perfection in my opinion. Steem could go up 10X and still not be where EOS is trading right now...

It bc Eos one has more tech in theory and better marketing.

Does it also just use Bandwidth? Or what will be the key differences in simple terms if you know. Very curious.

  ·  last year (edited)

Well in Eos the tokens are given "space" to access the processors, bandwidth, network storage etc. to run apps. So yes it has bandwidth use steem has. In fact Eos is made by the creator of steem Dan but a even faster version of steem with smart contracts. It steem+eth gives you Eos

  ·  last year (edited)

Do you think it will be a bigger hit than Steem itself? If so it will be interesting when they will be launching their own social media platform. If it's in the next year timeframe. Also curious if they will have a similar rent power out system. Something that is clear for content creators is that this is a golden Age to work hard and be your own boss! 👷

Dan the creator of steem if you don't know-got angry at steem. He has said he will create steem 2.0 on Eos. Plus another social network is being built on Eos.
http://www.asiaone.com/business/ono-the-first-blockchainbased-social-network-in-china-officially-announces-running-for-eos
I going to post a article more in depth on Eos if you want more info on it.

Haha what? Okay I'm gonna check up on that story hahah 50cent discovering to be a bitcoin millionaire. Ow well.

PIZZA FOR BREAKFAST SOUNDS GOOD. AS LONG AS YOU DO NOT PAY WITH BITCOIN....LOLZZZZZ

Pizza for breakfast would be awesome. But it has to be a Swedish Kebabpizza. 🍕

Swedish Kebaba what? Hahaha. I am all about that classic pepperoni NY thin crust!!!

Haha that works too!! ;)

I don't think so,days gone worse

Pizza 🍕 anda sungguh sangat enak pasti nya
Tapi tidak seenak diriku dalam mencapay kesuksesan di steemit
Mungkin saya butuh waktu, dan kesungguhan dan keyakinan agar kedepan lebih gigih lagi, atau pun saya butuh guru di steemit. Seanday saya mempunyai guru.

It is a huge milestone. It shows the viability of using cryptocurrency in the real world while also exemplifying how the increase in value has occurred over time. Back then, it was more a curious experiment. Now, we see cryptocoin as a legitimate monetary option that grows in acceptance every day. Huge.

...and only if that pizza vendor kept those bitcoin. Has to be hitting his/her head against a wall every day.

It is to wonder what the Pizza maker did with the Bitcoin...making pizza in the Bahamas me tinks.

🍕🍕🍕🍕🍕🍕🍕🍕
💰💰💰💰💰💰💰💰
🤑🤑🤑🤑🤑🤑🤑🤑

I just hope the pizza was good... :)

imagine the price of this pizas when 1 bitcoin is 1 mililon $

To be honest these coins are all relatively new and since people can purchase from all over the world and just trade, just makes it so much more likely for these coin values to be volatile. However in a few years I believe things will calm down. Yes a lot of coins will not be used in a regular way to pay. However prices will consolidate a bit after each run up, and people will get used to using crypto as well. I mean the euro has also been going pretty crazy against the dollar in the last year (at least for me it makes a 15% difference in my income). But here in The Netherlands within the euro zone nobody really notices as long as they don't purchase outside the euro zone.

Ah great I heard about this story! I didn't know it was the 22nd of may though. Is this story actually confirmed? Man man man 10.000 bitcoin ey pffff that would be almost 90million today!

  ·  last year (edited)

I wouldn't want to be that guy that paid those pizzas.

But, if he paid with 10k btc, he probably had a lot more than that.


I watched an interview with Vitalik Buterin few days ago, where he says that he had a freelance job where he would write an article, and he would get paid 5btc.

That's how he became millionaire.

I wish I wasn't like 14yo back then, and knew about bitcoin.

I actually know one person that sold 50btc few months ago, and is now living off of that.

You and me both. No one could have guessed that bitcoin, trading for factions of pennies would someday be worth $8k (or more).

I remember when I first heard of BTC, and wanted to buy it.

It was around 1000$ and I wanted to buy 0.5btc.

I'm regretting that so much now.

I can't imagine what guys from the earlier stages are feeling for missing out.

When I first heard about BTC I remember thinking, who in their right mind would think that should be valued at $1k. That was back around 2010-2012 area. Then I started to actually look into it a bit...

And when did you get into crypto?

I got in after the dip few months ago.

Btc was around $6k

  ·  last year (edited)

I believe it was around $1200-$1800 area, in early 2016

Only problem with Bitcoin is that it still makes you a passive watcher compared to Steem where you actually have an effect and can increase the value of the whole system. That will say Steem Blockchain is more win-win than other Cryptocurrencies.

if you spend bitcoin early, you've most likely overpaid, if you spend fiat early, you've most likely underpaid

  ·  last year (edited)

That guy who purchased the pizzas deserves not to be blamed, just no one by that time even could predict the future value of bitcoin.

I first heard of virtual currency in the late 2008 when they were developing bitcoin, i was 16years and still at school. I didn't have any idea to make business or even think that bitcoin's value will explode!

  ·  last year (edited)

You can't be serious mate.
My goodness God, 2 pizza at 84 million.
And who were the people at the end of the deal ?

It's my birthday today anyways.

You and Bitcoin Pizza Day will forever be linked!

Hahhahahaha. Sure

On this day (May 22nd) in 2010, two pizzas were purchased for 10,000 bitcoin

man this is huge, i wish i could have been a pizza maker, i would be owning millions 😂😂
anyways Happy Bitcoin Pizza Day..

Congratulation this happy pizza day,
i appreciate your news.
thanks for sharing this post......
upvote and resteemit done.

I agree that over time when cryptocurrencies will be widely accepted as forms of payments the volatility will probably end.
I wonder though how much Bitcoin has that guy who bought pizza left...
If he still has something. Probably he made some other "cheap" purchases.

He was an early miner. Based on reddit comments he has a good 100 btc left.

  ·  last year (edited)

pizza buy by the bitcoin? Astonished to see this..!

  ·  last year (edited)

pizza is lookinng tasty 😋😋😋😂😂

Thanks for sharing. I've smashed the upvote button for you! This post includes two things close to my heart!

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I love Pizza!

Haha i knew this from last year but was not sure that it's true and today I'm like Oh my holy God that was for real and i shared this post with a friend sitting beside me, he's still holding his head saying where is that man now who purchased those pizzas, is he alive and stable? Or alive and mentally disabled. Because he can't live in peace for the whole life because of what he has done on 22 may 2010 😉

That incident is indeed a great one and RIP for that person who made the purchase, he sure has his name written down in history.

Sounds like a funny reason for a crypto-meet up ~

Simply amazing, Happy Bitcoin Pizza Day Y'all :)

Thank you for this great read! Would you also be interested in reviewing World Wi-Fi project?

Mind blowing, yeah!

To go to a sustainable position, cryptocurrency volatility to be acceptable range. This historic pizzas shows how volatile the BTC over the 8 years of time. As a crypto lover, I want this volatility as minimal level to compete with fiat and finally wipe out it. My dream is to see cryptocurrency will be the one currency for the whole world which will be boundary less. Thanks fo sharing.

An Honor can read your post @jrcornel Happy Pizza Day Bitcoin!

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Happy Pizza Day Bitcoin @jrcornel



Dear @jrcornel
You have a new follower :-)
Upvote and resteemed it . Thanks

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It will also be remembered as my father's birthday and - I learnt this today - Buddha's birthday. I made a pizza post 3 days ago without knowing anything about this date. I guess I was 1% off. Not bad.

Thanks for making me hungry again!

What a milestone for the bitcoin! So, whatever happened to those 10,000 bitcoin that was paid? Does the pizza owner still own those bitcoins?

Another milestone accomplished by bitcoin. It great improvement for the blockchain. Let keep it up!!@jrcornel great post boss, by the way can I have some pizza 🍕?

Can't even fathom 84 million for two pizzas that's crazy

True! Proved bitcoin could be used as designed.

The name of this pitza i think chiken fajita???

I wonder how many Pizza i can get now for 10,000 BTC

You could buy about 5 major pizza chains, probably :)

You can buy 14 million Italian 5 star quality pizza's. I did the math.

I want to sell two pizzas, would you buy them for $82 million ?

Link de una entrevista a Laszlo la persona que compro esas dos pizzas en español https://es.cointelegraph.com/news/original-pizza-day-purchaser-does-it-again-with-bitcoin-lightning-network

God damn crypto is depressing, even when I try to average down I get screwed. The moment I bought more BTC it crashes over $1000. There has to be huge potential gains to bring in the needed momentum and mass purchasing by the population, the big boys buying a few billion here and there is just a start. Maybe at $20,000 BTC people will be interested again, because the risk is high so the rewards better be at minimum 10X in the near term, 100x longer term....otherwise there are better investments in stocks and options.

BIG BitCoin PiZZa

(we own copyrights to photography)

=D Bitcoin pizza I like bbq pizza.

Hello @jrcornel
OMG.
In 2010 I could buy it. jijijijij
Greetings and Thanks for the article

I want pizza Bitcoin :)

It takes true passion to be on the ground floor of anything...

And in this case, a bit of luck. :)

Some people will remember eating most expensive pizzas in history.

Hindsight is something that will bring regret in this case but if people never started to complete transactions with Bitcoin then how does the currency ever gain validity and value.

The difference is how you view crypto, are you holding crypto only as an investment to make a profit or are you holding it because you think that this is going to be more mainstream and a possible replacement for fiat?

THE GUY THAT MADE THIS PURCHASE HAS PROBABLY COMMITTED SUICIDE BY NOW

We need to get a party!

Man, I want to discover that I can. Hahah. Maybe if I forget what I have earned in Stam, and after forgetting about it I will come back after a few years, I'll come back to a millionaire.

Happy thoughts? Normal.

This is me pizza for breakfast ...! :)

Bitcoin has undergone tremendous transformation, this is worth celebrating, happy world pizza day, go take a bite of pizza!

IMG_20180523_212705_028.jpg

i think it's eat delicious

Bitcoin has evolved currently to be a store of value but given the potential of Lightning Network we could see improved adoption figures for these everyday purchases eventually.

2 Pizzas for 10,000 Dogecoins now.

10000 bitcoin It's a very big fortune