The man responsible for Bitcoin Pizza Day is back at it again

in bitcoin •  last year 

However, this time, he won't be spending 10,000 bitcoins on some pizzas.

Laszlo Hanyecz is the man that famously paid 10,000 bitcoins for two pizzas back in 2010.

At the time, it was said to be the world's first documented bitcoin transaction for a real world item. Bridging the digital world with the real world.

There is some debate as to whether it really was the first, but it certainly was the most famous.

Especially when you factor in that 10,000 bitcoins are worth just under $100 million at current bitcoin prices.

Why is Laszlo again buying pizza with bitcoin?

This time he won't be spending 10,000 on his two pizzas, instead he will be making the transaction using the Lightning Network.

If you are not familiar, the Lightning Network is a second layer built on top of the bitcoin network that will move transactions off chain. The result will be much faster and cheaper transactions.

It is said to be the altcoin killer, at least in terms of the payment altcoins.

However, it has been in the works, and coming shortly, for close to 3 years now.

Though, currently it does actually look like things are getting closer to the Network actually being somewhat close to being ready to use.

Some details:

Laszlo made the purchase by getting his friend in London to "sub contract" out the delivery to a local pizza place in order to use the Lightning Network.

He said he paid .00649 bitcoins for the pizzas, which is about $58 at current prices.

Pizza for bitcoin atomic swap software is not yet available so the transaction will have to be done a little differently than it hopes to in the future.

Laszlo showed the pizza delivery guy the last four characters of the hex string of his Lightning Payments hash preimage in order to match it with his.

If there was a match, the pizza would be delivered.

In this case it was and the pizza was delivered.

Him and his family can be seen here enjoying their pizza:


(Source: https://cointelegraph.com/news/original-pizza-day-purchaser-does-it-again-with-bitcoin-lightning-network)

This was just a rudimentary way of how the Lightning Network can be used to purchase real world items.

The exact process would not be copied, but the fact that it shows the Lightning Network can be used is a huge step in the right direction.

A quote from Laszlo stating as much can be seen here:

"The goal was just to play around with c-lightning and do something more than shuffling a few satoshi back and forth. Maybe eventually pizza shops will have their own lightning nodes and I can open channels to them directly."

"So is there any point to doing this instead of an on chain transaction? For what I described here, probably not."

In Lightning We Trust.

Stay informed my friends.

Follow me: @jrcornel

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  ·  last year (edited)

I will gladly sell him my best pizza pie for 10,000 BTC
😂🤪👍🤪😂

()

Back at it again!! I’m hoping that the small fraction of BTC he used this time will be worth 100 million in 10 years!! Lol Wishful thinking, but who’d have thought BTC would be where it’s at today? The lightning network will help take crypto mainstream!! Thanks for the post! Resteem

·

I remember dismissing the first pizza day, I'm not dissmising this one! Back then mainstream media treated it as some stupid guy who bought 2 pizzas for worthless internet coins. I should have researched more into Bitcoin back them and not believe the loser journalist who wrote the piece on popular mechanics or popular science, can't remember which one it was.

They cost me several millon dollars, I never listed to the msm or do the opposite of what they say ever since... regards, reestemed!

·

At that time you were not ready for this kind of information. That's it.

·

The doubters will always doubt. When the price goes up they say "See it's a bubble!" and when the price goes down they say "See it is worthless!"

The rhetoric follows the sentiment of the market. Even when BTC dropped to under $200 in 2015 I was still using it on nearly a daily basis and never once believed that it would simply go away or that it was a fad. I have been a true believer ever since I discovered BTC in 2013 (thanks to NPR radio).

·

The media and journalists are stupid.

Wow! Now I see the man behind the famous pizza bought with 10,000 bitcoin. He seems OK and I'm sure he can do a better decision this time. The pizza looks good to eat I'm getting hungry :)

Lightning network is really exciting. This should reduce fees, reduce transaction times and getalky just make BTC more usable again.

What I want to know is what did the pizza shop owner do with the 10,000 bitcoin??? Why hasn't anyone done that story yet? Did he in turn spend it or hold on to it? If he held onto it, is he still making pizzas or did he buy a large chain like Domino's or Pizza Hut? 10,000 Bitcoin would probably be enough to buy Domino's and still have some bitcoin left over...

·

HA! Good question. He surfed that pizza to the moon...or he forgot where he put them maybe...

It's amazing story. Actually I thought this time buying a pizza more easy than back then :)

I hope and assume he had plenty of bitcoin left after he paid for that pizza. If I were him, I would try to fade into obscurity rather than call attention to the fact that he has crypo assets. If people think he owns a substantial amount of bitcoin, he's putting a big red target on his back for criminals, unfortunately. People rob convenience stores for a lot less than 1 bitcoin.

·

True, but the fact that bitcoin became worth so much is a testament to how bad of an idea it is to make currencies deflationary. No one wants to spend them. They aren't currencies at all.

·
·

The current position of the bitcoin core team is that BTC is now more of a store of value rather than a medium of exchange. Perhaps that position will change if Lightning is successful. A limited, fixed supply is preferable if your objective is to be a store of value. The bitcoin cash team believes it's essential that bitcoin be a readily usable means of exchange accessible to all. Jim Rickards believes bitcoin is doomed to fail in part because it is deflationary.

·
·
·

I honestly think nearly all of the deflationary coins are going to collapse because they're bad at being anything.

DQmcFx2yfQ8NC6RzhUWFJD5ShcTa6wrDK8Hn5XBvici31Pa.gif

🎉 Congrats 🍾

Top Trending Post Today in:

#lightning
#busy
#News

It is a success, you truly deserved. It is an achievement you have truly earned. Well Done.

Haha! We are told that you will not enter twice in one river, but this guy has done it! :)

2018-02-24  11:00:19.jpg

It is amazing to me. This news is great fun of now. How the position of bitcoin is now ! Thanks a lot....

Pizza is my favorite food ..When I go the resturant than eaten the pizza..

I'm sure the $10000 for two pizzas seems like the worst decision ever taken in history back then in 2010 but it sure paved the way for the acceptance we know today. So it's more like he paid for us all.

This man is truly dedicated to pizza! Don't get me wrong, I love pizza too(my favorite food!). But to spend over 100 million on it! That is some dedication! And probably more than most people will spend on food in their entire life!

Nice post. I heard about this story. Joy

Wawoooooowwww yummmmmmmmmmyyyyy

They cant get the Lightning network rolled out quickly enough in my opinion. More and more real world applications will keep more and more people coming onboard.

Better to own it than forever feel regret. lol No one's ever beating that record! I just looked up the most expensive pizza and found one topped with gold for only $2000!

cute kids,yummy pizza

@jrcornel
Wow, can only imagine how he must be wishing he kept those BTC. I wish I kept my 5 coins I bought in 2013. I do have part of those left though, so not all lost, lol

When the community begin to trust lightning..... bitcoin will soar.

exuberant & enjoying!

Its great that Lazlo is still using Bitcoin and made this gesture in support of the Lighitng Network.

Yesterday I saw a video that shows technical and security shortcomings with the network. Have you seen this information?
https://steemit.com/zappl/@mindhunter/can-the-lightning-network-ln-save-bitcoin-like-smart-media-tokens-can-save-steemit

Wow great news post..... thanks for sharing......

Nice post bro! I'm new in steemit and I would like your advice about getting Steem Power as you did! Did you paid for it? is it a good investment? hugs from Venezuela!

thank you for the post, I like your text read with pleasure I love bitcoin, found your link in the chat

What about me? I also wants a pizza ;(

This guy should include a QR code for his wallet so people can donate to him! Poor guy even had to sell his paintings off the wall :P

  ·  last year (edited)

Sir I'm biggest fan of yours... I like to read you're post every time.... You're a greatest writer 🐝

Thanks for everything sir.... Continue to written valuable content in future... Best of luck 🌹

he is wishing to have time machine, so he can reverse the time and buy those 2 pizzas in CASH :P

This man is truly dedicated to pizza! Don't get me wrong, I love pizza too(my favorite food!). But to spend over 100 million on it! That is some dedication! And probably more than most people will spend on food in their entire life!

Okay my best friend ..
Now in my place is at 01.30 in the morning .. Tomorrow we meet again. Please visit my blog. Thank you
@imranpase

·

It's 10 in the morning in US lol

so cute babies dear friend

"This time he won't be spending 10,000 on his two pizzas, instead he will be making the transaction using the Lightning Network."

And that's just as newsworthy. LN is going to bring transaction fees down and, right now, they are cripplingly high.

I wonder if the pizza place held onto the coins...I sure as hell wouldn't be making pizzas anymore!

It is amazing to me. This news is great fun of now. How the position of bitcoin is now ! Thanks a lot....

A manot problem with bit coin recently has been the fees. Its insanely expensive to make small transfers. I hope this fixes those issues.

no never be ...thi time whole pizza shop can be buy with 2-3 btc

For all the jokes people make about Laszlo spending 10,000 BTC on pizza, I'm glad he paid in BTC instead of USD. The crypto movement would not be possible without real world purchasing power.

Legendary lazlo

first time I see him! :DDD

surreal & fantastic!

Very delicious food.
I like it Pizza

This actually makes me really happy, because the way this story is always presented is that this person obviously must want to commit suicide for all the bitcoins he spent on that pizza that one time. I'm glad he's just a dude enjoying a pizza with his family and showing off how far BTC has come :)

Excellent friend extraordinary information. I have learned more things that I did not know about this market and cryptocurrencies, thanks for sharing, you give me a vote to support me, regards, success.

Super

Wow very delicieus
I like pizza

The pizza looks delicious! You never can do too much for pizza, lol :D

Congratulations @jrcornel! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published
You published a post every day of the week

Click on any badge to view your own Board of Honor on SteemitBoard.

To support your work, I also upvoted your post!
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

Upvote this notification to help all Steemit users. Learn why here!

The bitcoin's main purpose is to be used as a currency but not as a asset. So what he did at that time was something that bitcoin was intended for. If people like him had not bought bitcoin and used it as a currency, then may be bitcoin would not have become what it is today. They gave a purpose to bitcoin.

Millionaire i'm to be

I like having left over pizza to nibble on later. 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 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!

"I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.

"If you're interested please let me know and we can work out a deal."

haha Laszlo really loves pizza no matter the price
can't wait to see the Lightning Network fully implemented
thanks for sharing @jrcornel