Scribe of wisdom

Bitcoin Pizza Day

On, 22 May, 2010, the programmer Laszlo Hanyecz posted a requirement in an onlineforum He was wanting to have two large pizzas and made an elaborate note. Also, he mentioned, he is willing to pay 10,000 bitcoins for anyone who is willing to take up this service. A teenager named Jeremy Sturdivant took him up on the offer and delivered him Papajones pizza and receibed 10,000 bitcoins.

What’s so special about this transaction?

Quite a few and to quote a few…

>This was the first goods delivery in exchange of bitcoins

>On that date of transaction, 10,000 bitcoins costed USD 41, where as the the pizza delivered cost around USD 25 and hence, Sturdivant earned a good premium as tip.

>Nine months after the purchase, Bitcoin reached parity with the U.S. dollar, making the two pizzas worth $10,000

>In 2015, on the fifth anniversary of this purchase, the two pizzas were valued at USD 2.4 million

>On last saturday (20 March, 2020), 1 bitcoin is valued almost at USD 60,000 and these two pizzas were valued at USD 600 million

And no wonder, 22 May became a part of folklore and it is known as bitcoin pizza day

A bit about Bitcoin 

Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency – is a type of money that is completely virtual. It’s like an online version of cash. Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer.

People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.Every single transaction is recorded in a public list called the blockchain (which is basically an online ledger that keeps a secure record of each transaction and bitcoin price all in one place). No one controls these blocks, because blockchains are decentralized across every computer that has a bitcoin wallet, which you only get if you buy bitcoins. Hence, cryptocurencies doesnot require any regulators but will ensure secure transactions.

Bitcoin is the most popular cryptocurrency with market captialization of $1 trillion and is ranked as number 1. The Another cryptocurrency Etherium got market capitalization of $200 billion (1 Ether = USD 1800).

Note All values based on statistics available at time of preparing this note, unless a specific date is mentioned. Bitcoin to USD valuation is approximated to estimated wholefigures.

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