Be[in]Crypto Video News Show: What You Need to Know About Bitcoin Pizza Day

In this episode of Be[In]Crypto’s Video News Show, host Juliet Lima delves into the story behind Bitcoin Pizza Day, which takes place on May 22.

Pizza requested

On May 18, 2010, a user going by the name of laszlo, later revealed as Laszlo Hanyecz, made a post on bitcointalk forum: “Pizza for bitcoins?”

The request for a commercial transaction, where actual goods were being purchased in a mainstream setting, was a bold one since during the entire year of 2010 the price of bitcoin never went higher than $0.39.

In his post, Laszlo proclaimed that he would pay 10,000 bitcoin for two large pizzas. Not picky about their origin, Laszlo said the pizzas could be homemade and brought to his house, or ordered for delivery. He also specified the toppings he’d prefer, requesting onions, peppers, sausage, mushrooms, tomatoes, and pepperoni.

Many users responded to Laszlo’s posted request. While some claimed interest in the offer, many lived outside of the U.S. and thought it might be strange for an international number to order a pizza in Jacksonville, Florida.

While Laszlo began to question whether the price offered is too low, others questioned his motives jokingly. Bitcoinfx asked whether he was getting hungry or if he just liked pizza?

“I just think it would be interesting if I could say that I paid for pizza in bitcoins,” he replied.

The first commercial use of bitcoin

On May 22, 2010 Laszlo posted again on bitcointalk forum; a post that lives on in bitcoin history:

“I just want to report that I successfully traded 10,000 bitcoins for pizza,” attaching a photo of two large Papa John’s pizzas. This historical purchase of two large pizzas was the first recorded commercial bitcoin transaction, helping pave the way for bitcoin’s application today.

Indeed, Bitcoin has continued its gain in value since 2010, but persuading others of its initial value was a crucial first step. As for those 10,000 bitcoins used to buy the two large Papa John’s pizzas? That transaction is now worth around $400 million.

Every year on May 22, Bitcoin Pizza Day helps honor and commemorate the industry’s love for bitcoin and pizza, paying respect to Laszlo’s first attempt (and success) at using bitcoin to transact for a good or service.

12 years later…

Fast forward 12 years later, where commercial transactions using bitcoin are conducted on a daily basis.

Countries including El Salvador, Central African Republic, and Panama have already begun to make waves, while rumors of Mexico, Honduras, and Fiji beginning to utilize bitcoin technology have also started to circulate.

Additionally, grassroots bitcoin movements such as Bitcoin Beach in El Salvador, Bitcoin Lake in Guatemala, and Bitcoin Ekasi in South Africa have sprouted up. 

There are new products being launched almost daily. Using crypto to solve email spam, interest-bearing savings accounts, hardware wallets, more exchanges, and crypto gift cards.

Speaking to the technology’s legitimacy, recent reports of financial institutions such as Goldman Sachs beginning to take Bitcoin more seriously, by offering Coinbase a bitcoin-backed loan and Fidelity Investments announcing they will begin offering bitcoin 401k retirement funds.

Soon we might even possibly see a Bitcoin ETF in the United States. 

So, this Bitcoin Pizza Day do yourself a favor and order some pizza. You don’t have to use bitcoin but if you’re able to, you probably should. Maybe grab more than you need, in case you like to nibble and ponder all the people bitcoin has impacted. Bitcoin Pizza Day is a day of reflection and celebration.