- Bitcoin’s first real-world transaction took place on May 22, 2010
- Lazlo paid 10,000 Bitcoin for two pizzas
- The reason whey Lazlo spent 10,000 Bitcoin on two pizzas
Bitcoin News Today – Yesterday marked ten good years since Laszlo Hanyecz – a programmer – paid 10,000 Bitcoins for two pizzas. This trade took place publicly on the Bitcoin Talk Forum. Many laughed at the transaction when it took place ten years ago – who would want some less valued internet tokens for two steaming pizzas worth about $40 in aggregate?
Happy Bitcoin Pizza Day – Bitcoin’s First Real-World Transaction
As history has it, that was the first real-life Bitcoin transaction ever. The programmer made the proposal on May 18, 2010 but the transaction took place on May 22, 2010. Since then, May 22 has been tagged “Bitcoin Pizza Day.” Digital currency investors across the globe celebrate this event every year by buying pizza, with digital currency if possible.
Bitcoin (BTC) Price Today – BTC / USD
Many have deemed the transaction of Laszlo so important and Mati Greenspan – a crypto analyst – said that without that transaction, Bitcoin would not be where it is today. Nevertheless, there is an unfortunate aspect of this transaction. The current value of 10,000 Bitcoin is about $92 million. This means a box of pizza costs $46 million.
Many laughed at Laszlo about this, pointing to the amount of wealth he would have made if he held the digital currency. Nevertheless, this part of the story might have an odd unseen benefit.
The Unseen Benefit of the 10,000 Bitcoin Pizza Transaction
The Co-founder of Coin Metrics and partner at Castle Island Ventures – Nic Carter – said that chances are the programmer spends his Bitcoin fortune out of guilt. In a tweet, he said:
“I’m speculating, but it’s entirely possible that a guilt-ridden Laszlo decided to disgorge some of his GPU-mined BTC by making a series of pizza transactions.”
Carter believes he spent it out of guilt for using his GPU to mine the digital currency in the first instance of non-CPU Bitcoin mining, which Satoshi locked down in a private email exchange that Laszlo later shared. He backed this data by looking at data from Blockchain, which shows that the pizza transaction coincides with the movement of BTC network difficulty and the emails with Satoshi. What this means is that the aim of Laszlo was to distribute Bitcoin to the community, instead of holding his ill-gotten gains for himself.
This is your annual reminder that Bitcoin pizza day may well have been a consequence of Satoshi admonishing Laszlo over accumulating so many BTC from his experiments with GPU mining
— nic carter (@nic__carter) May 22, 2020
Comments from the Bitcoin Pizza Guy himself backed up the speculation of Carter. Last year, Colin Harper said that when he reached out to Laszlo, Laszlo told him that there was guilt running through his mind when Satoshi Nakamoto came up with the topic of GPU mining.
“That’s when I was like, ‘Man, I feel like I crapped up your project. Sorry, dude. He was concerned that some people might be discouraged because they cannot mine a block with a CPU. So, I stopped advertising it after that.”