May 22 marks the 12th anniversary of Bitcoin Pizza Day, a day when the cryptocurrency was used in a real-world transaction for the first time.
Almost 12 years ago, a Floridian programmer named Laszlo Hanyecz was craving pizza. So, he bought two. But the catch here is, that he paid in Bitcoin in the first-ever recorded real-world transaction using crypto.
Hanyecz announced on the Bitcointalk.org forum on May 18, 2022, that he planned to use Bitcoin to buy pizza, preferably two large pies. He was willing to pay 10,000 Bitcoin to anyone who could place an order, collect the cryptocurrency, and bring it to him.
Days passed and Hanyecz was still unable to find anyone who was willing to take up his offer. He was losing hope.
But then, on May 22, Jeremy Sturdivant, a 19-year-old at the time, started turning heads on the forum. He accepted the offer for 10,000 Bitcoin for two pizzas, valued at around $41 back then.
Sturdivant purchased the two pizzas and delivered them to Hanyecz’s place in Florida.
Laszlo Hanyecz posted on the forum that he had received the pizzas and shared the following photograph with his family.
Years later, Hanyecz recalls that day with a lot of regret. If he would have held those Bitcoins, they would have been valued at Rs 22,60,68,90,000 today.
At the Bitcoin all-time high, those Bitcoins were valued at Rs 51,75,00,00,000.
This early Bitcoin transaction throws light on the volatility of crypto and strengthens the argument that dynamic cryptocurrencies like Bitcoin are not a suitable medium of exchange.
