It’s that time of year again to celebrate Bitcoin Pizza Day, the unofficial holiday for bitcoin lovers. While it’s not necessarily worth spending BTC on a pizza — or a few pizzas — it’s more of a token day. Everyone is invited to participate, and you also get an excuse to eat pizza!.
The Origin of Bitcoin Pizza Day
Most bitcoin enthusiasts know the story of a cryptocurrency enthusiast who paid 10,000 BTC for two pizzas on May 22, 2010. Laszlo Hanyecz set a great precedent for using bitcoin as currency and paying for goods with . More importantly, it sparked a global “party” celebrated by tens of thousands of people every year. Plus, it’s an excuse to eat pizza, so what’s not to love?
Spending 10,000 BTC for two pizzas seems like madness today. Even if it is valued at less than $30,000 per BTC, this would result in spending over $300 million for two pizzas. While there are luxurious creations at a hefty price tag, there’s no one-size-fits-all $150 million pizza yet. However, this situation can always change with enough time and creativity.
Back when Laszlo bought those two pizzas, bitcoin had little to no monetary value. Moreover, he was one of the first miners who could easily generate blocks with a reward of 50 BTC. The initial call for two pizzas was posted on Bitcointalk, sparking a small frenzy. At the time, no one considered accepting bitcoin for payments, and certainly no pizzeria owner would. Converting BTC to cash would have been possible back then, although it was a painstaking process for $41 worth.
A Bitcointalk user finally accepted Hanyecz’s offer and offered him the two large pizzas he wanted. The deal was done for 10,000 BTC, making it the first business deal to gain notoriety. Monetary value aside, this gave rise to Bitcoin Pizza Day, which we all celebrate today. It doesn’t matter whether you hold BTC or not, because everyone can celebrate with the growing global community.
Should you spend BTC on pizza in 2022?
Given the current price climate, spending BTC on a pizza or even multiple pizzas might not make too much sense. Again, bitcoin will always remain a means of payment for those who want it. Although it can be difficult to find a pizzeria that accepts bitcoin directly, spending cryptocurrency has become very easy thanks to debit cards and other means these days.
A peer-to-peer bitcoin-to-pizza transaction would be optimal for celebrating Bitcoin Pizza Day. If you are lucky enough to have a local pizzeria that accepts BTC payments, it would be a good idea to spend your bitcoin there and maybe teach the onlookers a thing or two.
For everyone else, intermediary payment solutions are probably the way to go. Takeaway.com previously accepted cryptocurrency payments, but this feature has been removed in several – if not all – countries over the past couple of years. This is unfortunate, as Just-Eat – later acquired by Takeaway – was one of the first providers of bitcoin payment functionality for food delivery. They might bring it back in the future, but there’s no indication of that happening just yet.
Everyone can celebrate!
The big takeaway – no pun intended – from Bitcoin Pizza Day is that everyone can celebrate. Whether or not you own BTC is less relevant than some might think. Instead, it’s about people coming together to celebrate a historic event and eat pizza. If you’re a bitcoiner, you can celebrate the day, but you don’t have to.
For nocoiners – people who don’t own bitcoin or other cryptocurrencies – Bitcoin Pizza Day is a good starting point to maybe learn a little more about these questions. Again, this is not a requirement, as we all want to eat tasty pizza above all else. However, pizza can be a good catalyst for talking about bitcoin, whether to friends, family, or strangers.
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