On May 22, 2010, a programmer named Laszlo Hanyecz made cryptocurrency history by completing the first documented real-world transaction using bitcoin. He paid 10,000 BTC for two delivered Papa John’s pizzas—an event now celebrated worldwide as Bitcoin Pizza Day.
This transaction marked a pivotal moment for Bitcoin, transforming it from a theoretical digital asset into a medium with real-world utility. What began as an experiment laid the groundwork for the global adoption of cryptocurrencies.
The First Real-World Bitcoin Transaction
Laszlo Hanyecz was an early Bitcoin miner and enthusiast. By 2010, he had accumulated a considerable number of bitcoins but found few opportunities to spend them. To test whether Bitcoin could be used for everyday purchases, he proposed a trade on a crypto forum: 10,000 bitcoins in exchange for two delivered pizzas.
Another early adopter, using the pseudonym Jercos, accepted the offer. He ordered the pizzas from a local Papa John’s, had them delivered to Hanyecz’s Florida home, and received the 10,000 BTC in return. The transaction was successful, marking Bitcoin’s first step into the tangible economy.
How Two Pizzas Became Worth Over $1 Billion
At the time of the purchase, 10,000 bitcoins were worth approximately $41. Few could have predicted how dramatically that would change. As Bitcoin’s value soared over the years, those same bitcoins reached a valuation of over $1.1 billion at all-time high prices.
Hanyecz later stated that he didn’t regret the purchase. His goal was to demonstrate that Bitcoin could be used for real transactions—a mission he undoubtedly accomplished. Today, the story serves as a memorable lesson in the volatility and potential of digital currencies.
The Lasting Impact of Bitcoin Pizza Day
This event did more than just prove Bitcoin’s usability. It inspired others to explore cryptocurrency as a means of payment, encouraged community-building among early adopters, and kickstarted a movement that eventually led to broader acceptance.
Each year, Bitcoin Pizza Day reminds the crypto community of how far Bitcoin has come—from being worth a few cents to being recognized as a legitimate asset class by institutions and nations worldwide.
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Frequently Asked Questions
What is Bitcoin Pizza Day?
Bitcoin Pizza Day, celebrated annually on May 22, commemorates the first real-world Bitcoin transaction. It symbolizes the beginning of Bitcoin’s use as a medium of exchange and serves as a cultural milestone for crypto enthusiasts.
Who was Laszlo Hanyecz?
Laszlo Hanyecz was a Florida-based software developer and early Bitcoin miner. He became famous for trading 10,000 BTC for two pizzas, an event that demonstrated Bitcoin’s practical utility for the first time.
How much were 10,000 bitcoins worth in 2010?
At the time of the transaction, 10,000 BTC were valued at around $41. The same amount reached over $1 billion during Bitcoin’s peak valuation periods.
Does Laszlo Hanyecz regret the purchase?
In interviews, Hanyecz has stated that he does not regret the transaction. His intention was to help Bitcoin gain real-world relevance, and he believes the purchase contributed to that goal.
Why is this transaction still important today?
It represents a foundational moment in cryptocurrency history. Without early experiments like this, Bitcoin might not have gained the credibility or momentum that led to its current adoption level.
Can you still buy pizza with Bitcoin today?
Yes, many pizzerias and food delivery platforms now accept Bitcoin and other cryptocurrencies as payment. The process is far more streamlined today thanks to payment processors and digital wallets.