It is that time of year again to celebrate Bitcoin Pizza Day, the unofficial holiday among bitcoin enthusiasts. While it may not necessarily be worth spending BTC on a pizza – or a few pizzas – it is more of a symbolic day. Everyone is welcome to participate, and you get an excuse to eat pizza, too!.
The Origin Of Bitcoin Pizza Day
Most bitcoin enthusiasts are familiar with the story of a cryptocurrency enthusiast who paid 10,000 BTC for two pizzas on May 22, 2010. Laszlo Hanyecz created an excellent precedent for using bitcoin as money and paying for goods with it. More importantly, it has sparked a global “holiday” celebrated by tens of thousands of people every year. Plus, it is an excuse to eat pizza, so what is not to like?
Spending 10,000 BTC on two pizzas seems like madness today. Even when valued under $30,000 per BTC, it would result in spending over $300 million on two pizzas. While there are some luxurious creations with a hefty price tag, there is no $150 million single pizza just yet. However, that situation can always change given enough time and creativity.
Back when Laszlo bought these two pizzas, bitcoin had little or no monetary value. Moreover, he was an early miner who could easily generate blocks with a 50 BTC reward. The initial call for two pizzas was posted on Bitcointalk, sparking a minor frenzy. At the time, no one considered accepting bitcoin for payments, and certainly, no pizza shop owner would. Converting the BTC to cash would have been possible at the time, although it was a painstaking process for $41 in value.
One Bitcointalk user eventually took up Hanyecz on the offer and got him the two large pizzas he wanted. The deal was done for 10,000 BTC, making it the first commercial transaction to gain any notoriety. Monetary value aside, it has given rise to Bitcoin Pizza Day, which we all celebrate today. It doesn’t matter whether you hold any BTC or not, as anyone 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. Then again, bitcoin will always remain a payment method for those willing it to be so. Although it may be tough to find a pizza shop accepting bitcoin directly, spending cryptocurrency has become very easy through debit cards and other means these days.
A peer-to-peer bitcoin-to-pizza transaction would be optimal to celebrate Bitcoin Pizza Day. If you are lucky to have a local pizzeria accepting BTC payments, it would be a great idea to spend your bitcoin there and maybe teach onlookers a thing or two.
For everyone else, intermediary payment solutions are likely the way to go. Takeaway.com used to accept cryptocurrency payments, yet that functionality has been removed in several – if not all – countries in the past year or two. That 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 is no indication of that happening for now.
Anyone Can Celebrate!
The big takeaway – no pun intended – of Bitcoin Pizza Day is ho anyone can celebrate it. Whether you own BTC or not is less relevant than some may think. Instead, it is all about people coming together to celebrate a historical event and eating pizza. If you are a bitcoiner, you can celebrate the day, but you don’t have to.
For the nocoiners – people who do not own bitcoin or other cryptocurrencies – Bitcoin Pizza Day is a good starting point to maybe educate oneself on these matters a bit more. Again, it is not a requirement, as we all want to eat tasty pizza first and foremost. However, pizza can be a good catalyst to talk about bitcoin, either to friends, family, or strangers.
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