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by Emma Newbery | Published on May 23, 2022
Image source: Getty Images
How many Bitcoins would you spend on a couple of pizzas?
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It’s 12 years since Laszlo Hanyecz made history. The crypto enthusiast paid 10,000 BTC for two large pizzas in what’s now regarded as the first real world Bitcoin transaction. Back then, 10,000 BTC was worth around $40. Today, it’s worth about $300 million, with which you could probably buy a whole chain of pizza restaurants and have change.
Hanyecz posted the following request on a Bitcoin forum: “I’ll pay 10,000 Bitcoins for a couple of pizzas. Like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later.” A few days later, he reported that he’d successfully made the trade. The programmer was an active contributor to the Bitcoin community, including developing a new computing code for mining.
Back in 2010, few people involved imagined that Bitcoin would spawn a trillion dollar market. Nor did they know that May 22 would forever be celebrated as Bitcoin pizza day. Since then, Bitcoin’s been used to pay for everything from cups of coffee to holidays and luxury watches. You can even buy a house using cryptocurrency.
Here are some other key moments in the evolution of Bitcoin and cryptocurrencies:
There are many more milestones we could point to, especially in the past few years when crypto has made significant strides in adoption and acceptance. Nonetheless, we hope the highlights above give you a taste of some of the highlights as we celebrate Bitcoin Pizza Day.
2022 has not been the easiest year for crypto investors. Many assets are down 50% or more from their November highs, and it isn’t clear when the market might recover. Indeed, some fear the market may not recover at all. While there are many reasons for optimism, there are also no guarantees about what will happen next.
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We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.
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Nonetheless, our brief look back at Bitcoin’s history is a great reminder of how much has unfolded in a relatively short space of time. Fourteen years ago, Bitcoin was an idea still formulating in the back of Satoshi Nakamoto’s mind. He hadn’t even released the whitepaper. Since then we’ve seen incredible growth, a fair share of hacks and dodgy dealings, as well as a host of other firsts and significant milestones.
If you bought crypto for the first time last year it’s understandable you’re worried about what might happen to your investments. Perhaps you’ll find some reassurance in the knowledge that the value of a single Bitcoin has grown from less than $1 to around $30,000 in about 12 years. It has already been a rollercoaster ride, and we’re sure to see more volatility as the industry continues to head deeper into uncharted waters. Whatever else we might say, the story of the world’s first decentralized digital currency is far from over.
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Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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