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What is Bitcoin Pizza Day and how a financial "mistake" that became a milestone

Cryptocurrencies

It was May 22, 2010. Laszlo Hanyecz had wanted to eat free pizza for four days, but an obstacle prevented him; no one wanted to accept the Bitcoins he was offering on BitcoinTalk.org. Ultimately, 19-year-old Jeremy Sturdivant agreed to bring Hanyecz 2 large Papa John's pizzas in exchange for his cryptocurrencies.

Twelve years, many Bitcoin ups and downs later, the price paid for those two pizzas is equivalent to approximately 290 million dollars, considering that at the time of writing this article, each bitcoin costs 29,035 dollars. In fact, few say that Laszlo spent 100,000 Bitcoins on pizzas since after seeing the success of the first purchase, he kept repeating the operation.

We know what you're thinking. How stupid was it to spend all that money on just pizzas? But, if it was so “stupid,” why does the crypto community celebrate this event year after year? While Hanyecz was able to save for several years and use all of those cryptocurrencies to purchase mansions, luxury cars, and even buy his pizzerias; the reality is that his “bad financial decision” marked a milestone that we should thank him for: Making the first purchase of physical goods using cryptocurrencies!

Before that, Bitcoin was just a baby that was not considered a real alternative to money, much less used to pay for goods and services. In addition, its price was not even a penny, there were not many miners, and 50 BTC was awarded for discovering a new block, so Hanyecz only needed to mine 200 blocks to collect 10,000 BTC.

The use of Bitcoin was so scarce that although Laszlo had published the offer of the exchange on May 18 in a community fond of this crypto, Hanyecz had to wait until May 22 for someone interested in his order to show up.

Thanks to its purchase, people in the crypto community began to realize that this cryptocurrency could be used like any other fiat currency, just as we see today.

As if that were not enough, Laszlo also created the first mining software using a Graphics Processing Unit (GPU), allowing him to accumulate all those Bitcoins and get what was for him just free pizza. So we can also thank you for making life easier for miners.

But what about Jeremy?

Many think that Jeremy was lucky because he only had to invest two pizzas in obtaining 10,000 BTC . Exciting investment, right? But although we would like to hear that he became a millionaire a few years after this event, the reality is that he also wasted his cryptocurrencies. However, at least he managed to get more out of it by paying the costs of several trips with his girlfriend around the United States.

However, neither of them regrets their decisions; on the contrary, they consider that it was a significant action that contributed to the advancement of the adoption of cryptocurrencies and are happy to be part of the history of Bitcoin.

The rest of the crypto community also celebrates this event, mostly buying large pizzas with Bitcoin. However, this time, they only require a few satoshis to enjoy, and you can use other cryptocurrencies.

And you, do you already have plans for this day?

If you want to change some satoshis to celebrate in your country with some pizza, you don't need to wait four days like the protagonist of this story! You need to download El Dorado to exchange your cryptos for your local currency through our P2P. And if you prefer to celebrate by saving to avoid making the mistake of Jeremy and Laszlo, you can enjoy our wallet and start saving regardless of the capital you have at the moment.

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