On May 22, 2010, bitcoin advocate and software programmer laszlo hanyecz bought two pizzas using bitcoin in one historical transaction.
satoshi nakamoto’s wish may not have come true, but bitcoin and blockchain technology may have grown far beyond anything satoshi could have imagined.
Today, bitcoin stands at $30,000, with a market capitalization of $579 billion.
on may 22, 2010, bitcoin pizza day, two bitcoin enthusiasts negotiated the purchase and delivery of two papa john pizzas in exchange for bitcoin. laszlo hanyecz paid 10,000 bitcoins for the delivery of the two pizzas to his home.
Twelve years ago, software engineer laszlo hanyecz took to bitcointalk to find another bitcoin enthusiast willing to accept bitcoin to make and deliver or order and deliver two pizzas to his house.
After several days and several bitcointalk users showing interest, laszlo announced on May 22, 2010 the exchange of 10,000 bitcoins for pizza. in current terms, two pizzas cost at least 300 million dollars.
bitcoin pizza day is a big day on the crypto calendar, and since the early days of bitcointalk, the evolution of bitcoin and the crypto market has been immense.
However, the adoption and advancement of bitcoin and the crypto market required innovative thinkers.
Bitcoin adoption occurred despite a illiquid market
In November 2012, it was reported that WordPress became the first global company to accept bitcoins for payments. wordpress partnered with bitpay to allow customers to use bitcoin to pay for updates.
bitcoin stood at $10.57 as of November 1.
More significantly, wordpress paved the way for bitcoin adoption over the years. today, bitcoin is widely accepted around the world, and bitpay remains a gateway between fiat and crypto.
Politicians, fast food chains, luxury fashion brands, the travel industry, and sports franchises and players are among the growing number of industries and influencers now accepting bitcoin as payment.
However, it took a lot of good faith on the part of the pioneers. bitcoin’s early days were more closely associated with the wild west than a viable alternative to fiat.
cybercrime and anonymity slowed progress in the early days
In terms of adoption, the real world was slow to embrace blockchain technology and bitcoin as an alternative means of payment.
news of hacks, ponzi schemes and the use of bitcoin in criminal activities left bitcoin sidelined.
In 2014, mt gox lost half a billion dollars in customer money. the hack led to the collapse of the exchange and bitcoin itself.
In response to the news, bitcoin plunged from a monthly high of $829 to a low of $100.
from the mountain. gox, crypto exchanges have evolved with a much greater emphasis on security. In the early days, users could trade bitcoins anonymously. anonymity harbored the use of bitcoin in criminal activities. exchanges were also more exposed to illegal activities.
regulatory scrutiny and the implementation of anti-money laundering and kyc controls made bitcoin and the crypto market in general more acceptable to the mainstream.
from decentralized to centralized to global
However, the influence of governments on cryptocurrencies created an asset class more comparable to currencies and stocks.
while satoshi nakamoto may have wanted bitcoin to be free from the influence of governments, the evolution towards a more transparent crypto market also supported bitcoin’s faster adoption and growth in the crypto market.
today, bitcoin sits at $30,000 levels, more than 50% down from the November 2021 all-time high of $68,979.
However, unlike before, the talk of bubbles and tulips is gone. bitcoin and blockchain technology is mainstream, thanks to early pioneers and laszlo’s purchase of pizza.
for this very reason, bitcoin pizza day will forever be etched on the crypto calendar.
and for satoshi nakamoto, one consolation will be that governments could not only bring down bitcoin, but eventually embrace the technology and bitcoin itself.
this article was originally published on fx empire
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