On May 22, 2010, Bitcoin Pizza Day, two bitcoin enthusiasts negotiated the purchase and delivery of two Papa John's pizzas in exchange for Bitcoin. Laszlo Hanyecz paid 10.000 Bitcoins for the delivery of the two pizzas to his home.
Twelve years ago, computer engineer Laszlo Hanyecz turned to bitcointalk to find another bitcoin enthusiast willing to accept bitcoin to prepare and deliver or order and deliver two pizzas to his home.
After a few days and after some bitcointalk users showed interest, on May 22, 2010 Laszlo announced the exchange of 10.000 bitcoins for a pizza. In today's terms, two pizzas cost Laszlo $ 300 million.
Bitcoin Pizza Day is an important day in the cryptocurrency calendar and, since the early days of bitcointalk, the evolution of bitcoin and the cryptocurrency market has been immense.
However, the adoption and advancement of bitcoin and the cryptocurrency market have required out-of-the-box thinkers.
Bitcoin adoption took place despite an illiquid market
In November 2012, WordPress was the first global company to accept bitcoin payments. WordPress has partnered with BitPay to allow customers to use bitcoin to pay for updates.
As of November 1, bitcoin was at $ 10,57.
More significantly, WordPress has paved the way for bitcoin adoption over the years. Today, bitcoin is widely accepted around the world, and BitPay is still a gateway between currencies and cryptocurrencies.
Politicians, fast food chains, luxury fashion brands, the travel industry, franchises and sports players are among the growing number of influential industries and people who are now accepting bitcoin as payment.
However, the pioneers had to demonstrate a lot of good faith. The early days of bitcoin were associated more with the Wild West than with a viable alternative to the single currency.
Cybercrime and anonymity have slowed the progress of the early days
In terms of adoption, the real world has been slow to embrace blockchain technology and bitcoin as an alternative means of payment. News of hacking, Ponzi schemes and the use of bitcoin in criminal activities have left bitcoin on the sidelines.
In 2014, Mt Gox lost half a billion dollars in customer money. The hack led to the collapse of the stock exchange and bitcoin itself. In response to the news, bitcoin plunged from a monthly high of $ 829 to a low of $ 100.
After Mt. Gox, cryptocurrency exchanges have evolved with a much greater emphasis on security. In the early days, users could trade bitcoins anonymously. Anonymity has favored the use of bitcoins in criminal activities. The exchanges were also more exposed to illegal activities.
Regulatory scrutiny and the implementation of anti-money laundering and KYC controls have made bitcoin and the broader cryptocurrency market more acceptable to the mainstream.
From decentralized to centralized to global
The influence of governments on cryptocurrencies, however, has created an asset class more comparable to FX and stocks.
While Satoshi Nakamoto would have liked bitcoin to be free from the influence of governments, on the other hand the evolution towards a more transparent cryptocurrency market has favored a more rapid adoption of bitcoin and the growth of the cryptocurrency market.
Today bitcoin stands at one quotation of $ 30.000, down by more than 50% from the all-time high of $ 68.979 in November 2021. Unlike before, however, we no longer talk about bubbles and tulips. Bitcoin and blockchain technology are mainstream, thanks to the early pioneers and the purchase of Laszlo's pizza.
Precisely for this reason, Bitcoin Pizza Day will forever remain etched in the cryptocurrency calendar. And for Satoshi Nakamoto, one consolation will be that governments have not only been able to bring down bitcoin, but have ultimately embraced the technology and bitcoin itself.