Bitcoin Pizza Day: Reliving the Memories and Forging New Ones

Today cryptocurrency enthusiasts around the world are celebrating the notorious “Bitcoin Pizza Day” where two Papa John’s pizzas were purchased for 10,000 BTC. Not only is the transaction deemed the first bitcoin exchange for real-world value, the trade is now appraised at US$20 million at today’s exchange rates.

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‘I Like Having Leftover Pizza to Nibble On Later’

Bitcoin Pizza Day: Reliving the Memories and Forging New Ones The Bitcoin network had been in operation for a little more than a year on May 22nd, 2010 when a developer named Laszlo Hanyecz purchased two pizzas using the forum Bitcointalk.org. The trade Hanyecz made that day is widely celebrated every year by bitcoiners as it is considered the first real-world transaction using bitcoin as a medium of exchange.

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe two large ones, so I have some leftover for the next day — I like having leftover pizza to nibble on later,” explained Hanyecz.

You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!

It Took Two Days for Someone to Accept the 10,000 BTC for Pizza Offer

After Hanyecz had published his post, a few bitcoin enthusiasts talked about making the trade with him. A couple of people contemplated a few ways they could get the pizza to Hanyecz who was living in Florida at the time. A whole day passed, and Hanyecz writes “So nobody wants to buy me a pizza? — Is the bitcoin amount I’m offering too low?”

I just think it would be interesting if I could say that I paid for a pizza in bitcoins   

Another 24 hours later Hanyecz announces that a successful transaction was made thanks to a user named “Jercos.” “I just want to report that I successfully traded 10,000 bitcoins for pizza,” the developer tells people on the thread. A few commenters thought it was great the exchange happened and congratulated Hanyecz that day. The 73-page thread discussion has been kept alive for years, with people commenting on how expensive the pizzas became as time had passed.

‘It Wasn’t Like Bitcoins Had Value Back Then’

Bitcoin Pizza Day: Reliving the Memories and Forging New Ones Years later the transaction is considered one of the greatest moments in Bitcoin history and the two pizzas purchased for $25 USD is now worth over $20 million. Hanyecz did an interview with the New York Times a few years later reminiscing about the infamous day.

“It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Hanyecz told the publication.

Today as bitcoiners celebrate Bitcoin Pizza Day they’ll always wonder how those pizza’s tasted and whether or not Hanyecz really doesn’t regret eating the most expensive pizzas sold on the planet. As long as the pizza didn’t have weird toppings like fish, Hanyecz was pleased with his decision to offer 10,000 BTC for two pies.

“I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire,” Hanyecz said at the time.

Celebrating This Year’s Festivities

There will be a lot of people enjoying Bitcoin Pizza Day in 2017 as the decentralized currency is more popular than ever before. There are businesses such as the Bitcoin Store featuring specialty pizza-themed goods, and some merchants are offering discounts like the artist Satoshi Gallery.

Additionally, the German-based bitcoin banking startup Bitwala recently started a campaign so the cryptocurrency community can donate pizza slices using bitcoin to refugee kids in Berlin. All the proceeds will go to Champions Ohne Grenzen, a Berlin-based NGO that works with children. Every week they hold football training sessions with qualified coaches to empower kids and help them overcome trauma. People from all around the world sent in their donations and the money received will help provide more than 100 slices to the refugee children.

“The fact that someone halfway around the world can have pizza delivered to war fleeing refugees without having to enter credit card info is a great and humane way to explain the power of bitcoin,” explained Bitwala’s CEO Jörg von Minckwitz.

What do you think about the two pizzas sold for 10,000 BTC? Would you have regretted this decision now? Let us know what you think in the comments below.

Bitcoin Price Hits $1750 as Trade Volumes Continue to Soar

Bitcoiners woke up to a pleasant surprise on Tuesday, May 9 as the price per bitcoin once again touches new levels. The decentralized currency continues to trade higher as bitcoin’s fiat value is currently up over 15 percent with an average price of US$1720 per BTC.

Also read: Virtual Currencies Now Permissible Investments in Vermont

Bitcoin’s Price Ups the Stakes Soaring Past $1750

Just when traders thought the rally was getting exhausted, bitcoin’s price pushed up once again after remaining stable in the $1520-40 range for roughly 72 hours earlier this week. During the early hours of May 8 coincidently after the French election, bitcoin’s price shot up above the $1600 range and continued to climb all day. Now bitcoin has hit another all-time high touching $1750 per BTC at 8 am EST.

Bitcoin Price Hits $1760 as Trade Volumes Continue to Soar

After last week’s breakout to a high of $1620 on Bitstamp, bitcoin’s value subsequently dropped one hour later to a low of $1445. Following the dip, the price consolidated above the $1500 mark as buyers stepped off to the sidelines. The bull market is now charging full steam ahead as it seems buyers are playing their cards again hoping for winning hands and bigger gains. Along the way, the price has been shaky bouncing 20-40 in price at any given time giving plenty of room for intra-range strategy.

Weekly View and Short Term Indicators

Technical indicators show after bitcoin’s consolidation pattern buyers have regained confidence and stepped back into the trading atmosphere. Trading has been incredibly bullish as 24-hour bitcoin trade volume has been showing $1 billion USD worth of trades per day. There seems to be very little resistance on the upside until the $1750-1775 range where there are giant sell walls across order books. The 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA indicating the upside motion should continue. Stochastic and Relative Strength Index (RSI) indicators are at odds with each other at the moment, as the first indicator shows overbought territory, while the RSI shows more bullish sentiment. Meanwhile, most traders are concentrating on Fibonacci ratio data as bitcoin’s price trajectory is well above what technical indicators in the past few weeks expected.

Bitcoin Price Hits $1760 as Trade Volumes Continue to Soar

Altcoin Markets Decline

Bitcoin Price Hits $1760 as Trade Volumes Continue to Soar As far as the top ten cryptocurrency market caps below bitcoin, most all of them have seen price dips over the previous 12 hours. Ethereum (ETH) prices have dropped to a low of $88 per ETH, but still holds $8 billion in market capitalization. Ripple (XRP) has seen an enormous jump over the past 48 hours as the price hit an all-time high of $0.23 cents per XRP. The Ripple market had also temporarily eclipsed the Ethereum market for a short period taking the number two position. However, Ripple’s prices have since dipped to a low of $0.17 cents per token.

The rest of the coins in the top ten are seeing price declines between 5-30 percent over the past 24 hours. Litecoin (LTC) is $27, NEM $0.11, Dash $90, Ethereum Classic (ETC) $6, Monero (XMR) $28, Stellar (XLM) $0.02, and Steem is back at $0.80 per token.

The Verdict

Overall bitcoin’s price trajectory seems to be moon-bound as many hope it could rise into the $2000 range this year. Bitcoin proponents are watching developments in Japan closely as the country now captures a considerable portion of bitcoin trade volume worldwide. Meanwhile, mainstream investors and well-known news outlets are highlighting bitcoin’s price performance regularly. No one knows what’s next but bitcoiners are undoubtedly celebrating the ‘Bitcoin Spring’ as the significant price rise in May is definitely a milestone for the digital currency’s history books.

Bear Scenario: At the moment if a big sell off occurs books show strong support in the $1625-1650 range. The price of bitcoin has been volatile, and there will be a slew of shakeouts with the price being so high. Technical indicators have been helpful for some short-term predictions, but long term predictions paired with past results have been fallible.

Bull Market: Bitcoin’s price could break above the $1800 mark in the short term, but there is significant resistance in the $1750-1775 region. Similarly, long term predictions at the current rate have been futile, and the only consistent indicator lately is the Fibonacci. Analysts, speculators and other traders do believe bitcoin’s price trajectory could top $2000, but anything could happen in the meantime depending on news and exchange liquidity.

What do you think about the price of bitcoin breaking $1700? Do you think bitcoin will hit 2K per BTC? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”Screenshot_7