On May 22, 2010, Bitcoiner Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas. The transaction went down in history as the most expensive pizza purchase in living memory.
He could hardly have imagined what the Bitcoin pioneer would trigger. Especially not that his two pizzas would be worth $740 million at the peak of the Bitcoin price.
However, what is much more important for Bitcoin fans: Hanyecz has brought equivalent value into the BTC system for the first time. He determined completely arbitrarily that two pizzas were worth 10,000 units of the cryptocurrency. Afterwards he just had to find someone who believed him – which would take a few days.
This in turn shows that money – whether in the form of BTC, euros or US dollars – is a matter of faith. The promise that you will receive something in return or a good for a certain number of units of a currency is firmly anchored in it.
Bitcoin as a means of payment
Nowadays, Bitcoin is increasingly being used to pay – whether at events or at the sandwich shop. One country has already declared BTC as the national means of payment: El Salvador. Adoption is underway, but the crypto currency is not yet truly integrated into everyday life.
In the latest BTC-ECHO Bitcoin Report, we asked ourselves the following questions: Is BTC suitable as a means of payment? What about the Lightning Network? Does a store of value really have to be a currency at the same time – and what does all this have to do with the blockchain trilemma? You can find the answers here.
This might also interest you