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Bitcoin is a revolutionary form of digital currency first proposed in 2008 by a person or group of people known as Satoshi Nakamoto.
Laszlo Hanyecz
Those closely related to cryptography around the time of Bitcoin's conception remain the most prominent suspects, including computer programmers Nick Szabo and the late Hal Finney). The first known usage of bitcoin as a form of payment occurred when a developer named <anchor>Laszlo Hanyecz</anchor> bought two pizzas with 40,000 bitcoin. The online payment, which occurred on May 22, 2010, is now known as Bitcoin Pizza Day.
10 Years On, Laszlo Hanyecz Has No Regrets About His $45M Bitcoin Pizzas - CoinDesk
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# 10 Years After Laszlo Hanyecz Bought Pizza With 10K Bitcoin, He Has No Regrets

## Laszo Hanyecz's 10,000 BTC pizza buy 10 years ago has a special place in bitcoin folklore, highlighting, however expensively, that participation is necessary for network success.

ByGalen Moore

AccessTimeIconMay 22, 2020 at 2:30 p.m. UTC

UpdatedSep 14, 2021 at 8:44 a.m. UTC

The actual pizzas (Credit: Laszlo Hanyecz):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VX6SY4BOTBFXVL6WMBM57OEORE.jpg)The actual pizzas (Credit: Laszlo Hanyecz)

If you owned a share of an experimental technology, how much of it would you give up to help that technology grow? Startup founders do this calculus whenever they raise capital. Ten years ago today, a developer named Laszlo Hanyecz did it with bitcoin.

Hanyecz is known as the first person to use bitcoin in a commercial transaction. On May 22, 2010, when bitcoin was a little over a year old, he bought two pizzas for 10,000 BTC. The day is now known as "Bitcoin Pizza Day." With one bitcoin now worth $9,500, this is apparently a joke and Hanyecz's $45 million pizzas are the punchline.

The joke is also a parable, illustrating the competition and interplay between three potential uses of bitcoin. The first is speculation. Bitcoin's nosebleed-inducing decade of upward price movement is what drives CNBC headlines and motivates participation: People see it as a way to get rich. "Bitcoin is a way to harness greed," said Hanyecz in a recent interview from his home in Jacksonville, Fla. It's greed that underpins the delicate balance of incentives that keeps bitcoin running.

Hanyecz understands that balance well, having been a contemporary of bitcoin’s pseudonymous founder, Satoshi Nakamoto (he says they messaged a few times), and an early bitcoin miner who tinkered to mine more efficiently and earn more bitcoin.

"Speculation" is sometimes treated as though it were not a legitimate use. It is, and it has been, an important part of bitcoin's DNA from birth. Even U.S. Federal Reserve Chair Jerome Powell has spoken respectfully of bitcoin's role as a "speculative store of value."

Laszlo Hanyecz (Credit: Laszlo Hanyecz):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ARTGD3HYHVA4BFE5VJJQ4R7K2E.jpg)Laszlo Hanyecz (Credit: Laszlo Hanyecz)

The volatility that makes bitcoin attractive to investors also makes it difficult to use as money, or "electronic cash," as the Bitcoin white paper specifies. Hanyecz's solid-gold pizzas show us that if CoinDesk paid me in bitcoin, one of us would likely get rekt.

Or would we? Hanyecz works for apparel brand GORUCK as a developer and, partly because he is internet-famous, the e-commerce company is one of a handful that accepts bitcoin. It's a small volume, about two or three orders per week over the past two years, Hanyecz told me. But it's working out.

"We've just been holding it and we're actually up a significant amount," he said. "We had some people check out at $3,000, we had some people check out at $11,000. The dollar cost averaging people talk about, it works really well."

That doesn't mean bitcoin for everyday purchases is really a thing most businesses can support, although there are projects, like Lightning Pizza, to make it easier for consumers.

Grabbing some of that bitcoin pizza :format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RSRC55K4FBGUXOJIVFAWS5BYKI.jpg)Grabbing some of that bitcoin pizza

"It's common knowledge that anybody who held for four years is in the money," Hanyecz said. "But businesses can't generally afford to just hold for four years and not pay their rent."

Bitcoin as digital gold, or a store of value to accumulate and hold for the long term, has proven more attractive than commerce, as a pair of recent events underscore. First, bitcoin's halving showed in real time bitcoin's inviolable issuance schedule all while central banks test just how much money they can print on demand. Then, on Wednesday, as I was writing down questions for Hanyecz and trying to home-school my kids, someone moved bitcoin that had been sitting in the same place since February 2009.

Hodling is part of what drives the value of bitcoin up, as low velocity can do for any currency. But low velocity can't be the whole story, as Hanyecz realized early on, looking at bitcoin as an experiment.

"It was a really interesting system but nobody's using it," he said. "If nobody's using it, it doesn't matter if I have it all."

As widely known and held as bitcoin may be, it's still an experiment. With hedge fund household names placing long-term bets on its viability as "digital gold," that narrative seems set in stone. In fact, it's malleable, like the metal. Ten years from now, it may seem as absurd as a $45 million pizza.

Disclosure

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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