Bitcoin.png

The pizza that cost over R500 million

Bitcoin fans refer to 22 May as Pizza Day because of early adopter Lazlo Hanyecz reporting that he had bought two pizzas in exchange for 10 000 Bitcoins on that day in 2010.

It was the first real-world transaction using the newly created cryptocurrency. Using the Luno listed price of a Bitcoin (22 May 2018), the two pizzas cost R1,1 billion.

The pizzas could not actually be bought with Bitcoin and so another internet user responded to the request by ordering the two pizzas from Papa John's and had them delivered to Hanyecz, it cost about $25 (R325).

Bitcoin at the time would have made the transaction worth between $40 (R390) and $80 (R1 040). Had the seller, Jeremy Sturdivant kept those Bitcoin it would represent arguably the largest return on investment for an internet transaction.

The then 18-year-old Jeremy Sturdivant would be one of the richest 26-year-olds but he told an interviewer some years later that he did not hold the coins but spent them before Bitcoin had exceeded a $400 value.

Those that do choose to buy and hold the coin are referred to as Hodlers an intentional corruption of holders which come to be explained as "Hold On for Dear Life" in order to resist the temptation to sell, but the truth is probably because the early adopters thought it was a fun mistake.

A final note that Bitcoin creator, the still unknown Satoshi Nakamoto has a stash of about 980 000 Bitcoin which is worth R107 billion, less than 10 years after it was created and with seemingly no work after the initial creation makes it possibly the greatest return on investment ever.

The actual transaction publically visible on the Bitcoin blockchain


This article first appeared on 702 : The pizza that cost over R500 million


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