Bitcoin is a cryptocurrency that has its short form as ‘BTC’ in the crypto market, communities, and companies. The 22nd of May is designated as “Bitcoinpizzaday.”
A cryptocurrency is a digital currency. It acts as a form of payment that’s not within the control of just one person or group, thereby removing any third-party like banks and other financial institutions’ intervention in the financial transactions.
Bitcoin is the most popular cryptocurrency that opened the way for the development of other cryptocurrencies like Ethereum, Tron, Litecoin etc. It was the first decentralized currency to run on blockchain technology, and the first ever created blockchain was named “Genesis Block.”
Bitcoin was invented by an individual or a group of people known as “Satoshi Nakamoto” in 2008. Bitcoin transactions are verified by network nodes via cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was officially launched on January 3, 2009 when its first blockchain, “Genesis Block,” was released.
Bitcoin’s first transaction happened on May 22, 2010 when a man named ‘Laszlo Hanyecz’
I exchanged a total of 10,000 BTC to buy two boxes of pizza valued at $25 at a local restaurant called “Papa John’s”.
May 22 is celebrated as “Bitcoinpizzaday”, considering the fact that the day in 2010 made Bitcoin an asset to sell, trade, and perform other financial transactions. At the time, one bitcoin token cost $0.0008.
Since Bitcoin came onto the market, its price has been gradually increasing. The price of Bitcoin first crossed $1. For the first few years of Bitcoin’s growth, its price was still under $2.
All of a sudden, in June 2011, the price of Bitcoin increased to $10, then it hit the bull to about 10 times its original value when it shot up to around $31 before it sank back to be within the range of a single-digit around $5.
In 2012, the first company that accepted Bitcoin for payment was “WordPress”. However, the company was using Bitpay to handle their payments. In 2011, Bitpay was founded, and by October 2012, Bitpay had grown to process Bitcoin payments for more than 1,000 traders.
The major spike in Bitcoin’s price happened in 2013 when, in April 2013, the price nearly hit $250. In December 2013, the price rapidly appreciated to over $1,100.
Bitcoin’s Automated Teller Machine (ATM), which is the first Bitcoin ATM in the world, It was set up in Vancouver. In December 2013, various financial institutions in China were disallowed from performing transactions in bitcoin by the People’s Bank of China, and this gave Bitcoin a bad reputation.
In 2014, a good number of popular companies showed their support for Bitcoin by accepting it for transactions on their websites, like Microsoft on the Xbox and Windows stores, and many others.
After closing the year 2016, with Bitcoin’s price being at the $1,000 mark, 2017 became a year in crypto history as bitcoin hit the $20,000 mark for the first time since it’s existence.
At Bitcoin’s first official launch, it was acquired by mining on a personal computer (PC). Bitcoin was not used for any transaction until Laszlo Hanyecz first traded it all for real goods, which were two pizzas in exchange for 10,000 Bitcoins on May 22, 2022, and this opened the way for Bitcoin to have a monetary worth. This is why every May 22 is celebrated as “Bitcoin Pizza Day”.
May 22 is known as ‘Bitcoinpizzaday,’ because it was on this date in 2010 that Bitcoin became a commodity that could be sold, traded, and used in other financial activities. The first bitcoin trade took place in July 2010, and one bitcoin token cost $0.0008 at the time.