When Is Bitcoin Pizza Day 2023?

2 years ago · Updated 2 years ago

✍️ 11 February, 2023 - 10:16 👤 Editor: Jakub Motyka

The day commemorates the first time bitcoin was used to buy a physical item.
So, when will it be marked in 2023?

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Bitcoin Pizza Day is a day celebrated to mark the first known purchase of a physical item using Bitcoin (BTC). It also shows the significant rise in the value of digital assets and their potential to go mainstream in the future. when is Bitcoin Pizza Day in 2023?

This year, the big day will be on May 22, 2023. Every year the crypto community commemorates the day when BTC was used in a real transaction. Let's see what happens during the Day of Bitcoin Pizza.

How Bitcoin Pizza Day Came About

On May 22, 2010, Jeremy Sturdivant fulfilled an order on online crypto forum Bitcointalk.org from Laszlo Hanyecz for two pizzas in exchange for 10,000 bitcoins, then worth roughly $40. The 19-year-old student delivered two large pizzas from Papa John’s to the Floridian programmer - who was one of the early bitcoin miners - and received the payment.

Bitcoin Pizza Forum — The origin of the Bitcoin Pizza.

Before bitcoin halving of 2012, miners received a reward of 50 BTC per every mined block. The 10,000 BTC used in the purchase could have been obtained from mining 200 blocks. There were few bitcoin miners then, and computers could solve complex mathematical puzzles in BTC mining much faster. Hanyecz made the order on May 18, and it took 4 days before the Pizzas were delivered.

The Pizzas Currently Worth $166M

Something interesting about the transaction is the value that the digital asset has reached since the transaction. At the current BTC price of $16,648, the Pizzas could have been worth $166 million, or roughly $680 million, when bitcoin peaked in 2021.

Laszlo later posted a family photo after the delivery, commenting: ''I want to report that I successfully traded 10,000 bitcoins for pizza.'' Although in hindsight, the transaction looks like a poor financial decision, many merchants have adopted bitcoin as a form of payment, as a result.

Through Lightning Network, the second layer of bitcoin, users can make instant payments free from lengthy block confirmation time - at speeds of up to milliseconds. Transactions on the Lightning network are completed off-chain, allowing instant micropayments with low fees. The layer-2 network lets participants create a ledger entry on the blockchain where both parties must sign off the spending of funds.

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Jared Kirui

EN: Jared Kirui is an experienced financial writer with a passion for all things blockchain technology. Previously, he was into stock markets and forex, providing asset managers with top-notch content. With a flair for producing high-quality articles, he started covering crypto news in 2021. He is open-minded, trades for fun, and enjoys sports.

ES: Jared Kirui es un escritor financiero experimentado apasionado por todo lo relacionado con la tecnología blockchain. Anteriormente, estuvo en los mercados bursátiles y forex, brindando a los administradores de activos contenido de primer nivel. Con un don para producir artículos de alta calidad, comenzó a cubrir noticias crypto en 2021. Tiene una mente abierta, comercia por diversión y disfruta de los deportes.