Highlights from Bitrue Community Talks Pizza Day Special “Ask Me Anything” Session

22nd May, 2023 — In celebration of Pizza Day, Lily Ho, the PR Manager from Bitrue, have invited Arvan Halim, the Partnerships and Community from Bitrue to give us a walkthrough of the history of Bitcoin and crypto in a Telegram “Ask Me Anything” session with the community.

Below entails the main gist of the conversation between Lily and Arvan.

Q1: So, I think before we touch on Bitcoin Pizza Day, we need to first look at the history of crypto itself. Can you share what you know about that with us?

Well, the history of cryptocurrency goes as far back to the late 20th century. It all began with the emergence of cryptographic systems and the rise of the internet. In the 1980s, visionaries like David Chaum and Wei Dai explored the concept of creating decentralized digital currencies. However, it wasn’t until 2009 that the first decentralized cryptocurrency, Bitcoin, was introduced by the mysterious figure known as Satoshi Nakamoto.

Q2: How has the concept of cryptocurrencies evolved since the introduction of Bitcoin?

Well, since the introduction of Bitcoin, the concept of cryptocurrencies has undergone a significant evolution. Bitcoin laid the foundation for decentralized digital currencies, emphasizing security, transparency, and peer-to-peer transactions. However, as the crypto space expanded, new cryptocurrencies emerged, addressing limitations found in Bitcoin. These newer cryptocurrencies sought to tackle scalability, transaction speed, and programmability, opening up new possibilities for the technology. Additionally, blockchain technology has been applied to various sectors, leading to the development of decentralized applications and smart contracts.

Q3: How did Bitcoin Pizza Day become an annual tradition?

The holiday was first suggested in 2011 as “Satoshi Disappear Day” to honor the resilience of the Bitcoin community after Satoshi Nakamoto, the anonymous creator of Bitcoin, left the project. Over time, it evolved into Bitcoin Pizza Day to commemorate Laszlo Hanyecz’s historic pizza purchase. The event gained more widespread recognition in 2014 after major media outlets picked up the story, and it has since become a cherished tradition in the crypto community.

Q4: Could you tell us what exactly happened on Bitcoin Pizza Day back then?

Absolutely! Back on May 22, 2010, a user named Laszlo Hanyecz purchased two pizzas for a total of 10,000 Bitcoins. At the time, the value of Bitcoin was minimal, so the transaction seemed insignificant. However, with the subsequent rise of Bitcoin’s value, this transaction has gained great significance, symbolizing the early adoption of Bitcoin and its potential as a digital currency.

Q5: Now, I heard that Laszlo Hanyecz had to wait for four days to receive his pizzas after posting about his desire to purchase them with Bitcoin. Could you share more details about this?

Certainly! After Laszlo Hanyecz expressed his interest in buying pizza with Bitcoin on the Bitcoin.org forums, he had to wait for four days to receive his pizzas. He made the initial post on May 18, 2010, mentioning that he would pay 10,000 BTC for a couple of pizzas. Days went by, and he was still pizza-less. Some users even reached out to ask if he was getting hungry. Finally, a user named Jercos came to the rescue and helped complete the delivery on Saturday, May 22, 2010, around 2:16 p.m. EST. It’s interesting to see the timeline of events leading up to that historic transaction.

Q6: Did Laszlo Hanyecz continue to make pizza-related deals with Bitcoin after that initial purchase?

Yes, Laszlo Hanyecz continued to make pizza-related deals with Bitcoin after his historical purchase. In fact, he offered an open trade of 10,000 BTC for two pizzas anytime he had the funds. After the initial purchase, he made several more trades for pizzas with other members of the Bitcoin community. He even documented some of these transactions on the Bitcointalk forum, where people would respond to his posts offering to fulfill his pizza requests in exchange for Bitcoin. These subsequent pizza deals added to the lore of Bitcoin Pizza Day and further highlighted the early adoption and use of Bitcoin as a medium of exchange.

Q7: Let’s talk about the broader impact of Bitcoin Pizza Day. What does this event represent for the cryptocurrency community?

Bitcoin Pizza Day serves as a symbol of the growing acceptance and utility of Bitcoin and other cryptocurrencies in real-world transactions. It showcases how a simple purchase of two pizzas marked a milestone in the development and adoption of digital currencies. The event highlights the journey of Bitcoin from its early days as a novel concept to a global phenomenon that has disrupted traditional finance and inspired the creation of thousands of other cryptocurrencies. Bitcoin Pizza Day reminds us of the potential and value of cryptocurrencies as a decentralized form of money and a transformative technology.

Q8: If you may, could you provide a brief overview of how Bitcoin came into existence?

Certainly! Bitcoin was first introduced in a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” published in October 2008 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. The whitepaper outlined a decentralized digital currency that would allow for secure peer-to-peer transactions without the need for intermediaries like banks. In January 2009, the Bitcoin network was launched, and the first block, known as the “genesis block,” was mined by Nakamoto. This marked the birth of the Bitcoin blockchain and the creation of the first bitcoins. Bitcoin gained traction within the cryptography and cypherpunk communities, attracting individuals who were interested in privacy, security, and the potential for financial freedom. Over time, Bitcoin’s popularity grew, and it started to gain wider recognition and adoption as more people realized its potential.

Q9: Bitcoin has experienced significant fluctuations in its value since its inception. Can you tell us a bit about the price history of Bitcoin and some of the key milestones?

Certainly! Bitcoin’s price history has been marked by both remarkable growth and notable volatility. In the early years, Bitcoin had a relatively low value, with only a few cents per coin. However, its price started to gain momentum over time.

Here are some key milestones in Bitcoin’s price history:

• May 22, 2010: The first recorded real-world Bitcoin transaction occurs, with Laszlo Hanyecz purchasing two pizzas for 10,000 BTC.
• February 9, 2011: Bitcoin achieves parity with the US dollar for the first time, with 1 BTC valued at $1.
• November 28, 2013: Bitcoin reaches a new milestone, surpassing $1,000 for the first time, driven by increased media attention and growing adoption.
• December 17, 2017: Bitcoin experiences a significant price surge, reaching an all-time high of nearly $20,000 per BTC. This period marked the peak of the 2017 cryptocurrency bull run.
• December 2018 — January 2019: Bitcoin enters a prolonged bear market, with its price dropping to around $3,200 per BTC.
• December 16, 2020: Bitcoin surpasses its previous all-time high and reaches a new peak of over $23,000.
• April 14, 2021: Bitcoin achieves another milestone by surpassing $1 trillion in market capitalization.

It’s important to note that Bitcoin’s price is highly volatile and can fluctuate significantly within short periods. The factors influencing its price include market demand, investor sentiment, regulatory developments, macroeconomic factors, and technological advancements.

Q10. How has the perception of cryptocurrencies changed over time? And how did the Bitcoin Pizza Day transaction impact the perception of cryptocurrencies?

The perception of cryptocurrencies has gone through a significant transformation. Initially, they were often associated with illicit activities and considered speculative assets. However, as more mainstream businesses and institutions recognized their potential, perceptions started shifting. Cryptocurrencies gained acceptance as a legitimate asset class, and major companies began integrating them into their operations. The involvement of institutional investors and the establishment of regulated cryptocurrency exchanges further contributed to the growing acceptance and credibility of cryptocurrencies. Despite concerns around volatility and regulations, cryptocurrencies are increasingly recognized as a transformative technology with the power to reshape various industries.

The Bitcoin Pizza Day transaction had both short-term and long-term impacts on how cryptocurrencies were perceived. Initially, it highlighted the practical use case of Bitcoin as a medium of exchange, showing that it could be used for real-world transactions. However, as Bitcoin’s value soared over the years, the transaction became a symbol of missed opportunity for Laszlo Hanyecz, who effectively paid millions of dollars for those two pizzas. It served as a cautionary tale, reminding us of the potential value and volatility of cryptocurrencies.

Q11. What lessons can be learned from Bitcoin Pizza Day?

Bitcoin Pizza Day reminds us of the early days of cryptocurrency and the potential it holds. It highlights the importance of adoption and the willingness to experiment with new technologies. Furthermore, it cautions against underestimating the long-term value of cryptocurrencies, as even seemingly small transactions can have significant consequences. Bitcoin Pizza Day underscores the need for continued innovation in the cryptocurrency space to address scalability, security, and usability challenges.