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It Has Been Nearly 10 Years Since First Documented Bitcoin Transaction

  • On May 25, 2010, Laszlo Hanyecz purchased $30 worth of Papa John’s Pizzas for 10,000 Bitcoin.
  • Hanyecz, a computer programmer, had earned the cryptocurrency for helping run the Bitcoin network — a peer-to-peer electronic cash system launched in 2009.
  • Hanyecz viewed the Bitcoin as an alternative to cash and offered to exchange it for two pizzas at Papa John’s. 
  • Hanyecz reached out to potentially interested merchants by posting an ad on Bitcointalk.org — an Internet forum dedicated to Bitcoin.
  • After three days, Hanyecz found a suitor; He paid 10,000 Bitcoin for two large pizzas in what was the first documented transaction using the cryptocurrency.The Bitcoin, worth just pennies in 2010, now has a present-day value of over $9,000.
  • In hindsight, Hanyecz’s decision to exchange his Bitcoin cost him hundreds of millions of dollars. People cite this example as to why they are reluctant to sell their Bitcoin.
  • Hanyecz is still a supporter of Bitcoin, and to this day, uses it to purchase goods.
  • Read the full story here.

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