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The pepperoni on the first pizza bought with Bitcoin is worth $6.5M today

May 22, 2023 Coin Telegraph

The pepperoni on the first pizza bought with Bitcoin is worth .5M today

The first known crypto transaction was 10,000 Bitcoin for two pizzas; 13 years on, its ingredients alone equate to millions of dollars worth of Bitcoin.

It’s been 13 years since programmer Laszlo Hanyecz made the first commercial transaction with Bitcoin (BTC) on May 22, 2010, buying two supreme pizzas from Papa John’s for a whopping 10,000 BTC, or $266 million at current prices.

That day is known and celebrated as Bitcoin Pizza Day.

To commemorate the occasion, Cointelegraph sought to find out the answer to one more burning question. How much did it cost to construct these two famous pizzas?

*The supreme pizzas purchased by Hanyecz in 2010. Source:* *Internet Archive*

To answer this, it is assumed that Hanyecz ordered Papa John’s “The Works” pizza, which is the pizza chain’s version of a supreme pizza.

Considering the amount required and the price of ingredients at the time, here’s what it would have cost to put together just one of the Bitcoin Pizzas, not including labor, overhead and the pizza base.

Pepperoni: 244 BTC = $6.5 million
Bacon: 146 BTC = $3.8 million
Italian sausage: 97 BTC = $2.5 million
Onions: 24 BTC = $640,000
Green peppers: 36 BTC = $960,000
Mushrooms: 63 BTC = $1.6 million
Black olives: 121 BTC = $3.2 million
Cheese: 730 BTC = $19.4 million

Total cost of ingredients: 1,461 BTC, or $39 million. Talk about an expensive feast.

History of Bitcoin Pizza Day

“Bitcoin Pizza Day” marks the world’s first transaction for real-world goods using Bitcoin and celebrates the massive rise in the value of the cryptocurrency since then, which was worth only $0.0041 in May 2010 and is now worth over $26,500 at current prices.

In the end, Hanyecz’s pizza order was delivered four days after he posted his request on May 18, 2010, on the Bitcointalk forum.

“I'll pay 10,000 bitcoins for a couple of pizzas,” he wrote, saying those who take up the request “can make the pizza yourself and bring it to my house or order it for me from a delivery place.”

13 years ago tomorrow the first #Bitcoin purchase was made. Two pizzas were bought for 10k BTC, which at that time was equivalent to $40.

Bitcoin pizza day ahead. celebrate with a slice! pic.twitter.com/owdaA2AtBj
— Pentoshi euroPeng (@Pentosh1) May 21, 2023

Jeremy Sturdivant, a 19-year-old university student at the time, delivered the now-famous pizzas for the Bitcoin haul on May 22, 2010. He told Cointelegraph in 2018 that he sold them to afford a holiday and had “never seen Bitcoin as an investment.”

Hanyecz said he didn’t regret it, and his early work on Bitcoin led him to code a program that made it possible to mine the cryptocurrency on computer graphic processing units.

Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story

Primordial NFT? Someone tried to sell a JPEG for BTC months before Bitcoin Pizza Day

May 15, 2023 Coin Telegraph

Bitcoin

The seller even got help from Bitcoin founder Satoshi Nakamoto, though it's still up in the air whether the artist actually made the "sale."

Crypto Twitter was briefly set ablaze on May 14 with a suggestion that the world’s first real-world purchase made by Bitcoin may have been for a JPEG, not pizza.

In a tweet from independent developer Udi Wertheimer, the Bitcoin advocate shared a screenshot showing what could have been the first-ever purchase using Bitcoin — even predating the infamous Bitcoin Pizza.

This Twitter Space was FIRE

We discovered that:

the first purchase EVER with bitcoin was buying a JPEG for 500 BTC in Feb 2010

it pre-dates the the famous 10,000 BTC pizza

satoshi himself helped facilitate the JPEG sale

laser-eye cult in absolute SHAMBLES pic.twitter.com/b6ESOkbf0i
— Udi Wertheimer ‍♂️ (@udiWertheimer) May 14, 2023

The posted screenshot is dated Jan. 24, 2010, a full four months before Bitcoin Pizza Day — where Bitcoin developer Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas — widely considered to be the first real-world purchase made through Bitcoin.

The screenshot shows a user called Sabunir attempting to sell a picture for 500 Bitcoin — worth roughly $1 at the time — on Bitcoin Forum Bitcointalk.

It even highlighted that pseudonymous Bitcoin founder Satoshi Nakamoto was trying to get involved in helping the sale go through.

Doubt has been cast on the claim however, with a tweet from professional poker player turned crypto investor Mike McDonald pointing to a screenshot that suggests the Bitcoin transaction could have been a donation, meaning the JPEG was never actually "sold."

I'm not sure if it has been dispelled yet but it seems like Sabunir's 500 btc was a donation rather than sale.

He posted his address for his NFT Jan 24, then posted it again in the btc logo thread on Feb 24. Feb 24 500 btc was sent, Feb 25 he thanks 2 people for donations 1/2 pic.twitter.com/6Rk9Ont9KU
— Mike McDonald (@MikeMcDonald89) May 14, 2023

In a subsequent tweet, Wertheimer conceded his original tweet may have been inaccurate, that although Sabunir did list a JPEG for sale at the price of 500 BTC and that they received the same amount in their address a month later, “it’s possible that the 500 BTC were sent as a donation for a different interaction” and that the sale of the JPEG was never actually conducted.

Without in-person confirmation from Sabunir, it remains unclear what the 500 BTC were transferred for, said Wertheimer.

The rumor comes in the wake of the Bitcoin Ordinals phenomenon, which has at the time of publication seen more than 6.1 million images, videos and even tokens — by way of the BRC-20 token standard — minted on the Bitcoin blockchain.

*Total number of Ordinals inscriptions on Bitcoin. Source:* *Dune Analytics*.

Wertheimer has been a major advocate of Bitcoin NFTs since the Ordinals protocol was created by Casey Rodamor on Jan. 21 this year, allowing users to “inscribe” new pieces of data on the Bitcoin blockchain.

Wertheimer has since been working to drive a fresh wave of NFT-enthusiasts to Bitcoin by way of an Ordinals project called Taproot Wizards, which draws its namesake from the Taproot soft fork that enabled the creation of the Ordinals protocol in the first place.

Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story

Bitcoin Pizza Day rewind: A homage to weird and wonderful BTC purchases

May 22, 2022 Coin Telegraph

Bitcoin Community

In recognition of Bitcoin pizza day, the first-ever real-world transaction using Bitcoin, Cointelegraph speaks with the crypto community about their historic BTC purchases.

Happy Bitcoin Pizza Day! Before you dial for a Margherita to commemorate the world’s first real-world Bitcoin transaction, here’s a slice of trivia:

What do a family holiday to Japan, a 50 Cent album, a steak dinner, and a framed cat photo all have in common?

They were all paid for with Bitcoin (BTC) by members of the Cointelegraph Bitcoin community! And just like the Bitcoin pizzas that cost 10,000 BTC, which are now worth more than $300 million, the community’s Bitcoin purchases have also skyrocketed.

Benjamin de Waal, the VP of Engineering at Bitcoin exchange Swan Bitcoin told Cointelegraph, “I spent 7 BTC on a family trip to Japan a few years back.” In today’s value, 7 BTC is worth well over $200,000 — but Ben’s happy because his kids are happy:

“It would have been worth a lot more now; but I don't regret it at all. A good childhood full of adventure, fun, and learning is priceless.”

Felix Crisan, the scammer vigilante, told Cointelegraph how he once spent 50 BTC (worth $1.5 million) developing a new software module for his company in 2015. Crisan added that in 2016:

“Let's not forget some almost 1BTC 'spent' betting who the next US president's going to be.” [...] Of course, I didn't win.”

That’s a $30,000 bet at BTC's current market price.

Jeffrey Albus, Editor at Cointelegraph, shared that he splashed out on a steak dinner to demonstrate Bitcoin’s peer-to-peer capabilities "sometime in 2011 or early 2012."

"We paid 15 BTC — 12 for the meal, plus 3 BTC left as a tip (which the waitress probably threw away.)"

Worse still, the value of 15 BTC back over ten years ago was so small that it fell short of the total bill: Albus had to top it up with good old greenbacks. The value of the Bitcoiner-appropriate steak dinner is now worth shy of half a million dollars.

In a word to the wise, Julien Liniger, CEO of Swiss Bitcoin exchange Relai–and a Bitcoin maximalist through and through, told Cointelegraph that he “bought a bitcoin hoodie for 0.1 BTC back in the days, but that was the last thing” — a roughly $3,000 hoodie. He explained that “it then became too stupid of a thing to me to spend instead of stack sats.”

Meanwhile, the team at CoinCorner, the UK Bitcoin exchange behind the contactless Lightning Network payment card, shared a few stories. Danny Scott, the CEO, bought the 50 Cent album “Animal Ambition” with Bitcoin when the market price was around $600. 50 Cent famously “forgot” he accepted 700 BTC for the album — let’s hope Scott forgets the missed gains, too!

Molly Spiers, CoinCorner's Head of Marketing, told Cointelegraph, “I bought a photo postcard of my cats [...] for 0.009 BTC.” The $270 postcard was sadly not enough for Spiers to keep a hold of it; ‘I've lost them somewhere over the years - I'd have framed them with pride!”

Fortunately, there are “no regrets,” as it does “make for a good story.” Plus, she shared a picture of the cats:

Molly Spier's cats. The photo postcard is sadly lost. Source : Molly Spiers

While “experimenting with Bitcoin as a currency,” Matthew Ward, CoinCorner’s software developer, told Cointelegraph that he “bought the game Cities Skylines back when it launched on Steam in March 2015 for 0.108 BTC.” You can be the judge of whether the graphics merit a $3,000 price tag:

Cities Skylines gameplay. Source: themacgames.net

Finally, Didi Taihuttu, known as the father of the Bitcoin Family and sometimes the Bitcoin tattoo guy, spent 2.75 BTC on a Bitcoin miner in 2014. Taihuttu told Cointelegraph that “the strangest part is that when BTC hit around $200, I gave up mining BTC and started to mine dogecoin (DOGE).” Had he held the BTC, he would have over $180,000.

Taihuttu also shared that during his adventures as The Bitcoin Family, he’s parted with over 9 BTC ($270,000), which he describes as “losing 9 BTC but gaining an amazing adventure.”

And for those wondering what happened to the 10,000BTC Hanyecz spent on the pizzas, according to Cointelegraph research, 5% of the total landed in a very wealthy wallet, while “some of the funds were seemingly liquidated” on a failed crypto exchange.

The wealthy wallet that chowed down on some of Hanyecz’s BTC is in the top 15 richest wallets in Bitcoin, accumulating over 53,000 BTC. The total spent or sent from the wallet is 0 BTC: a certified Bitcoin hodler.

Try topping this: PizzaDAO celebrating Bitcoin Pizza Day with 100 parties worldwide

May 19, 2022 Coin Telegraph

bitcoin pizza day

Twelve years to the day of the world's first Bitcoin pizza purchase, the celebrations still continue for what has become a slice of crypto culture.

Pizza DAO, the decentralized blockchain project seeking to unite the global community of pizza fanatics with the technological potential of Web3, are celebrating Sunday's Bitcoin Pizza Day in authentic style.

On Sunday, the project will host commemorative events at 100 pizzerias in over 75 countries around the world, including the United States, Argentina, South Korea, Ethiopia, Australia, Canada and the United Kingdom, and more.

Alongside a nonfungible token (NFT) drop and charitable campaign, the events will attract a number of supporters including 13-time World Pizza Champion Tony Gemignani, Seth Green, Steve Aoki, the Dogecoin team, and comedians Cheech and Chong, among others.

Bitcoin Pizza Day has become a permanent fixture and cultural highlight in the crypto calendar since the 2017 bull market resurrected and glorified the tale of misfortune from the blockchain archives.

On May 22, 2010, Laszlo Hanyecz’s published a 153-word post on the Bitcoin Talk message board requesting for someone to either home cook and deliver, or simply pick up two large pizzas from a nearby takeout, stating:

“I'll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day [...] If you're interested please let me know and we can work out a deal.”

The Jacksonville, Florida native was very particular about his topping requirements, writing: "I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc., just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire."

User ender_x tried to persuade Hanyecz that his money could be better spent elsewhere, stating: "10,000... That's quite a bit.. you could sell those on https://www.bitcoinmarket.com/ for $41USD right now.."

But Hanyecz was persistent in his endeavor and finally — seven hours later — successfully traded 10,000 Bitcoin (BTC) for the pizzas. A "great milestone reached" one user replied.

At the time of writing, almost twelve years to the day, that pizza transaction is worth $298 million.

Hanyecz’s story financially epitomizes the parabolic growth of Bitcoin and the entire sector across the past decade, but aside from its entertainment and comedic value, for many market participants, it represents the necessity for humility and appreciation as well as conviction in early adoption.

Cointelegraph spoke to Snax, the founder of PizzaDAO, for a broader insight into their intentions and ambitions in celebrating the monumental day:

"Web3 is an opportunity to reinvent our financial realities on planet earth, to build consensus, and to dream big. What better way to practice worldwide teamwork than to throw a global pizza party together?"

PizzaDAO will seek to bring "local independent businesses on-chain" through the utilization of their open-source Pizzanomics crowdfunding model. A generation nonfungible token (NFT) collection denoting different variations of pizza boxes released by Rare Pizzas will fund the events.

The project was recently featured in Cointelegraph’s Market Report by Benton Yaun, the creative lead at CT Studio, as one of the five most prominent decentralized autonomous organizations (DAOs) in the space.

American actor Seth Green, known for starring in movies such as Austin Powers and The Italian Job as well as being the voice of Chris Griffin on Family Guy, among other producing and writing roles, is an advocate of PizzaDAO and will be one of the event's most influential supporters.

In conversation with Cointelegraph, Green excitedly stated that: “I’m all for things that bring people together, and pizza is one of those things. Helping throw a global pizza party that everyone can share? I’m here for it!"

Which DAOs have the most potential in 2022? | Watch The Market Report live

March 1, 2022 Coin Telegraph

Altcoin Watch

On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss which DAO has the most potential in 2022.

“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss which decentralized autonomous organizations (DAOs) have the most potential in 2022.

But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.

Next up, the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which DAO has the most potential. Will it be Bourgi’s pick of MonkeDAO, with its large community, Solana-based ecosystem and more than $10 million staked, earning around 7% to support the DAO development?

Not to be outdone, Yuan comes in with the tasty pick of PizzaDAO, which is one of the most revolutionary DAOs to hit the market. It is a global community of creators and pizza lovers who believe that pizza should be free. The DAO is selling rare digital pizza art in the form of nonfungible tokens (NFTs) to raise money to throw a global pizza party! Who wouldn’t want to get into that idea?

Lastly, we have Finneseth with his pick of Merit Circle, which taps into the hottest sectors in blockchain, gaming and the Metaverse. It helps provide a way for gamers to earn money playing the games they love. It also offers scholarships to players by lending them items from the treasury to be used for gameplay as well as delivering educational content with one-on-one coaching sessions to help scholars improve their performance. Currently, it supports 20 different popular games including Axie Infinity. Gaming is an immensely popular sector, but will it be enough to help push Finneseth to the top of our live poll? Once each of our experts has made their case, you, the audience, get to decide the winner by voting in our live poll, so be sure to stick around till after everyone’s presentations to cast your vote.

After the showdown, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: The Sandbox’s SAND and Terra’s LUNA.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100.

“The Market Report” streams live every Tuesday at 12:00 pm ET (5:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

Domino’s Pizza franchises in the Netherlands will offer workers Bitcoin salary

May 22, 2021 Coin Telegraph

bitcoin pizza day

Any employee who earns more than minimum wage will have the option for the excess salary to be paid in crypto.

A franchisee of many Domino’s Pizza locations in the Netherlands announced today that its workers would have the choice of being paid in Bitcoin.

According to Immensus Holding, the franchisee behind 16 Domino's Pizza locations out of the more than 270 in the Netherlands, its employees will be able to choose between being paid in euros or Bitcoin (BTC) for all salary above the country’s minimum wage. BTC Direct, a Netherlands-based crypto firm with a fiat-to-crypto onramp, will handle the payments for any of the company’s more than 1000 employees who choose to participate.

"We are a modern company, and we work with a lot of young employees,” said Immensus co-owner Jonathan Gurevich. “We hear them talking about Bitcoin and we want to offer the opportunity to own cryptocurrency.”

Dutch law requires that companies pay minimum wage for employees in euros. The minimum monthly wage in the country depends on age and hours worked, but generally workers aged 15-18 could expect to earn more working at the pizza chain than required by local law, meaning they could potentially pocket a little Bitcoin monthly.

Immensus’ announcement it would offer BTC payments coincides with the 11th anniversary of the first successfully documented commercial transaction of cryptocurrency for two Papa John’s pizzas, an event now known as Bitcoin Pizza Day. However, it also comes the same week the price of Bitcoin and many cryptocurrencies experienced double digit percentage drops, with BTC almost dipping under $30,000.

"A monthly Bitcoin salary can be compared to dollar cost averaging into Bitcoin," said BTC Direct's Jerrymie Marcus. "So all the benefits are the same, you don't have to time the market, and in the long run you cancel out short and mid term volatility. This actually benefits the employee, they save value automatically in an ever-increasing asset."

In 2010, Laszlo Hanyecz’s purchase of those pizzas cost him 10,000 BTC — worth hundreds of millions of dollars now. However, even some Bitcoin bulls and pizza lovers are seemingly hesitant to use BTC as a medium of exchange.

On Tuesday, Anthony ‘Pomp’ Pompliano, known for his educational podcasts on crypto, announced he was launching a pizza company aimed at supporting small business and the Human Rights Foundation's Bitcoin Development Fund. However, customers at the Bitcoin Pizza venture can only use crypto cards for payment. Pomp later explained his reasons for not accepting BTC:

"We don't want people giving up their Bitcoin for pizza, but rather we are working to raise money in the form of depreciating fiat dollars to help fund Bitcoin development.”

Bitcoin bull launches pizza company that doesn’t accept crypto payments

May 18, 2021 Coin Telegraph

Anthony Pompliano

A guy who loves Domino's is launching a pizza brand based on a Papa John's event that doesn't accept the crypto he espouses.

Just days before the anniversary of Bitcoin Pizza Day, Bitcoin proponent Anthony 'Pomp' Pompliano has launched a pizza company aimed at supporting small business and the Human Rights Foundation's Bitcoin Development Fund.

In an announcement on Twitter today, Pomp said his Bitcoin Pizza brand would be launching in ten U.S. cities beginning on Saturday, May 22. The start date coincides with the 11th anniversary of the first successfully documented commercial transaction of cryptocurrency for two Papa John’s pizzas — an event now known as Bitcoin Pizza Day. However, while Laszlo Hanyecz’s purchase of those pies in 2010 cost him 10,000 Bitcoin (BTC), Pomp’s venture currently does not accept crypto as payment.

“Just as Bitcoin is working to disrupt the incumbent banks, Bitcoin Pizza will be working to disrupt the incumbent corporate pizza chains,” said Pomp, referring to the venture as “the first decentralized pizza brand” on the Bitcoin Pizza website.

Pomp, who is a well known fan of national pizza franchise Domino’s, said Bitcoin Pizza would only be offering 10,000 pies on its launch day to commemorate the historic BTC transaction. Pizza lovers can choose from a variety of pies with crypto-themed pun names, including Laser Eyes, Satoshi's Favorite, Lightning Meat, Capital Greens, and No Keys, No Cheese.

The profits from the first week of sales will go to support small businesses — local pizza eateries — as well as the Human Rights Foundation's Bitcoin Development Fund. Launched by the foundation in June 2020, the fund is a privacy-focused project aimed at supporting developers making Bitcoin a safer tool for activists and journalists around the world. As of April 15, the Bitcoin Development Fund has given away $746,000 in BTC and fiat.

Within a few hours of the announcement, “Bitcoin Pizza” was trending on Twitter in the United States. The venture generally received positive support on social media from big names including Daryl Morey, the president of basketball operations of the Philadelphia 76ers, Binance CEO Changpeng Zhao, and What Bitcoin Did podcaster Peter McCormack.

Get delicious pizza and stop authoritarian oppression - win/win https://t.co/SyxmlLZYg1
— Daryl MorΞy (@dmorey) May 18, 2021

However, some people including Twitter user Joel Valenzuela and Banana Capital founder Turner Novak were quick to ask why Pomp was seemingly unable to accept BTC payments for the pizza. According to the checkout page on the website, only credit cards are accepted at time of publication.

You're not even accepting Bitcoin (or any coin for payments? How did you set back Bitcoin 11 years? Come on man!
— Joel Valenzuela (@TheDesertLynx) May 18, 2021

A Bitcoin bull and crypto proponent, Pomp is well known for educating others in finance on BTC through his podcast. He has persuaded Jim Cramer, the outspoken host of CNBC’s Mad Money, to invest in crypto, as well as comedian Bill Burr and many others.

Cointelegraph reached out to Pomp, but did not receive a response at the time of publication.

Bitcoin for pizza, not the other way around, says Papa John’s offer to UK customers

May 13, 2021 Coin Telegraph

bitcoin pizza day

History of Bitcoin Pizza Day

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