Continuing bitcoin adoption is paramount, even if its one small pizza-shop owner at a time.More than a decade has passed since the original Bitcoin Pizza Day, and for some people it is inconceivable to even invest 1 satoshi (the tiniest unit of bitcoin) on anything for fear of the worth of the satoshi being much higher in the future. We believe that buying pizza with bitcoin by Hanyecz is a vitally important part in the history of Bitcoin for numerous reasons: This purchase manifested the idea that we might have a monetary network in which services and goods can be acquired with bitcoin, while likewise opening up an entire new set of concepts and possibilities for what Bitcoin might accomplish if sufficient individuals began to adopt it. Twelve years back, two pizzas cost 10,000 bitcoin; today, a big pizza worth $20 just costs you roughly 0.0006 bitcoin, or 60,000 satoshis.
Knoxville Bitcoin Network will be hosting a Bitcoin Pizza Day Meetup on March 22, 2022. This idea was raised in our group chat and the event will serve as a way to pay homage to the legend of Bitcoin Pizza Day.Invite for Bitcoin Pizza Day in Knoxville, TNFor those not familiar with Bitcoin Pizza Day, this is the day the first Bitcoin deal was made in exchange for another real life product: pizza. On May 22, 2010, Laszlo Hanyecz paid someone 10,000 bitcoin to order him two large Papa Johns pizzas. Yes, you check out that right, 10,000 bitcoin. As fellow Bitcoiners, we are also wanting to use this Sunday as a method to not just collect regional Bitcoiners to join us in eating tasty pizza (which will be paid for in bitcoin), but to likewise orange-pill the staff of a locally owned and run pizza place in Knoxville, Tennessee. Continuing bitcoin adoption is paramount, even if its one little pizza-shop owner at a time.More than a decade has passed because the initial Bitcoin Pizza Day, and for some individuals it is unthinkable to even invest 1 satoshi (the tiniest system of bitcoin) on anything for worry of the value of the satoshi being much greater in the future. (Those 2 pizzas from 2010 are now worth $302.6 million at the time of composing.) However, we believe that purchasing pizza with bitcoin by Hanyecz is an essential part in the history of Bitcoin for several factors: This purchase manifested the idea that we might have a financial network in which items and services can be bought with bitcoin, while also opening up an entire brand-new set of ideas and possibilities for what Bitcoin could achieve if adequate people began to embrace it. With such a bleeding-edge usage of a currently nascent innovation, Hanyecz– although missing out on out on over $300 million in todays counterfeit money– was vital in allowing additional progression of bitcoin as a monetary asset with a genuine world, measurable worth. For this, we thank you.If you zoom out, you, too, will start to understand that even investing bitcoin worth $30,000 on pizza isnt worth it in 10 years, unless you replenish your satoshis after consumption. Twelve years ago, 2 pizzas cost 10,000 bitcoin; today, a big pizza worth $20 only costs you roughly 0.0006 bitcoin, or 60,000 satoshis. Quite a stark distinction from 12 years earlier! The concern then becomes, what does a pizza cost 12 years from today when priced in bitcoin? However, it is essential to spend your bitcoin, just as you would use a fiat currency, and with Lightning this is now more of a truth than ever before. As a Bitcoiner, it is a responsibility to support anyone who is willing to accept bitcoin, and yes, this implies spending it. The more user touch points a non-Bitcoiner has with a slick interface, user experience and instant settlement, the more this “Bitcoin thing” starts to make good sense to them. The value include is genuine, and the environment has a palpable feel of enjoyment– this is the magic of Bitcoin adoption in genuine time. Hanyecz took a proverbial bullet for everybody, but in doing so, enabled the maturation of the hardest cash on Earth to continue. This Sunday, we pay our respects!This is a visitor post by Shane Kotz. Viewpoints revealed are entirely their own and do not necessarily show those of BTC Inc. or Bitcoin Magazine.