Bitcoin.png

The pizza that cost over R500 million

Bitcoin fans refer to 22 May as Pizza Day because of early adopter Lazlo Hanyecz reporting that he had bought two pizzas in exchange for 10 000 Bitcoins on that day in 2010.

It was the first real-world transaction using the newly created cryptocurrency. Using the Luno listed price of a Bitcoin (22 May 2018), the two pizzas cost R1,1 billion.

The pizzas could not actually be bought with Bitcoin and so another internet user responded to the request by ordering the two pizzas from Papa John's and had them delivered to Hanyecz, it cost about $25 (R325).

Bitcoin at the time would have made the transaction worth between $40 (R390) and $80 (R1 040). Had the seller, Jeremy Sturdivant kept those Bitcoin it would represent arguably the largest return on investment for an internet transaction.

The then 18-year-old Jeremy Sturdivant would be one of the richest 26-year-olds but he told an interviewer some years later that he did not hold the coins but spent them before Bitcoin had exceeded a $400 value.

Those that do choose to buy and hold the coin are referred to as Hodlers an intentional corruption of holders which come to be explained as "Hold On for Dear Life" in order to resist the temptation to sell, but the truth is probably because the early adopters thought it was a fun mistake.

A final note that Bitcoin creator, the still unknown Satoshi Nakamoto has a stash of about 980 000 Bitcoin which is worth R107 billion, less than 10 years after it was created and with seemingly no work after the initial creation makes it possibly the greatest return on investment ever.

The actual transaction publically visible on the Bitcoin blockchain


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
To buy or not to buy? That is the question

To buy or not to buy? That is the question

The pros and cons of subscribing to versus buying digital content.

Climate impact of burning coal reported in 1912

Climate impact of burning coal reported in 1912

Over a century ago it was being reported that the burning of coal would have an impact on climate change.

It took a war to change shipping. What will it take to change transport?

It took a war to change shipping. What will it take to change transport?

As hype begins to grow around the Hyperloop, will it change how we travel or run out of track?

Scale may no longer be the best way to achieve growth

Scale may no longer be the best way to achieve growth

Grow or die is the law of the jungle, but does it still apply outside of the jungle?

Will 5G communications make access universal or create another digital divide?

Will 5G communications make access universal or create another digital divide?

The super fast new mobile internet may change the world, but it might not be for the better.

How to win elections and influence people

How to win elections and influence people

You could say elections are being disrupted.

Popular articles
[WATCH] What a 'braai' baby!  - boy cries hysterically for a braai!

[WATCH] What a 'braai' baby! - boy cries hysterically for a braai!

Khabazela shares Facebook posts that have gone viral, including an emotional confrontation of a bully.

'He told me people would want to keep him quiet at any cost'

'He told me people would want to keep him quiet at any cost'

Journalist Gavin Evans says the late Mark Minnie spoke to him about his fears that those he exposed in his book might harm him.

ANC Tshwane says the City's mayor knew of the looted R12 billion

ANC Tshwane says the City's mayor knew of the looted R12 billion

ANC Tshwane spokesperson Bafuze Yabo gives details of their planned action against the City of Tshwane.

Jacques Pauw: We need more evidence on the 'The Lost Boys of Bird Island' book

Jacques Pauw: We need more evidence on the 'The Lost Boys of Bird Island' book

Investigative journalist and author Jacques Pauw shares his thoughts on 'The Lost Boys of Bird Island' book.

[WATCH] Kid goes from 'be a fart machine at work' to 'I love you dad'

[WATCH] Kid goes from 'be a fart machine at work' to 'I love you dad'

Khabazela shares tweets & videos that have gone viral including a parrot that told firefighters the F-word during its rescue.

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

Khabazela shares Facebook posts, YouTube videos that have gone viral including one with the smartest dogs.

'Black Tax'... working hard, earning well, but struggling financially

'Black Tax'... working hard, earning well, but struggling financially

Young(ish) South Africans tell stories of the mixed emotions they feel when supporting family members, and tips from an advisor.