What is Bitcoin Pizza Day?

10/26/2022 19:02

Bitcoin Pizza Day will soon be upon us.

And, if that statement left you wondering why I just mashed a bunch of random words together…well, you're likely not alone, but also we'll get into it, so stick around.

The rather explosive growth of crypto over the last few years led to a lot of new entrants into the space. Many with a great deal of enthusiasm, whether for the possibility of good investments or if they are drawn by the promises that this technology brings in the larger project that is Web3.

But, the enthusiasm and newness of all of this also lead to a great deal of lore. So, now, we'll break it down, so that you're ready to celebrate (and in the know) when these days occur!

Bitcoin Pizza Day, 22 May

The first Bitcoin Pizza Day occurred in 2010, and marks the first instance of bitcoin being used as a proper form of payment. Early adopter and programmer, Laszlo Hanyecz, used the forum Bitcointalk.org to put out a call to buy two large pizzas and have them delivered. The reward? 10,000 BTC.

At that time, 10,000 BTC was about $41…today, well, let's just say we don't recommend spending 10,000 BTC on much, but definitely not two large pizzas.

This is possibly the biggest crypto holiday, so if you want to join in the revelries, order a pizza for when you sit back as you check the charts.

Bitcoin's B-Day, 3 January

We've all read a number of articles that start, "When Satoshi Nakamoto invented Bitcoin in…." But, if you're like me, you've probably noticed that some articles reference 2008 and some 2009. Well, here's the answer to that mix-up!

Satoshi released the whitepaper in 2008 (on 31 October, for those of you looking for specifics), but the Genesis block of Bitcoin was actually mined on 3 January, 2009. So, now you know!

To celebrate, you can take part in Proof of Keys, which started on Bitcoin's 10th birthday in 2019. Trace Mayer started this celebration, which invites everyone to withdraw all BTC held by trusted 3rd parties to keep it in non-custodial wallets…celebrating the monetary sovereignty enabled by Bitcoin.

HODL, 18 December

While you might be in your element using crypto slang…the genesis of several of these linguistic turns can be traced back to some rushed, or in this case, just drunken typos. While the user GameKyuubi coined the term back in 2013 during one of the earliest market crashes — also linked to the next event, as Mt. Gox went down that day due to trading volume, — this term has taken on a life of its own….one that still weighs heavily on crypto culture.

Mt. Gox Day, 24 February

Perhaps more a day of mourning or a nod to a cautionary tale, this day is indicative of the learning that early users did…to the benefit of the rest of us.

Back in 2014, Mt. Gox was the biggest bitcoin exchange, handling 70% of Bitcoin transactions worldwide. This custodial exchange briefly went offline on this day, losing anywhere between 620k and 850k bitcoins (worth around $620m to 850m USD at the time). They later recovered 200k of the lost bitcoins — perhaps accounting for some of the disparities in reporting.

This was a harsh lesson in custodial exchanges and hot wallets (which the exchange used), and later the company declared bankruptcy in both the US and Japan.

Anyway, Not Your Keys, Not Your Coins…and also, please invest in a hardware wallet if you're holding a lot of value on-chain.

Bring Your Own Holiday?

There are many, many more days that mark notable events in the advent and rise of bitcoin and blockchain technology. And we look forward to seeing more days arise. Maybe you'll be the next person to create the latest crypto or Web3 slang on one of these big days…

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