Today, Bitcoin can be used to purchase goods and services, pay for certain online purchases or exchange digital assets for other currencies. However, in 2010, the practical use of cryptocurrency was still an experiment. Bitcoin had existed for just over a year, its user base was small, and most people had never even heard of the new technology.
It was at that time that a transaction took place which would later become part of history: a programmer received two pizzas for Bitcoin, paying 10,000 BTC. Years later, this purchase became a symbol of the early days of cryptocurrency and even received its own commemorative date — Bitcoin Pizza Day.
Who was the first person to buy pizza with Bitcoin
The story began on 18 May 2010, when American programmer Laszlo Hanyecz published a message on the Bitcointalk forum. He offered 10,000 BTC to anyone who would order or prepare two large pizzas for him and arrange delivery. Hanyecz wanted to complete a real transaction using Bitcoin. He was not interested in simply selling his coins for US dollars; instead, he wanted to receive a physical product directly in exchange for cryptocurrency. A few days later, another forum member, Jeremy Sturdivant, known by the username jercos, accepted the offer. He arranged the purchase of two Papa John's pizzas and received 10,000 BTC in return.
Therefore, when asked who was the first person to buy pizza with Bitcoin, the usual answer is Laszlo Hanyecz. Technically, however, the pizza restaurant itself did not accept BTC directly — the transaction was arranged between members of the Bitcoin community.
How many Bitcoins were spent on the pizza
The answer to the question of how many Bitcoins were spent on the pizza seems almost unbelievable today: 10,000 BTC were exchanged for two pizzas.
At the time of the transaction, this amount was not regarded as an enormous fortune. Bitcoin was still a young experimental asset with extremely limited adoption and a very small market value.
The phrase 10,000 Bitcoins for pizza has since become one of the most famous expressions in cryptocurrency history. According to the figures most commonly cited when describing the event, the pizzas cost approximately $41.
It is important to consider the historical context. In 2010, nobody could know what value Bitcoin would reach years later. Therefore, judging the participant's decision solely from the perspective of Bitcoin's future price is misleading.
Why did buying pizza with Bitcoin become historic
The significance of this event lies not in the size of the potential profit that was later forgone. The purchase demonstrated that a digital asset could be used to obtain a real-world product.
Before then, Bitcoin had existed mainly within a relatively small community of developers, enthusiasts and members of cryptography forums. Coins were mined, transferred between wallets and discussed as a technological experiment. The network's practical economic value was only beginning to emerge.
The transaction demonstrated a simple idea: if two people agreed to recognise the value of BTC, digital coins could be used in a genuine exchange of goods. That is why the story of a programmer buying pizza with 10,000 Bitcoins became an important part of cryptocurrency culture.
How did the transaction take place
The process was very different from today's crypto payment systems. Laszlo Hanyecz did not walk into a pizza restaurant and send BTC to the restaurant's official wallet.
Instead, the process looked approximately like this:
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Hanyecz published an offer on the forum.
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Another user agreed to accept 10,000 BTC.
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Two pizzas were purchased for Hanyecz using traditional money.
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The pizzas were delivered to his address.
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The other participant received the agreed amount of Bitcoin.
Therefore, when people say that someone bought pizza with Bitcoin, they are referring to a direct agreement between two individuals. Nevertheless, the economic meaning remains exactly the same: one party transferred cryptocurrency and received a real product in return.
Why exactly 10,000 BTC
Today, this amount appears enormous, but in 2010 Bitcoin was at a completely different stage of development. It lacked today's global infrastructure, institutional market and established pricing mechanisms.
In practice, market participants had to decide for themselves how many BTC they were willing to pay or accept for a particular product. As a result, the implied Bitcoin pizza price was determined simply by mutual agreement: two large pizzas were exchanged for 10,000 BTC.
For Hanyecz, the priority was not preserving his coins at all costs but testing whether they could function as a medium of exchange. In that respect, the experiment was a success.
How much would the pizza bought for 10,000 Bitcoins be worth today
This is the question that made the story famous worldwide.
Over time, the pizza purchased for 10,000 Bitcoins became worth millions, and later hundreds of millions of US dollars when recalculated using Bitcoin's market price in subsequent years.
However, the exact figure constantly changes along with the Bitcoin exchange rate. The calculation is straightforward:
10,000 × the current price of 1 BTC
For example, if Bitcoin were worth $50,000, the total would be $500 million. At $100,000 per BTC, it would amount to $1 billion. Therefore, it is more accurate to calculate the value for a specific date rather than quote a fixed figure.
It is precisely because of this dramatic appreciation that the purchase is often referred to as the world's most expensive pizza bought with Bitcoin, even though it originally cost only a few dozen dollars.
Was it really the most expensive pizza ever
The phrase the most expensive pizza bought with Bitcoin became popular because of retrospective calculations. At the time of the transaction, nobody paid hundreds of millions of dollars: 10,000 BTC had a much lower market value.
Therefore, it is important to distinguish between two different concepts:
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the cost of the purchase in May 2010;
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the potential value of the 10,000 BTC years later.
From a historical perspective, it was an ordinary purchase that only became extraordinarily expensive because of Bitcoin's subsequent price appreciation. This is why the expression the world's most expensive pizza bought with Bitcoin is more symbolic than a literal description of its price at the time of purchase.
What is Bitcoin Pizza Day
Bitcoin Pizza Day is celebrated every year on 22 May, the date on which the famous transaction was completed. For the cryptocurrency community, it has become an unofficial holiday.
Cryptocurrency exchanges, blockchain projects and other participants in the industry organise themed events and reflect on the early stages of Bitcoin's development.
The story serves as a reminder of how dramatically the cryptocurrency infrastructure has evolved since 2010. At that time, anyone wanting to obtain pizza in exchange for Bitcoin had to find someone on an online forum and negotiate the transaction directly. Today, digital assets are traded on a global market, while users have access to wallets, exchanges, payment solutions and specialised cryptocurrency services.
Does Laszlo Hanyecz regret the purchase
The story is often presented as one of the greatest financial mistakes ever made, suggesting that someone spent a fortune on an ordinary meal. However, this perspective ignores both the circumstances of 2010 and the significance of the transaction itself.
Laszlo Hanyecz was an early member of the Bitcoin community and used his coins at a time when their future value was completely unknown. Moreover, the practical use of cryptocurrency helped establish its value. If every early Bitcoin holder had simply stored their BTC without ever attempting to exchange it for goods or services, Bitcoin's development might have followed a very different path.
Therefore, the man who bought pizza with Bitcoin did more than simply spend digital coins — he demonstrated that they could be used in a genuine economic transaction.
Can you buy pizza with Bitcoin today
Today, doing so is considerably easier than it was in 2010, although the possibility of paying directly with Bitcoin depends on the country and the individual business. Some companies accept cryptocurrency directly, while others use third-party payment providers.
Alternative methods also include:
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cryptocurrency debit cards;
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gift cards;
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payment applications;
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converting digital assets into fiat currency;
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direct peer-to-peer payments.
However, not every pizza restaurant accepts Bitcoin directly. Before making a payment, it is important to check the payment methods and conditions offered by the particular business.
Why does the story remain important
The event is remembered not only because of the extraordinary appreciation in the value of 10,000 BTC. It also illustrates how the practical value of a new financial instrument is established.
In 2010, Bitcoin lacked the infrastructure that exists today. There were nowhere near as many trading platforms, mobile wallets or services for managing digital assets. Simply being able to exchange BTC for a physical product represented an important milestone.
The story also demonstrates several key characteristics of the cryptocurrency market:
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the future value of an asset cannot be known in advance;
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value is established through real market transactions;
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the adoption of new technology begins with its earliest users;
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practical use contributes to the development of the ecosystem;
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the significance of a single transaction can change dramatically over time.
That is why Bitcoin pizza remains one of the defining symbols of the early cryptocurrency era.
The story of how a programmer bought pizza with Bitcoin is important not only because of the enormous present-day value of the coins that were spent. The transaction became one of the first well-known examples of Bitcoin being used in practice and demonstrated the journey from a small technological experiment to a global digital asset.
