Thursday, February 14, 2013

Bitcoin Pizzas: Formerly 10,000 BTC, Now 1.82 BTC.

Actual Bitcoin trade data from 2010: BitcoinMarket.com
It's a thing of legend: the infamous Bitcoin Pizzas.

In May of 2010, Bitcoins were trading for approximately $0.0045 a piece (that's 222 Bitcoins for a dollar), and an individual named laszlo on the bitcointalk forums had an idea: he wanted to buy himself two warm, tasty pizzas for 10,000 Bitcoins. Little did he know that he was about to make a purchase that would land him in Bitcoin's history books.

Laszlo ended up successfully completing the deal, and, from the pictures, the pizzas sure looked delicious. Not only did he purchase two pizzas for that price, but he kept the offer open to others and likely purchased additional pizzas for the same enormous quantity of Bitcoins.

Actual pizzas purchased by laszlo for 10,000 BTC
Almost three years later, laszlo's 10,000 Bitcoins would have been worth $270,160, enough for 20,000 pizzas. But hindsight is 20/20, so who are we to judge?

These days, buying pizza with Bitcoins is a little less expensive, at least in Bitcoin terms. A new site, Pizzaforcoins.com, has launched a service that allows you to buy pizza for Bitcoins from Domino's Pizza, and as of today, Pizza Hut as well. A medium pizza from Pizza Hut with five toppings will run you 0.94 Bitcoins based on current exchange rates.

One has to wonder how much 10,000 Bitcoins will be worth three years from today. Some people think that  $1000 per Bitcoin or $10 million is not unrealistic. In that case, even today's 0.94 Bitcoin pizza will seem ridiculously expensive, but don't let that hold you back; it is pizza after all, and pizza is delicious.

2 comments:

  1. Like the Economist has a Big Mac index, the Bitcoin Trader could maintain a Bitcoin pizza index.

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  2. We never hear about the guy who accepted those 10,000 btc to pay fiat for the pizzas. I kinda feel he should be heralded too. He took the plunge when it was more than risky (twentyish-dollars worth).

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