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Bitcoin: Eight Years On And Still Going Strong

Samantha Mitchell



Bitcoin: Eight Years On And Still Going Strong

How It Started

The 22nd May 2010 was a momentous occasion when the very first Bitcoin and product exchange happened. The items purchased – two Papa John’s pizzas. Because of this transaction, today is widely known as Bitcoin Pizza Day. The two pizzas cost a mere 10,000 Bitcoins and saw the start of the Cryptocurrency industry. In those days, the pizzas would have cost programmer Laszlo Hanyecz $25. However, this equates to $5.12m in today’s currency exchange rate. And during Bitcoin’s peak in December 2017, the pizzas would have cost a staggering $11.47m. Little did Hanyecz know how things would turn out and how much of a huge step he took on that fateful day.

Today, some 70,000 vendors are accepting Bitcoin with over 57,000 Blockchain transactions taking place every single day. These figures are only set to get bigger and bigger as trust grows in the industry and more people are exposed to the industry in everyday life. eGifter, SnapCard, and are just some of those offering their services in exchange for Bitcoins. They are not the only retailers doing this with some accepting other Cryptocurrencies including Litecoin and Dogecoin. Many of these companies are giving away special prizes and freebies to commentate the big day today.

Coindesk’s New Widget

To mark the 8th anniversary of that purchase of those two pizzas, Coindesk is joining in the celebrations with the release of its new widget that can be easily installed onto a website. It has based its widget around one of the biggest questions surrounding that purchase 8 years ago, how much would those pizzas cost today? This new Bitcoin Pizza Day widget provides you with a real-time calculation which is embedded into your website or your blog free of charge. As highlighted on their website, it is very easy to set up the widget yourself using simple coding. The 240 x 265px widget will appear on your site and will show visitors the current price of those two pizzas.

No one knew just how big the simple purchase of two pizzas would be and most certainly could not predict just how far the industry has come and changed the world. It is an ever-changing industry with new rules and regulations coming into force almost daily. It is also a very unstable and inconsistent industry that sees countries ban the use of Cryptocurrencies whilst they try and decipher what the impact of their use is. It also sees power requirements go through the roof, as more complicated mining machines are required to mine the ever-decreasing Cryptocurrency pie. It watches hackers pull apart code and complete fraudulent activities and the private/personal information of investors become accessible to all and his dog. It also encourages the largest of gaps between viewpoints on most topics on a regular basis. It is quite unlike any other industry now or quite possibly ever to exist. And you can guarantee that the ride will continue to remain as bumpy as ever.

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