“Bitcoin Pizza Day” Arrives!
14 years ago on May 22nd, an engineer named Laszlo Hanyecz spent 10,000 bitcoins to purchase two pizzas. This transaction is widely considered to be the first-ever bitcoin transaction, and as a result, May 22nd is now known as “Bitcoin Pizza Day.”
To celebrate this significant day, “Web3+” has created a series of articles called “Bitcoin Pizza Day,” which aims to introduce the world’s first and largest cryptocurrency, Bitcoin.
Bitcoin Celebrates 15 Years!
In 2008, Satoshi Nakamoto, known as the “father of Bitcoin,” published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” also known as the “Bitcoin whitepaper.” This marked the beginning of public awareness of blockchain networks and the concept of Bitcoin.
Using this concept as a foundation, Nakamoto created the Bitcoin network system, which has matured over the past 15 years. Bitcoin has become the unrivaled pioneer in the world of cryptocurrencies.
On May 22, 2010, Laszlo Hanyecz, the engineer mentioned earlier, spent 10,000 bitcoins to purchase two pizzas. This transaction is widely recognized as the first real-world transaction involving Bitcoin, and May 22nd is now known as “Bitcoin Pizza Day.” This event has become a classic story in the realm of Bitcoin.
In addition to Bitcoin Pizza Day, there are other interesting Bitcoin stories. Let “Web3+” take you on a journey to explore them!
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Exploring the “Digital Gold” through Six Bitcoin Stories
Story 1: The Enigma of Satoshi Nakamoto
Despite being known as the “father of Bitcoin,” Satoshi Nakamoto’s identity remains a mystery. Their gender, nationality, and age are all unknown, and it has never been confirmed whether Nakamoto is an individual or a team.
Over the years, there have been countless rumors about Nakamoto’s true identity. In 2014, journalist Leah McGrath Goodman published an article suggesting that Dorian Nakamoto, an engineer with a similar background, could be the real Satoshi Nakamoto. However, Dorian Nakamoto later denied these claims and stated that he had no connection to Bitcoin.
Other individuals who have been speculated to be Nakamoto include computer scientist Craig Wright, cryptocurrency expert Nick Szabo, and computer engineer Hal Finney, who unfortunately passed away from ALS. It is reported that Finney was the first person to receive a Bitcoin transaction from Nakamoto himself in 2009.
Despite the rumors surrounding Nakamoto’s identity, their true identity remains a mystery to this day.
The identity of Satoshi Nakamoto, the “father of Bitcoin,” has always been a puzzle. Their gender, nationality, and age are unknown, and it is unclear whether Nakamoto is an individual or a team.
Story 2: Approximately 7.8 Million Bitcoins Lost
Every year, numerous bitcoins are lost due to holders forgetting their private keys or passing away without passing on their keys, resulting in over 7.8 million bitcoins becoming inaccessible. This number is expected to continue increasing.
Timothy Peterson, the director of investment advisory firm Cane Island Alternative Advisors, explained in a March 2023 tweet that out of the approximately 19.3 million bitcoins that have been mined, only around 13.3 million are in circulation. This means that around 31% of bitcoins are lost.
Peterson further predicts that an additional 1 million bitcoins will be lost by the time the remaining 1.7 million bitcoins are mined, a process that will take over 100 years. Therefore, the current circulating supply of over 13 million bitcoins may be the only ones we can access in our lifetime.
With a total supply of only 21 million bitcoins and millions lost, if Peterson’s estimate is correct, the value of bitcoins may exceed expectations.
Story 3: British Man Digs in Landfill to Recover Lost Bitcoins
As of now, the value of a bitcoin is approximately $70,766 according to OKX exchange data. Losing bitcoins would undoubtedly be heartbreaking for any holder.
In 2022, a British man named James Howells requested permission from the local government to excavate a landfill because he had accidentally thrown away a hard drive containing 7,500 bitcoins ten years prior.
The local government did not accept Howell’s request due to the high cost and environmental impact of such extensive excavation. However, Howell, a former IT worker, believes that it is still possible to find the lost hard drive using technology such as robotic dogs and artificial intelligence.
Furthermore, Howell has assembled a team of eight experts in fields such as AI-driven classification, landfill excavation, waste management, and data collection. If the lost bitcoins are successfully recovered, these experts will receive a portion of the assets as a reward.
Many doubt whether the government will approve the excavation plan, especially since the hard drive has been lost for ten years and its usability is uncertain. According to a news report in March 2024, a group of hedge fund investors is funding Howell’s lawsuit. If the lost bitcoins are successfully retrieved, the investors will receive a portion of the recovered funds.
To protect virtual assets, the most practical approach is still to be cautious and keep your private keys safe in a hardware wallet.
Last year, a British man named James Howells requested permission from the local government to excavate a landfill because he had accidentally thrown away a hard drive containing 8,000 bitcoins.
Story 4: Salvador Becomes the First Country to Adopt Bitcoin as Legal Tender
In June 2021, Salvadoran President Nayib Bukele announced the submission of a bill to Congress to make Bitcoin the country’s second legal currency. This news immediately sparked discussions among cryptocurrency users. If the bill is passed, Bitcoin will become deeply integrated into the lives of the Salvadoran people, and related infrastructure will be established.
Just three days later, El Salvador passed the bill, becoming the world’s first country to adopt Bitcoin as legal tender. Currently, both Bitcoin and the US dollar are legal currencies in El Salvador.
However, El Salvador faces challenges such as inadequate infrastructure, debt problems, and the acceptance of Bitcoin by the population. Additionally, when Bitcoin experienced a bear market (a downward market trend) last year, the value of the country’s Bitcoin investments also suffered losses.
The outcome of this “Bitcoin experiment” and the next steps taken will continue to attract international attention.
️ Further reading:
Less than 25% of the population has used it, and 80% of businesses refuse to accept it! How is El Salvador doing two years after adopting Bitcoin as legal tender?
Story 5: Taiwanese Homeowner Sells House for 18 Bitcoins
In early 2023, a homeowner named Mr. Lu listed a house near Ming Chuan University’s Taoyuan campus for sale on the 591 website. The asking price was NT$12.5 million. Interestingly, the listing also included the phrase “18 Bitcoins with change” and stated that only cryptocurrency transactions would be accepted for negotiation.
If purchased with virtual currency, the homeowner would accept 17.5 bitcoins, 400,000 Tether coins, or 263 Ether coins.
In May 2023, the same homeowner, Mr. Lu, listed a small apartment in Taoyuan for sale on the 591 website, with an asking price of 4.8 bitcoins. In the remarks, Mr. Lu emphasized, “If possible, I hope to continue transacting in bitcoins to show that Bitcoin transactions are viable.”
The homeowner listed the property on the 591 website with an asking price in bitcoins.
Bitcoin is often referred to as “digital gold” due to its limited supply, and the decreasing number of bitcoins in circulation each year due to loss further strengthens this belief among cryptocurrency enthusiasts.
️ Further reading:
Buy a House with 18 Bitcoins and Get Change! What is the homeowner near Ming Chuan University thinking?
Story 6: Over One Million Wallets Hold at Least One Bitcoin
More and more people are starting to invest in cryptocurrencies, but not everyone can truly own “one” bitcoin.
As of now, according to OKX data, one bitcoin is worth approximately $70,766 or NT$2.28 million, making it quite expensive. The average holding of bitcoin among global traders is around 0.01 bitcoin.
However, according to data from the platform Glassnode, the number of wallet addresses holding at least one bitcoin has surpassed one million. Many people entered the market after the bitcoin price plummeted by 65% last year.
It is important to note that the “one million wallets holding one bitcoin” milestone does not necessarily mean there are one million bitcoin millionaires. Many investors can register multiple wallet addresses, and cryptocurrency exchanges and investment companies also hold significant amounts of bitcoin.
If you were in this position, would you consider owning “one bitcoin” as a personal achievement?
️ Further reading:
Major Milestone! Over One Million Wallets Hold at Least One Bitcoin. Are there really so many bitcoin millionaires?
Sources:
Cointelegraph, Newsbtc, Business Insider, Yahoo Finance
Proofreading and editing: Gao Jingyuan