Cryptocurrencies have evolved, demonstrating their capacity as payment instruments in international transactions, where geographical limitations are often the main complication in negotiations or payments for acquiring goods or services abroad. If you want to read more about crypto trading, click the link.
When Bitcoin was created, this seemed like an uncertain environment where the functionality parameters were unknown, although it appeared incredible. Few were those who decided to embark on this new electronic payment system; it was there that, thanks to these precursors, gave rise to the first operations with Bitcoin.
Digital currencies have become a powerful option worldwide, not only for individuals but also for entrepreneurs; currently, the reality that digital currencies are going through is overwhelming for all those beginner investors.
The first crypto transaction
When Bitcoin was born as a cryptographic project with a tremendous financial and social impact, a fairly marked financial crisis was generated related to the real estate sector in the United States, which inevitably ended up collapsing the country’s entire economic and financial system.
This situation, in turn, had a domino effect on other countries and financial institutions worldwide, where the main affected were the citizens.
At this time, Satoshi Nakamoto considers it appropriate to make his crypto project known. Therefore, the Bitcoin White Paper was leaked, and the first transaction was registered based on the exchange of 10 BTC through a transfer between Nakamoto and the cryptographer Hal Finney on January 12, 2009.
The main intention of its creator was to offer a financial tool that would allow, in a decentralized manner and with a global scope, to carry out various operations where inflation could not have any effect, thus becoming an alternative for the economies of the world to be able to execute commercial transactions without intermediaries.
Said transaction is kept stored in an offline wallet, where Finney hopes they will acquire more excellent value over time and be able to leave something to his heirs.
Bitcoin for pizza
The story is based on the exchange of 10,000 BTC for two pizzas, something that no Bitcoin user would ever do today, but, back then, in 2010, the value of Bitcoin was highly insignificant, which is why a forum of cryptocurrencies arises Laszlo’s approach Hanyecz to pay the said amount of Bitcoin to purchase pizza.
At the time, no one responded to the request. Still, more or less four days later, Jeremy Sturdivant contacts Hanyecz and assumes that he sent him the pizzas he had ordered in exchange for BTC because cryptocurrencies were not yet accepted as a form of payment.
The pizzas that Hanyecz wanted to buy in a pizzeria of the well-known world brand Papa John’s only cost $40 compared to what today represents 10,000 BTC; it could be inferred that they have been the most expensive in all of history.
Bitcoin followers and users have considered the date of this purchase, May 22, 2010, a historical date recorded in this community as Bitcoin Pizza Day.
Events after Bitcoin Pizza Day
Fanaticism is undoubtedly part of all kinds of the community regarding celebrating some particular date, which is why Bitcoin followers could not ignore this day, considering that the crypto market could just be starting to establish itself.
Following this line of success, the founder of Morgan Creek Digital made public its idea of celebrating 2021 for seven days, an event related to Bitcoin Pizza where no type of pizza could be canceled through Bitcoi9n, and the funds raised would go directly to the Foundation Fund of human rights.
Today’s digital financial market is incredible; from 2010 to 2022, we have gone through various stages where insurmountable profits have been obtained, but also many investors have lost sums of capital.
That is why, despite the movements that a particular social trend can generate concerning a digital asset, it is relevant to consider all the elements that encompass them.
Risk management is perhaps the most relevant aspect when investing in cryptocurrencies. Bitcoin had practically zero value at that time, but today its price is entirely different.
Interestingly, even then, only one of the three people involved in early Bitcoin transactions kept their Bitcoins in storage.