The Historic Bitcoin Pizza Transaction
On May 18, 2010, at 12:35 PM, a programmer using the alias Laszlo made history on the Bitcoin Talk Forum. He posted a now-legendary offer: 10,000 bitcoins in exchange for two large pizzas. This would become Bitcoin's first documented real-world transaction.
Key Details of the Deal:
- Initial Offer: Posted May 18, 2010
- Transaction Completed: May 22, 2010 (now celebrated as Bitcoin Pizza Day)
- Original Value: ~$30 USD
- 2025 Value: Over $260 million
At the time, bitcoin was a novel concept with no established market value. Laszlo, an early Bitcoin enthusiast and developer, viewed this as an exciting experiment rather than a financial transaction. In his own words:
"I thought of it as free pizza. I had mined these bitcoins and contributed to open-source projects - my hobby bought me dinner that day."
The Technical Backstory
As one of Bitcoin's earliest adopters, Laszlo made several important contributions:
- Pioneered GPU mining techniques
- Developed MacOS versions of Bitcoin Core
- Regularly used bitcoin for everyday purchases
His wallet activity shows fascinating patterns:
- May 2010 balance peaked at 20,962 BTC
- June 2010 reached 43,854 BTC (likely from continued mining)
- Estimated total spent: ~100,000 BTC (worth ~$4 billion today)
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The Other Side of the Transaction
The pizza seller was Jeremy Sturdivant, a 19-year-old Californian who had been mining bitcoin since 2009. The transaction unfolded like this:
- Jeremy accepted 10,000 BTC for two pizzas
- He later spent the bitcoin on travel with his girlfriend
- By 2018, he considered the $400 equivalent he received as good value
- Never anticipated bitcoin's meteoric rise
Laszlo's Philosophy and Legacy
Despite the staggering appreciation of his spent bitcoin, Laszlo maintains no regrets:
- Views bitcoin participation as a hobby, not investment
- Continues working his regular tech job
- Avoids the spotlight to prevent being mistaken for Satoshi Nakamoto
- Values his technical contributions more than the "pizza meme"
As Bitcoin Magazine noted in 2019:
"The pizza story may be his most famous contribution, but his work on Bitcoin Core and GPU mining had far greater technical impact."
Bitcoin's Evolution Since 2010
The pizza transaction marked several milestones:
- Proved bitcoin could function as currency
- Demonstrated real-world utility
- Inspired future cryptocurrency adoption
Market developments since:
- 2023 saw renewed institutional interest
- Anticipation builds for next halving cycle
- Global recognition of crypto's financial role
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Frequently Asked Questions
Why didn't Laszlo keep his bitcoin?
He viewed them as hobby rewards rather than investments, regularly spending them on everyday purchases during bitcoin's early days.
How much would the pizza be worth today?
The 10,000 BTC spent would now exceed $260 million (as of 2025 valuations).
What happened to the pizza seller's bitcoin?
Jeremy spent most on personal expenses, estimating he ultimately received about $400 worth of value from the transaction.
Does Laszlo still own bitcoin?
While his current holdings aren't public, he continues participating in the Bitcoin community as a hobbyist.
Why is this transaction so significant?
It proved bitcoin's functionality as currency, moving it from theoretical concept to practical payment method.
How has Bitcoin's perception changed?
From an experimental digital token to a globally recognized asset class with institutional adoption.
The Cultural Impact
The Bitcoin Pizza Story represents:
- Early adopter mentality
- Technology's unpredictable consequences
- Crypto's transformation from niche to mainstream
As Laszlo reflects:
"I'm just happy to have participated at that level. It was never about the money - it was about being part of something new."