Home / bitcoin news / Crypto Legend Who Bought Pizza With 10,000 Bitcoin Is Back At It

Crypto Legend Who Bought Pizza With 10,000 Bitcoin Is Back At It

It’s one of the best-known cryptocurrency legends: The guy who bought two pizzas with 10,000 Bitcoin back in 2010 to prove the digital currency worked. Now he’s at it again.

This time, early Bitcoin developer Laszlo Hanyecz wanted to test the Lightning Network, a technology that runs parallel to a blockchain like Bitcoin’s network and aims to speed up transactions. He ended up paying 0.00649 Bitcoin for two pizzas, or $67, and the transaction cost about 6 U.S. cents.

When Hanyecz bought pizza with Bitcoin about eight years ago, it was one of the first purchases done with the cryptocurrency, and it showed the Bitcoin community that it could actually be used as a means of exchange, he said. That was put in doubt late last year as transaction fees skyrocketed to as a high as $55, according to data provider BitInfoCharts, making everyday purchases impractical. Developers, including those for the Lightning Network, are working on ways to solve this problem.

“I wanted to show that yes, you still can buy pizzas with Bitcoin,” Hanyecz said in a telephone interview from Jacksonville, Florida. “But if it’s a $50 pizza and a $100 transaction fee, that doesn’t work. The idea is that on Lightning Network we can get the security of Bitcoin and instant transfers. You don’t have to wait for a blockchain confirmation.”



About admin

Check Also

bitcoin tax

Bitcoin price LIVE: BTC at $10,000 as Las Vegas dancers adopt QR tattoos for crypto tips

8.00am MORNING HEADLINES Good morning, and welcome to our rolling coverage of all things cryptocurrency, …

Leave a Reply

Your email address will not be published. Required fields are marked *