From pizza to space: The Bitcoin phenomenon
The first Bitcoin transaction paid for two Papa John’s pizzas. So, what better way to think of the growth of Bitcoin, than in pizza boxes? In this article, Nandik Barbhaiya explores the growth of Bitcoin via pizza.
There’s no clear-cut future for Bitcoin. Some wait for their golden ticket moment, governments try to chase down the anonymous (infamous) creator, and others speculate on its legitimacy. We’ve heard tales of numerous success stories, with people as young as 19 becoming Bitcoin millionaires.
Since we began researching this piece back in October, Bitcoin received three ‘new highs’, was subject to a hacking scandal, and was declared to have ‘failed’ as a currency by the Bank of England.
Its decentralized system has received a mixed response; on the one hand, it is claimed that its anonymity facilitates criminal activity, while on the other it has the potential to be used for the greater good, i.e. by providing the unbanked with financial access
For our team at FXTM, we found it fascinating to look back at how Bitcoin has evolved since its inception. And what better way to measure its growth than from its very first commercial transaction in May 2010, – when a bitcoin miner used 10,000 bitcoins to pay for two Papa John’s Pizzas?
We worked out how many pizzas you could buy with the live value of 10,000 Bitcoin and stacked them on top of each other to see how high they reach. We’ve even added some recognizable landmarks to make the data more relatable and also an API that tracks the price so that the number of boxes are updated dynamically as the price fluctuates.
Since 2010, many large organizations have started to accept Bitcoin as a form of payment, including travel organizations, software companies, online newspapers and even a United States political party. It still remains one of the hottest topics in the news, and new cryptocurrencies continue to enter the market at a healthy pace. Currently there are over 1300 cryptos.
No one can say for certain what the future of cryptocurrency holds. However, it has certainly come a long way since the purchase of two simple pizzas!
Click here to track its growth!
No one is sure what the future holds for Bitcoin. Some people see ‘Bitcoin prices going to the Moon’ (Wendy McEleroy, author of The Satoshi Revolution), whilst others aren’t convinced. Some, like Jordan Belfort, go so far as to call Bitcoin ‘the biggest scam ever, such a huge, gigantic scam that’s going to blow up in so many people’s faces.’
Regardless of what happens, the number of Bitcoin in circulation can never exceed 21 million. No one can really know what will happen to Bitcoin in the future; however, there is no doubt that it has come a long way since being used to purchase two Papa John’s Pizzas.
This post was originally published on Forex Time Education.