What was Bitcoin’s 1st Ever Use-Case Transaction?

Vinod Dsouza
Bitcoin BTC Love Propose Ring Valentines Day Heart
Source: BeInCrypto.com

A mysterious individual or a group entity named Satoshi Nakamoto launched the first cryptocurrency Bitcoin in 2009. The true identity of the Bitcoin founder remains to be unknown even 13 years post its launch. BTC was priced at less than a Cent during its initial days and it was more affordable than apples and oranges.

Investors who took an early entry position in BTC made life-changing gains never-seen-before in traditional financial establishments. However, not many took BTC seriously, and it was seen as a vehicle of speculation and a fad. BTC had no use-case and was only trading in the indices with little or nothing to offer in the real world.

Also Read: Here’s How Many Times Bitcoin was Declared ‘Dead’ Since its Inception

When Did Bitcoin Get Its First Use Case?

Source: Unsplash

Bitcoin breached $0.1 in 2010 and reached its yearly high of $0.3 by December. However, two months later in February 2011, BTC crossed the $1 threshold and there was no looking back. From 2009 to 2010, BTC was relatively unknown with no use case in the real world whatsoever.

However, things changed in May 2010 when American programmer Laszlo Hanyecz ordered two pizzas home by paying 10,000 BTC. The pizza order paid with 10,000 Bitcoins was the first-ever recorded real-world transaction using crypto. The two pizzas were valued at around $41 back then.

Also Read: Here’s When Bitcoin Could ‘Bottom Out’ in Price

Source: Twitter

The infamous day is recorded in history as Bitcoin Pizza Day celebrating BTC’s first ever real-world use case. It took Bitcoin exactly 504 days from its launch in 2009 to May 10, 2010, to gain its first use-case.

Source: Bankrate.com

However, Hanyecz recalled that ordering two pizzas using 10,000 BTC cost him dear and a life full of regret. The 10,000 BTC would have been worth nearly 195 million today down from $690 million when it reached its all-time high of $69,000 in 2021.

Also Read: Bitcoin Will Never Cross $22,000 Until This Happens: Shark Tank Host

Also, in 2010, a website gave away free Bitcoins to users who simply solved a ‘captcha’. The ‘Bitcoin Faucet’ website run by American developer Gavin Andresen had donated 19,700 Bitcoins for free in 2010. The worth of the BTC stands at 383 million today. The worth of the Bitcoins had reached $1.3 billion during its all-time high of $69K.

At press time, BTC was trading at 19,415 and is up 0.7% in the 24 hours day trade. The king crypto is down 71.8%from its all-time high of 69,044, which it reached in November 2021.