The First Bitcoin Transaction That Changed Crypto History: How 10,000 BTC Bought Pizza, Not Regrets

When most people think about Bitcoin’s pivotal moments, they imagine massive price rallies or technological breakthroughs. But one of the most important milestones in cryptocurrency happened on May 18, 2010, when Laszlo Hanyecz made the first bitcoin transaction for a real-world purchase: two large pizzas worth roughly $30. This wasn’t just a casual meal—it became a defining moment that proved Bitcoin could function as actual currency, not merely a digital novelty locked away on computer networks.

That single transaction, completed days later on May 22, fundamentally shifted how the early crypto community understood what Bitcoin could do. Before Laszlo posted his offer on the Bitcoin Talk Forum—the original discussion board created by Satoshi Nakamoto—few people grasped that you could actually use this mysterious digital asset to buy tangible goods. The pizza purchase demonstrated that Bitcoin possessed real utility, establishing what would later be celebrated annually as “Bitcoin Pizza Day” by the global crypto community.

May 18, 2010: The Day Bitcoin Became More Than Code

Laszlo’s proposition was straightforward but revolutionary for its time. At 12:35 on May 18, 2010, he posted a bounty offering 10,000 Bitcoins in exchange for two pizzas delivered or made fresh. He even specified his topping preferences in meticulous detail. At that moment, 10,000 Bitcoins were worth approximately $30—a pittance by today’s standards, but Laszlo wondered if the asking price was actually too low.

The forum response was initially sluggish. Bitcoin was barely two years old. In 2010, this technology was still incomprehensible to most people; the very concept of trading had not yet formed in the minds of early network participants. A few users expressed interest, but none could fulfill the order because they weren’t located in the United States. Four days elapsed before Laszlo triumphantly announced success: the pizza had arrived, and he posted a photograph as proof. May 22 thus became immortalized in crypto folklore.

What made this exchange historically significant was elegantly simple: it represented the first transaction since Bitcoin’s inception where the cryptocurrency moved from a purely theoretical asset into the real economy. This wasn’t speculation or hoarding—it was a practical test of whether Bitcoin’s core promise—functioning as currency—could actually work. For the early Bitcoin community, this question mattered immensely.

From Mining Graphics Cards to Legendary Transactions

Laszlo Hanyecz was uniquely positioned to conduct this experiment. As an early programmer within the Bitcoin ecosystem, he didn’t just observe the network—he shaped it. He was among the first to pioneer GPU mining, the revolutionary technique of using graphics cards to mine Bitcoin far more efficiently than traditional CPU mining. This innovation would become fundamental to Bitcoin’s security and distribution during its crucial early years. His contributions extended beyond mining; Laszlo also contributed to Bitcoin Core, the software that runs the entire network.

Mining during those early days was remarkably productive. With minimal network competition, Laszlo rapidly accumulated tens of thousands of Bitcoins. According to blockchain analysis from the OXT explorer, his wallet balances grew substantially starting in May 2010. That month alone, his holdings peaked at 20,962 BTC. By June 2010, his cumulative mining had reached 43,854 BTC—an astonishing figure that illustrates how readily Bitcoin could be obtained in that pre-competitive era. The 10,000 BTC spent on pizza were replenished so quickly through continued mining that the loss seemed inconsequential at the time.

Interestingly, Laszlo’s perspective on this transaction never shifted. Even as Bitcoin’s price climbed relentlessly—and the two pizzas eventually became worth over $260 million—he maintained that he harbored zero regret. In interviews, particularly with Bitcoin Magazine in 2019, he articulated a philosophy that many early adopters shared: “The reason I wanted to buy pizza with Bitcoin is because it was free pizza for me. I wrote this thing and mined Bitcoin, and I felt like I won the Internet that day. I earned pizza by contributing to open source projects. Usually hobbies cost time and money, and in this case, my hobby bought me dinner.”

This mindset reveals something crucial about the earliest Bitcoin participants: they weren’t speculating; they were experimenting. For Laszlo, Bitcoin was a hobby, a recreational passion project, not a financial vehicle designed to generate wealth.

The Pizza Seller’s Journey: Why Jeremy Never Looked Back

The other protagonist in this legendary transaction was Jeremy Sturdivant, a 19-year-old from California who agreed to purchase the pizzas and complete the exchange. Jeremy had entered the Bitcoin world in 2009 and had already mined thousands of Bitcoins himself. Unlike many who hoarded their coins, Jeremy was an early consumer—someone who actively sought opportunities to spend Bitcoin whenever possible, both online and offline.

When Jeremy received 10,000 Bitcoins for his pizza delivery service, he faced a choice that most people in hindsight might view as catastrophic: keep the coins and potentially become a billionaire, or spend them. Jeremy chose to spend. He used the 10,000 BTC to fund travel adventures with his girlfriend, experiencing the world rather than accumulating digital wealth.

In a 2018 interview, Jeremy revealed something unexpected: he didn’t regret the decision. He calculated that the $400 he received at the time had effectively appreciated tenfold when measured against the actual value he derived—adventure, memories, and the satisfaction of participating in Bitcoin’s earliest transaction. By his accounting, it was a good trade. Jeremy, like Laszlo, never suffered from the “million-dollar pizza” syndrome because he understood that he was trading one form of value for another, both of which had meaning to him at that specific moment in time.

A Meme That Shaped Bitcoin Culture

What began as a practical test of Bitcoin’s utility evolved into something far larger: a cultural cornerstone of the cryptocurrency movement. As Bitcoin’s price exploded in subsequent years, community members obsessively tracked what those pizzas were “worth” in current terms, updating the calculations under the original forum post. The Bitcoin Pizza story transformed from a quiet technical achievement into a meme, a yearly celebration, and ultimately, a symbol of Bitcoin’s journey from obscure code to global financial phenomenon.

Both Laszlo and Jeremy embodied a philosophy that defined Bitcoin’s early epoch—one focused on experimentation, community contribution, and pragmatic use rather than pure speculation. Laszlo remained exceptionally low-key throughout the chaos of Bitcoin’s price rises. He never sought media attention, avoided social media, and kept his personal finances private. Rather than chase the narrative of his newfound wealth, he maintained his original stance: Bitcoin was a hobby, not a career. “Honestly, I kind of stayed out of it because there was so much attention,” Laszlo explained in interviews. “I didn’t want to draw that attention and I certainly didn’t want people to think I was Satoshi. I just thought it was better as a hobby. I have a normal job. I’m not doing Bitcoin full-time. I don’t want it to be my responsibility and my career.”

This restraint made Laszlo’s story even more powerful. In an industry often defined by excess and speculation, his humility stood out. His actual contributions—Bitcoin Core development, GPU mining innovations, the pizza transaction itself—far outweighed whatever financial appreciation he might have achieved through hoarding. Bitcoin Magazine reflected on this legacy: “After all, he provided us with Bitcoin Core and GPU mining on MacOS—and the pizza meme, which, while perhaps not as important as Hanyecz’s other contributions, makes May 22nd memorable and delicious for the community every year.”

The first bitcoin transaction for pizza remains one of crypto’s most instructive moments. It reminds us that the earliest adopters weren’t primarily motivated by financial gain—they were builders, believers, and curious experimenters. In proving that Bitcoin could buy a pizza, Laszlo and Jeremy proved something deeper: that Bitcoin’s real value lay not in its price, but in its ability to transform how humans exchange value, one transaction at a time.