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This Bitcoin Pizza Day, Phemex is offering the developer a lucrative opportunity to deposit 10,000 BTC on the Earn Crypto platform, as a token of appreciation for his efforts in the mining space.
Bitcoin is just a small but groundbreaking glimpse into the big disruption that would ripple through the world of finance for many years to come. Over the last decade, Bitcoin and by extension, the cryptocurrency industry, has sent the world of legacy banking systems into somewhat of a tailspin. It has been quite a ride for Bitcoin from trading at a few cents to exploring uncharted territories above $60,000.
Simultaneously, the blockchain technology has evolved from just being a fancy word associated with Bitcoin to benefiting scores of other industries. Over the years, the technology has been established as a simple and profound system that has brought about innovation in spaces that were unchanged from years, some even centuries. Smart contracts, decentralized finance [DeFi] or interoperability, blockchain’s reach is ever-expanding.
But Bitcoin still remains an undeniably ingenious manifestation of the blockchain technology. From modest beginnings, it has demonstrated its value, now boasting almost 1 trillion million Bitcoins in circulation which was further indicative of the space being less riskier than it was ten years ago.
The rapid price rise of Bitcoin is a monument of its robustness in the face of crippling world and economic affairs. It wasn’t until this bull season that many embraced the technology. But then there were early adopters. One of the most prominent advocates of the space back then was Laszlo Hanyecz who happens to be the first person to use Bitcoin in a commercial transaction.
In the crypto calendar, 22nd of May, 2010 is celebrated as Bitcoin Pizza Day. It commemorates the day when Hanyecz, the Florida-based computer programmer, bought two large pizzas for 10,000 BTC. During that time, 1BTC was around just $45. But at current prices, this adds up to hundreds of millions of dollars.
Eleven years later, Laszlo Hanyecz has no regrets, not that he should.
The Singapore-based cryptocurrency exchange Phemex, recently announced surpassing more than 1 million users on its platform. In Q1 of this year alone, Phemex reported an astonishing growth of 156.9%in traders. The global exchange also managed to record a stunning 465.2% increase in trade volumes in Q1 compared to the year before.
Phemex has been consistent with regards to keeping its platforms up-to-date, implementing new features, and enhancing the end-user experience through an optimistic attitude towards community feedback.
Bitcoin’s unprecedented growth throughout the years has both the mainstream media as well as the institutional investors completely captivated. Having said that, its true value lies beyond its price. The famous Bitcoin Pizza Guy had communicated with the cryptocurrency’s anonymous mastermind Satoshi Nakamoto on several occasions over the Internet. These talks influenced and made the Bitcoin developer realize how BTC’s price was a poor reflection of Bitcoin’s actual worth to the world.
Laszlo did not make those purchases just because he was hungry and decided to one day buy pizzas with new internet money. He did to illustrate the cryptocurrency’s viability at a time when the world was a much different place and the concept of decentralized currency was almost incomprehensible to many. Buying those pizzas for 10,000 BTC was overvalued even back then.
A decade later, his contribution to the Bitcoin ecosystem, as a whole, is much more than just those purchases. He is no less than an unsung hero especially in the world of BTC mining. Laszlo is the man behind the algorithm that was later added into Bitcoin’s code which subsequently enabled GPU mining. During the initial days of Bitcoin, mining was done using computer processors or CPUs. However, he changed the course of tides for the better. Over the next few years, GPUs or a graphics card’s demand surged drastically.
To celebrate his efforts, Phemex is creating a way for Hanyecz to spend his 10,000 BTC, only this time he makes a profit. Recently, the cryptocurrency exchange rolled-out the Earn Crypto platform which is essentially an asset management service that provides up to 10% APY on deposits of up to 1.5 million USDT.
This Bitcoin Pizza Day, Phemex is offering the developer a lucrative opportunity to deposit 10,000 BTC on the Earn Crypto platform, as a token of appreciation for his efforts in the mining space. At current prices, he would amass roughly $110,000 profit every single day. This extremely profitable opportunity is also available for the entire crypto community.
However, Laszlo is a hard man to reach. Hence, the Phemex team is encouraging the community to get the word out and earn rewards in return. Through its Gleam campaign, the exchange also intends to give away an additional $10,000 worth of Bitcoin to users to spread the word about the Florida programmer.
Hanyecz might have wasted millions but as a miner in the early days of BTC, that made inefficient computer processors obsolete, is likely to have spent a tiny portion of his BTC wealth in those pizzas.
Bitcoin and Pizza, Both Can Be Topped
Often rebuffed as absurd, the famed programmer’s effort was small but an important piece of history was made on that day. He is a mining pioneer who exemplified Bitcoin’s use case when not many were won over by the technology and its ethos. Reports suggest that he currently serves as a developer for a Florida-based apparel brand called GORUCK, which now accepts Bitcoin payments.
With the rising adoption of Bitcoin and cryptocurrency assets, it is going to be interesting to see what other “absurd” purchases soon become popular.