How Bitcoin’s First Pizza Transaction Changed Everything

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Jax Money makes the world go around but we could be moving towards a world without cash from credit cards to Apple pay.

In crypto currency like Bitcoin cash is no longer king. When I say Bitcoin you say Pizza. This is Hanyu of Jacksonville and it was a pizza delivery order nine years ago that began the cryptocurrency craze.

I just told people I wanted a pizza. I want to pay with Bitcoin I didn’t want a gift card. I didn’t want some weird exchange.

I want to give you Bitcoin and you give me pizza. The 37 year old computer programmer created this thread in an online forum and posted that he would pay someone 10,000 bitcoins for a couple of pizzas. A user from England took him up on the offer and these pieces were delivered to Hangets home at the time.

The 10,000 bitcoins are worth about $40 today they will be worth 100 million people ask me oh man what an idiot. Why don’t you keep that Bitcoin. It’s like well you know somebody had to have to start it off.

The pizza was purchased at this Papa John’s on Atlantic Boulevard. There’s even a plaque on the wall with the date May 22nd 2010 and a proclamation that Jacksonville is the home of the first Bitcoin purchase. Tim Mossback is the general manager.

It’s just nice to see history being made here so here’s how you slice it.

How Bitcoin and other cryptocurrencies work?

It’s like buying and selling a stock. The difference is bitcoins a computer file which is stored in a digital wallet app on your smartphone or computer. Every transaction is encrypted and it’s impossible to counterfeit.

Do you trust Bitcoin? That’s a good question. Tom Wiggins is a professor emeritus of accounting and finance at UNF. He says Bitcoin and other cryptocurrencies are not controlled by banks or the government.

You think the government fears cryptocurrency? I think they do this anonymous and nefarious activities as well as perfectly legitimate activities can take place without the ability of anyone outside the government specifically being able to track payments as for Hahn. Yet he says crypto currencies and the cashless society is a dawning of a new day.

Do you think it’s the future of money? I do in a different kind of dough than pizza van Becker CBS 47 Fox 30 Action News checks and bitcoins prices increased from pennies to thousands of dollars over the years so in July of 2010 the price increased 900 percent in five days from less than a penny to eight cents. Not too bad right?

So take a look at this in December 2017. Bitcoin reached its highest price to date $19,000 and today it stands right around nine thousand dollars. There are some downsides to crypto currencies like Bitcoin. Every transaction is permanent so you have no recourse if you fall for a fake. Bitcoin exchange experts also say the watch out for spelling mistakes and promises of unrealistic returns…