# When was the first recorded purchase made with Bitcoin?

Jessica Washington · August 4, 2026

> The first recorded purchase made with Bitcoin occurred on May 22, 2010, when Laszlo Hanyecz famously bought two pizzas for 10,000 BTC, marking a...

The first recorded purchase made with Bitcoin occurred on May 22, 2010, when Laszlo Hanyecz famously bought two pizzas for 10,000 BTC, marking a significant milestone in cryptocurrency history.

This event is celebrated annually as "Bitcoin Pizza Day," highlighting the growing acceptance of Bitcoin as a medium of exchange in the early days of cryptocurrency.

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The 10,000 BTC spent on those pizzas is worth hundreds of millions of dollars today, illustrating the dramatic increase in Bitcoin's value since its inception.

The transaction took place on the Bitcointalk forum, where Hanyecz made the offer to any user who would order and deliver him the pizzas.

At the time of the purchase, Bitcoin was still a relatively new and experimental currency, with its value being largely speculative.

The first Bitcoin exchange, BitcoinMarket.com, launched in early 2010, providing a platform for individuals to trade Bitcoin for fiat currencies, further legitimizing its use.

Hanyecz did not view his purchase as a mistake, stating he was simply excited to contribute to the community and further the use of Bitcoin.

The transaction is recorded in Bitcoin’s blockchain, which serves as a public ledger of all Bitcoin transactions, ensuring transparency and security.

The initial Bitcoin exchange rate was established in October 2009 by New Liberty Standard, valuing 1,309.03 BTC at $1, indicating how new the concept was at that point.

Bitcoin operates on a decentralized network of nodes, which validate transactions through a consensus mechanism known as Proof of Work, ensuring the integrity of the blockchain.

The concept of Bitcoin was introduced in a white paper published in 2008 by an anonymous person or group using the pseudonym Satoshi Nakamoto, aiming to create a peer-to-peer electronic cash system.

The technology behind Bitcoin, blockchain, uses cryptographic techniques to secure data, making it nearly impossible to alter transaction histories.

Bitcoin's supply is capped at 21 million coins, a design choice intended to mimic the scarcity of precious metals and create deflationary pressure over time.

Bitcoin mining, the process of validating transactions, involves solving complex mathematical problems, consuming significant computational power and energy.

The Bitcoin network processes approximately 7 transactions per second, a limitation compared to traditional payment systems like Visa, which can handle thousands of transactions per second.

The environmental impact of Bitcoin mining has raised concerns due to its high energy consumption, prompting discussions on sustainability and alternative consensus mechanisms like Proof of Stake.

The security of the Bitcoin network is maintained by miners, who are incentivized with newly created bitcoins and transaction fees, making it resistant to attacks.

Cryptographic hashing algorithms, specifically SHA-256, play a crucial role in the mining process, ensuring data integrity and security in the Bitcoin blockchain.

The rise of Bitcoin has spurred the development of thousands of alternative cryptocurrencies, known as altcoins, each attempting to improve upon Bitcoin's limitations or target specific use cases.

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