KeyNotes
On a day like this, twelve years ago, Laszlo Hanyecz exchanged two Pizzas for 10,000 BTC with a 19-year-old boy. The price of the 10,000 BTC back then was around $41.
Considering the price of Bitcoin twelve years ago to the current price, we can see the benefit of long-term hodl.
Laszlo Hanyecz is considered today as the man who gave Bitcoin the first known real-world use case. Some may consider his action as being reckless and a sign of disbelief in Bitcoin, but isn't giving Bitcoin a real-world use case what we are demanding for today?
What can I say about Laszlo Hanyecz and his 10,000 BTC payment for two Pizza?
A lovely Sunday to all of us and happy Bitcoin Pizza day. If you are a believer in digital currency, especially Bitcoin and cryptocurrency in general, and you are in support of Bitcoin having a real-world use case, today should be a remarkable day for you.
What Laszlo Hanyecz did twelve years ago is what we are struggling with today. Many people called him a disbeliever for that action of exchanging 10,000 BTC for Pizza, but I want to ask if Ethereum is accepted today as a payment method for Pizza and if someone pays Ethereum equivalent for 1 Pizza, can we also ascribe a disbeliever to such person if the price of Ethereum should rise 20× the current price?.
Believe me, digital currency is useless if it can't be used to solve real-world issues. Presently, we are forced to convert our cryptocurrency to fiat currency when we need to solve a real-world issue. This makes it challenging for most of us in countries where crypto is not legalized.
Laszlo Hanyecz might have not done the best thing by spending such an amount of Bitcoin on Pizza, but cryptocurrency back then is novel, and being able to use it in a real-world need is a WIN itself. So basically, he won in the trade back then but stands at a loss presently. It could also go the other way such that Bitcoin wasn't given much adoption which led to its death. As such, he won both ways in the trade.
What can we take away from the incidence?
Twelve years ago, the price of 10,000 BTC was around $41. Today the same 10,000 BTC sells for $300,000,000. This shows that Cryptocurrency in general demands that every player play the WAIT Game. We have seen this on several other occasions such as in the 2018 bear market and the bull market two years after.
We are presently in a bear market and many people are panicking, especially newbies. BE ENCOURAGED.
We have also seen the likes of dogecoin, Shiba Inu, and Bitcoin being accepted as payment methods in some institutions. This also indicates that we are getting closer to that period when cryptocurrency will be fully adopted. If you are new to the cryptocurrency ecosystem, you are still early. The present dip has also offered more opportunities for you to buy coins cheaper.
Keep the faith alive. Don't be a jack of all trades and master of none. If it is trading that works well for you, stick to it. Learn it well and make a fortune from it. If you are married to Defi like me, do well to position yourself for the several opportunities available in the Defi world. Do have a lovely Sunday and don't forget that this is not financial advice.
Image editted on Canvas
