Without Hungarians, There Is No Bitcoin History: The Founder, The Pizza, and The Bronze Bust
As we trace the history of the largest cryptocurrency, Hungarian figures emerge at every turn from the identity of the founder to the first crypto payment, Hungarian connections are omnipresent. Here are five intriguing facts from the world of Bitcoin that few may know!
The biggest cryptocurrency has recently celebrated its 15th birthday, and its history could not be complete without the contributions of Hungarians. Let's see how 860 billion dollars in market capitalization is connected to Hungary, why hunting for rare Bitcoin fragments is worthwhile, and what the phenomenon of block reward halving is a change that is set to shake the entire crypto market within months!
The exact identity of the Bitcoin founder remains shrouded in mystery to this day by design. The individual behind the alias Satoshi Nakamoto has zealously sought to remain anonymous to avoid linking the token to a specific person or organization, thereby compromising its decentralized nature. However, with the eruption of Bitcoin, some claimed to be Nakamoto years later. A programmer named Craig Wright even went as far as the court to prove his claim without success.
Nevertheless, the crypto community, including Elon Musk, has a much more plausible suspect: Nick Szabo, an American cryptographer of Hungarian descent through his father. Szabo has repeatedly attempted to deny any suspicions, but hasn't managed to convince the crypto community, especially as financial writer Dominic Frisby has put forth certain indirect evidence in the past to support this theory.
Based on information available on the blockchain, one thing is certain: whoever Nakamoto is, they are not struggling financially at least 600,000 bitcoins are recorded next to their name, with some estimates attributing as many as 1.1 million tokens to them.
First Bitcoin Transaction for Physical Goods by a Hungarian Programmer: 152 Billion Hungarian Forint for Two Pizzas
In May 2010, a Hungarian programmer named Laszlo Hanyecz posted the following on a Bitcoin forum:
"I'll pay 10,000 bitcoins for a couple of pizzas, like maybe two large ones so I have some leftovers for tomorrow. I like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, the usual stuff, no weird fish topping or anything like that. If you are interested, please let me know and we can work out a deal."
Four days later, Papa John's pizzeria accepted the offer, delivering the food in exchange for Bitcoins worth roughly 40 dollars at the time. Today, those 10,000 tokens would be worth 152 billion Hungarian forint.
The twist in the story is that the courier who received the 10,000 bitcoins from Hanyecz didn't keep them either selling them for about 400 dollars not long afterward.
The Most Famous Bitcoin Memorial is in Budapest
It was a global sensation when in 2021, at the initiative of Kripto Akadémia, the bronze bust of Satoshi Nakamoto was unveiled in Budapest's Graphisoft Park. Sculpted by artists using a special alloy, the face of the work reflects the visage of anyone standing before it, symbolizing the anonymous nature of Bitcoin’s founder.
The statue, which depicts the unknown founder in a hooded sweatshirt with a Bitcoin logo on the chest, can be visited free of charge at any time of the day.
Satoshi: Not Just the Founder, but Also the Smallest Unit of Bitcoin
Satoshi Nakamoto's role in the history of Bitcoin is not limited to the creation of the cryptocurrency; in his honor, the community refers to the smallest constituent unit of Bitcoin, one hundred millionth of a Bitcoin, as a 'Satoshi.' This "change" greatly facilitates the tracking of payments in Bitcoin amounts less than one.
But Satoshis are more than just Bitcoin fragments: enthusiasts constantly seek out Bitcoin atoms with rare serial numbers or properties, as these can sell for thousands of dollars on specialized markets.
The Fad of Collecting Rare Bitcoin Fragments Takes the Crypto Market by Storm
If a Satoshi has been a part of one of the first thousand blocks, it is called an ancient coin, and if it was mined by Satoshi Nakamoto, the supposed inventor of Bitcoin, it is marked as a Nakamoto.
Block Reward Halvings on the Horizon - New Historical Highs Could be in Sight
One of the year's most significant events for the crypto market will undoubtedly be the block reward halving, scheduled for April beyond the yet uncertain Bitcoin ETF launch in January. Every 210,000 blocks mined, this event halves the reward for mining, slowing the attainment of the total 21 million Bitcoin limit, consequently suppressing inflation measured on the blockchain.
This halving is particularly important for the crypto market as, historically, the Bitcoin price has soared to new historical highs following the event a scenario that could well repeat this year, particularly with the boundless optimism surrounding the launch of the first ETF.
The largest cryptocurrency has had a particularly tumultuous start to the year: on the second day of January, it gained more than 7 percent, only to nullify all previous gains by the third, plummeting to a quote of 42,200 dollars.
The exact identity of the Bitcoin founder remains shrouded in mystery to this day by design. The individual behind the alias Satoshi Nakamoto has zealously sought to remain anonymous to avoid linking the token to a specific person or organization, thereby compromising its decentralized nature. However, with the eruption of Bitcoin, some claimed to be Nakamoto years later. A programmer named Craig Wright even went as far as the court to prove his claim without success.
Nevertheless, the crypto community, including Elon Musk, has a much more plausible suspect: Nick Szabo, an American cryptographer of Hungarian descent through his father. Szabo has repeatedly attempted to deny any suspicions, but hasn't managed to convince the crypto community, especially as financial writer Dominic Frisby has put forth certain indirect evidence in the past to support this theory.
Based on information available on the blockchain, one thing is certain: whoever Nakamoto is, they are not struggling financially at least 600,000 bitcoins are recorded next to their name, with some estimates attributing as many as 1.1 million tokens to them.
First Bitcoin Transaction for Physical Goods by a Hungarian Programmer: 152 Billion Hungarian Forint for Two Pizzas
In May 2010, a Hungarian programmer named Laszlo Hanyecz posted the following on a Bitcoin forum:
"I'll pay 10,000 bitcoins for a couple of pizzas, like maybe two large ones so I have some leftovers for tomorrow. I like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, the usual stuff, no weird fish topping or anything like that. If you are interested, please let me know and we can work out a deal."
Four days later, Papa John's pizzeria accepted the offer, delivering the food in exchange for Bitcoins worth roughly 40 dollars at the time. Today, those 10,000 tokens would be worth 152 billion Hungarian forint.
The twist in the story is that the courier who received the 10,000 bitcoins from Hanyecz didn't keep them either selling them for about 400 dollars not long afterward.
The Most Famous Bitcoin Memorial is in Budapest
It was a global sensation when in 2021, at the initiative of Kripto Akadémia, the bronze bust of Satoshi Nakamoto was unveiled in Budapest's Graphisoft Park. Sculpted by artists using a special alloy, the face of the work reflects the visage of anyone standing before it, symbolizing the anonymous nature of Bitcoin’s founder.
The statue, which depicts the unknown founder in a hooded sweatshirt with a Bitcoin logo on the chest, can be visited free of charge at any time of the day.
Satoshi: Not Just the Founder, but Also the Smallest Unit of Bitcoin
Satoshi Nakamoto's role in the history of Bitcoin is not limited to the creation of the cryptocurrency; in his honor, the community refers to the smallest constituent unit of Bitcoin, one hundred millionth of a Bitcoin, as a 'Satoshi.' This "change" greatly facilitates the tracking of payments in Bitcoin amounts less than one.
But Satoshis are more than just Bitcoin fragments: enthusiasts constantly seek out Bitcoin atoms with rare serial numbers or properties, as these can sell for thousands of dollars on specialized markets.
The Fad of Collecting Rare Bitcoin Fragments Takes the Crypto Market by Storm
If a Satoshi has been a part of one of the first thousand blocks, it is called an ancient coin, and if it was mined by Satoshi Nakamoto, the supposed inventor of Bitcoin, it is marked as a Nakamoto.
Block Reward Halvings on the Horizon - New Historical Highs Could be in Sight
One of the year's most significant events for the crypto market will undoubtedly be the block reward halving, scheduled for April beyond the yet uncertain Bitcoin ETF launch in January. Every 210,000 blocks mined, this event halves the reward for mining, slowing the attainment of the total 21 million Bitcoin limit, consequently suppressing inflation measured on the blockchain.
This halving is particularly important for the crypto market as, historically, the Bitcoin price has soared to new historical highs following the event a scenario that could well repeat this year, particularly with the boundless optimism surrounding the launch of the first ETF.
The largest cryptocurrency has had a particularly tumultuous start to the year: on the second day of January, it gained more than 7 percent, only to nullify all previous gains by the third, plummeting to a quote of 42,200 dollars.
