Oh yes! There is that too. Global Bitcoin Pizza Day. Why not... there are so many. This one is celebrated every 22ndthe May since 2010.
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Explain to me like I'm 5 years old:
No dear, Bitcoin Pizza is not a type of pizza, like say margherita or pepperoni which is the hero's favorite pizza in that movie… ah what's his name? Let's talk a little bit about Bitcoin, because you know what pizza is and you wonder.
So Bitcoin is a strange currency because it doesn't exist around us, you can't put it in your piggy bank. It is a currency that we only use on the internet and it was discovered very recently, in 2008, which is about ten years before you were born.
Now Buy Pizza With Bitcoin Day is celebrated because the gentleman who came up with this strange currency, which at first no one could understand exactly what it is and how to use it, one day decided to order pizzas and pay for them with Bitcoins. It was the first time anyone bought anything real, and we've celebrated it every year since.
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Explain to me like I'm 15 years old:
Every 22the On May the cryptocurrency user community commemorates the day in 2010 when the first transaction was made with the then-new Bitcoin market. To be more precise, the order at the Domino's pizzeria in Florida, USA, was made a few days earlier, on May 17, by the developer Laszlo Haniecz who said at the time that he would pay with Bitcoin. The management of the pizzeria, as you understand, did not know how to react to the new means of payment and it took five days to approve the order. Finally, on May 22 Hanietz received his two pizzas, paying the sum of 10,000 Bitcoins, the equivalent of $41 at the time.
If you consider today that 1 Bitcoin is equivalent to 26779.40 dollars (and 24908.76 euros), the 10,000 Bitcoins that Hanietz gave back then to buy two pizzas, today corresponds to 267,794,011.65 dollars.
To give you an idea of how quickly its value is rising, in 2018 the Forex trading platform estimated that the same amount would buy the Hungarian-American developer 6.5 million pizzas today, since one bitcoin is equivalent to $8,200. In fact, if the pizza boxes were placed on top of each other, they would reach a distance of 300 kilometers.
Now, Bitcoin itself is essentially a digital unit of value that can be exchanged electronically. Not available in physical form. Bitcoins are created and monitored by a network of computers using complex mathematical formulas rather than by a single authority or organization. According to the Bank of Greece, it is digital but is not a currency and is not issued by a central public authority. And what is it; Bitcoin is a speculative asset. In other words, those who buy them can bet on it to make a profit, but at the risk of losing the money they invest. That is, it is a profit-making activity.
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Explain it to me like I'm an adult:
According to Wikipedia, Bitcoin is a cryptocurrency; a decentralized intangible digital currency that does not require a central bank for its issuance. Bitcoin transactions take the form of digital transfers between users of the bitcoin network, without the need for an intermediary. The fidelity and solvency of transactions are ensured by encryption-based techniques and are recorded in a publicly distributed transaction record. Transactions are recorded in blocks issued every 10 minutes or so which form a linked chain, the so-called blockchain.
Bitcoin was invented in 2008 by an unknown person or group using the name Satoshi Nakamoto and started in 2009 when its source code was released online as free software. Bitcoins are produced as a reward for producing the blocks. Blocks are produced as a result of a computational process that can be performed by any sufficiently powerful computer. The process consists of a series of complex mathematical calculations, and is known as mining. Those involved in this process compete to produce the next block. This process results in reaching a consensus on which blocks are valid, as it is in everyone's best interest to choose the longest chain of blocks as valid. That's why every block added to the chain is considered a confirmation of the previous blocks and the transaction contents. For a normal transaction 6 confirmations are considered sufficient and since they are usually irreversible the network is considered to have reached an agreement for that transaction.
Every time a new block is created, a number of new Bitcoins are automatically created and distributed to those who will have solved the algorithm according to each one's contribution, this process is called Mining. The greater percentage of the total computing power one allocates to solving the algorithm, the greater percentage of the new bitcoins created will be received. For example, someone who is professionally engaged in bitcoin mining and has many miners (GPUs that have been modified to solve the algorithm) will get a bigger piece of the “pie” of new bitcoins that come into circulation than someone who has only one miner.
Bitcoins can, through special exchange agencies, be redeemed for other currencies, as well as used to buy products and services.
Bitcoin has been criticized for its use in illegal transactions, the high consumption of electricity required for its mining, with a significant contribution to the emission of greenhouse gases, its price volatility and for the high fees for converting to and from other currency. Some economists, including prominent economics Nobel laureates, have labeled it a financial bubble. Bitcoin has also been used as an investment, although various investment houses, rating agencies and regulatory authorities have issued warnings to investors about bitcoin.
On September 7, 2021, El Salvador became the first country in the world to officially adopt Bitcoin for legal transactions. The bombshell announcement was made last June at a Bitcoin conference by Strike's founder and CEO, Jack Mallers. Indeed, a few months later, with the help of the company Strike, the citizens of the country began to trade with the Chivo e-wallet.
And a recent development…
29-year-old Jack Mallers announced in Miami Beach, Florida that Strike plans to expand to other countries; more than 65 to be exact, in Africa, Latin America, Eastern Europe, Asia and the Caribbean.
Bitcoin technology through the second layer Lightning Network application expanding into a market of nearly 3 billion people. However, the designs are not limited there. Strike's ultimate goal is to reach 7 to 8 billion people. All who inhabit the planet, in all countries.
*Frontpage picture: designboom