The first recorded exchange of cryptocurrency with a tangible product, pizza.

Bitcoin Pizza refers to the first ever use of cryptocurrency to buy something tangible and physical. This was far back in May 22, 2010, and involved a software developer named Laszlo Hanyecz who paid 10,000 units of Bitcoin (BTC) for a couple of pizzas. At the time, 10,000 BTC was equivalent to about $41.

The Bitcoin Pizza phenomenon is often used to describe the growth process of Bitcoin and wide usage of cryptocurrency compared to Hanyecz’s time. It is the proverbial first lighting of the electric bulb and serves as a historical framework for the potential of digital currencies and their applications in the real world.

Seemingly ordinary events that end up having significant implications due to unexpected outcomes.

The idea of Black Swan events traces back to the rarity of a black swan. The concept of this event consequently follows real-life incidents that appear to happen randomly and have an expected course, only to turn out to be completely different and eventually culminate into noteworthy events of shocking implications.

There have been multiple contextualizations of Black Swan events since ancient times. One of the most popular is that of the statistician Nassim Nicholas Taleb who developed a theory from it called the Black Swan theory. This theory attempts to explain the improbability of an event that has unforeseen implications but logical explanations.

A good example of a Black Swan event is the COVID-19 outbreak, or the Global Financial Crisis of 2008.

A favorable comparison of Bitcoin as the most popular cryptocurrency with the entire list of cryptocurrencies.

Bitcoin dominance refers to the fact that Bitcoin is the largest cryptocurrency using market capitalization. Originally, because it was the first digital currency, Bitcoin enjoys the widest coverage and investment. At various points, its market capitalization has been equal to or more than the aggregated market cap of all other cryptocurrencies. While the proportion fluctuates from period to period, Bitcoin is the dominant cryptocurrency.

Bitcoin Pizza

Previous term

Next term