The increase in the market value of bitcoins is nothing less than a miracle. The current rate of a bitcoin is $17,000 which is remarkable for a cryptocurrency which people did not use to trust so much. Bitcoins did not have such a high price in the past.
In fact, on May 22, 2010, a developer bought two pizzas for 10,000 bitcoins which are now worth almost a 170 million dollars! The deal went down when Laslo Hanyecz bought two Papa John’s pizza from another bitcoin enthusiast.
Hanecyz posted that he would pay 10,000 bitcoins to anyone who brought him 2 pizzas irrespective of the fact that they make it themselves or order it from someplace else and bring it to him. The whole purpose was that he wanted to pay the person in bitcoins.
A British user took the deal and brought Hanyecz the pizzas. Even then the deal was good enough for him because 10,000 bitcoins were worth $40 and the pizzas cost him only $25. This was the first ever real-world bitcoin deal that went down in history.
Bitcoins were being sold at less than $750 in the past year after coming down from $1,100 which was seen as a very high price for bitcoins. After this, the price of bitcoins has been on a rapid increase and currently, they are worth $17,000 each.
The price of bitcoins has taken the whole world by shock and the story of buying 2 pizzas for 10,000 bitcoins seems unrealistic now. But this did go down and the date is now marked on an annual basis by bitcoins user in a lighthearted celebration known as “Bitcoin Pizza Day.”
In an interview with the New York Times, Laslo Hanyecz said that back then Bitcoins did not have any value and trading them for pizza seemed like a really “cool” idea. He said that no one knew that it was going to get so big.
Many prominent personalities have criticized bitcoin and have called it a fraud. In an interview in October, Prince Al Waleed bin Talal called the cryptocurrency a fraud and said that it was another scandal like ‘Enron’ which made investors lose billions of dollars.
The Islamic way of earning money surely does not base upon such factors that the bitcoin possesses because of these reasons, Turkey’s top religious body said that the cryptocurrency is not compatible with Islam.
The bottom line is that bitcoins have taken the whole world by shock. Their rapid increase in price seems unrealistic and mysterious but they continue to grow become even more popular.
Who would have even imagined that a cryptocurrency would reach such a price? Only if someone could have guessed some part of it then a deal like this would not have gone down in history.
Source: Business Insider