Saga of Bitcoin and Pizza
As mentioned by Robert Frost, “I took the road less travelled, and that has made all the difference.” Bitcoin wouldn’t have been the same if ‘Laszlo Hanyecz’ wouldn’t have bought the Pizzas through Bitcoins in 2010. Laszlo is the first person to complete a commercial Bitcoin transaction. On May 22, 2010, he spent around 10,000 bitcoins (BTC) to buy two pizzas. Yes, 10,000 bitcoins which is worth around $98 million as on today. Since then, May 22, 2010 is celebrated as Bitcoin Pizza Day by cryptocurrency enthusiasts. On the day enthusiasts celebrate by eating pizzas bought through Bitcoins.
Laszlo has now bought two more pizzas but using Lightening Network. This time Laszlo spent around 649,000 satoshis or 0.00649 Bitcoins worth $62 for both the pizzas. Laszlo posted on Feb 25, 2018 that he had to get to his friend in London to “sub-contract” out the pizza delivery to local pizza place to pay on the Lightening Network, because “pizza – Bitcoin atomic swap software” is unavailable right now. However, this is the not the first transaction on Lightening Network. As per Cointelegraph,
“The first ever documented physical purchase on the Lightning Network, a ‘second layer’ payment protocol considered the next step in BTC’s evolution by increasing the capacity of the network for a global audience, reportedly took place on Jan. 20 of this year. Reddit user /u/btc_throwaway1337 posted that he bought a VPN Router through a payment channel provided by TorGuard, a purchase comparable in significance to the original Pizza day.”
Conducting Bitcoin transactions have become expensive over the years. Though there have been recent attempts to bring it down through different ways, it is still long way away. The Lightening Network is one such attempt where traders/ investors may get a reduced transaction fees. Only time will tell if Lightening Network lives upto the expectations of the people.