Bitcoin Consumption help or hinder its growth

[Mekie21]

Going through the story of one Laszlo Hanyecz, the legendary guy that  bought pizza two papa John’s pizza for 10,000BTC, on May 22nd, 2010, which is now tagged as the Bitcoin Pizza day. As at that time these pizza cost around $41, and Bitcoin prize was worth over 0.0041. Moving forward to today 10,000BTC which now worth over 1 billion dollar or thereabout, and he never regretted his actions for a day or probably he keyed into the first purpose of Bitcoin creation which is for basically digital payment.

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?.

One thing I know for sure is that due to the scarcity of Bitcoin and the demand of acquiring it and its proof of work over the years is what contributed to it high value which is now seen as digital Gold and the also the fact the it give you freedom of your own holding due to its decentralized nature and it is not affected by inflation or the government manipulation. Although there is still volatility, the market dynamics of breaking key price barriers have demonstrated that Bitcoin is slowly coming to a stand. What is your take on this ?

[Jubilee58]

Going through the story of one Laszlo Hanyecz, the legendary guy that  bought pizza two papa John’s pizza for 10,000BTC, on May 22nd, 2010, which is now tagged as the Bitcoin Pizza day. As at that time these pizza cost around $41, and Bitcoin prize was worth over 0.0041. Moving forward to today 10,000BTC which now worth over 1 billion dollar or thereabout, and he never regretted his actions for a day or probably he keyed into the first purpose of Bitcoin creation which is for basically digital payment.

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?.

One thing I know for sure is that due to the scarcity of Bitcoin and the demand of acquiring it and its proof of work over the years is what contributed to it high value which is now seen as digital Gold and the also the fact the it give you freedom of your own holding due to its decentralized nature and it is not affected by inflation or the government manipulation. Although there is still volatility, the market dynamics of breaking key price barriers have demonstrated that Bitcoin is slowly coming to a stand. What is your take on this ?

Of a truth if Laszlo Henyecz had known BTC would go this far, their is no way he would have spent 10000BTC buying pizza. There are some people who bought bitcoin then and refused to spend it and some still have their bitcoin portfolio untouchable till date, probably they must have known the potential of bitcoin and they also see Bitcoin not just as a digital currency for payment but as an asset for investment and a store of value. Today , purchasing such number of bitcoin really worth billions of dollars and is not achievable by many individuals and investors.

The price of bitcoin is influenced by its demand and supply. Bitcoin limited supply and the growing demand of bitcoin by both individuals and institutions is one of the factors driving up the price of bitcoin. We are all aware of the growing demand and adoption of bitcoin, many countries have adopted the use of bitcoin, and they also buy and store bitcoin as against inflation and everyone who has bitcoin is solely in charge of his or her own fund. All these advantages makes bitcoin more superior compared to our local or fiat currency.

[ejikeme24]

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?

Yep, it's obvious that Laszlo Hanyecz had no idea about the future potential of Bitcoin. probably he might be aware of the future of Bitcoin or maybe he might have enough of Bitcoin then which is why he was able to give it out freely or his intention might be to break record, just as history may have it that he's the first person to purchase pizza using Bitcoin for papa John's. So it's a record, but I don't think if this has anything to do with the scarcity of Bitcoin. And if I May ask what makes you think that Bitcoin is scarce? Just get the money you will buy as much as you can.

[Tetu100]

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?

Yep, it's obvious that Laszlo Hanyecz had no idea about the future potential of Bitcoin. probably he might be aware of the future of Bitcoin or maybe he might have enough of Bitcoin then which is why he was able to give it out freely or his intention might be to break record, just as history may have it that he's the first person to purchase pizza using Bitcoin for papa John's. So it's a record, but I don't think if this has anything to do with the scarcity of Bitcoin. And if I May ask what makes you think that Bitcoin is scarce? Just get the money you will buy as much as you can.

Am still trying to recall lately if their was anytime we were having something like such scarcity of Bitcoin because the last time I checked with just  your discretionary funds no matter how small it is you can buy as much portion of it as you want providing you have the basics knowledge on it you good to go.

Having said that, Laszlo Hanyecz has no idea on what the future hold in stock that why he did what he did confidently but assuming he could tell or read the future he wouldn't have tried it. However this should be a strong message to all Bitcoin enthusiast and to bear in mind that what Bitcoin hold in stock is too great and we shouldn't excitate taking proper advantage of any slide opportunity given because the later glory is far beyond what we are seeing now.

[Joy_learns_crypto]

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?.

Yes him no believe his eyes now also the thing don make am Famous because him na the man way sell 10,000 bitcoin for two pack of pizza, and money Dey being famous online so him fit still Dey good for himself.
He spent the bitcoin him no burn am so bitcoin did not become scars because say him you am buy pizza and if it was possible the amount for the 10,000 pizza wey him use buy the pizza that time no be amount wey go cause scarcity, na now bitcoin don rise the world they see am as financial mistake .

[Fiatless]

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?.

The Bitcoin price is determined by demand and supply. Taking 10,000 BTC off the market is not a big deal, considering that the Bitcoin market is big. If Laszlo Hanyecz had held his coin, we would have had less coin in the market but the effect wouldn't have been very significant.

[Mekie21]

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?

Am still trying to recall lately if their was anytime we were having something like such scarcity of Bitcoin because the last time I checked with just  your discretionary funds no matter how small it is you can buy as much portion of it as you want providing you have the basics knowledge on it you good to go.

About the scarcity, I was emphasizing on how the scarcity of bitcoin is contributing to the highs it break over the years. Due to the adoption of Bitcoin from different countries.

[Josefjix]

What baffles me most time is that, probably he never expected the outcome of Bitcoin to be this huge in the next decade or more. This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?

Am still trying to recall lately if their was anytime we were having something like such scarcity of Bitcoin because the last time I checked with just  your discretionary funds no matter how small it is you can buy as much portion of it as you want providing you have the basics knowledge on it you good to go.

About the scarcity, I was emphasizing on how the scarcity of bitcoin is contributing to the highs it break over the years. Due to the adoption of Bitcoin from different countries.

Na now you dey feel say the 10k Bitcoin for pizza go affect Bitcoin scarcity, that Bitcoin don go tey tey, no be today, infact sef, e no get any impact on the price of Bitcoin today.

Yes, Bitcoin works by it's scarcity and that makes investors to demand it rapidly making the price to rise gradually over time, from the day the 10k Bitcoin went away, the market had recovered such quantity over time again and again.

[Smartvirus]

Going through the story of one Laszlo Hanyecz, the legendary guy that  bought pizza two papa John’s pizza for 10,000BTC, on May 22nd, 2010, which is now tagged as the Bitcoin Pizza day. As at that time these pizza cost around $41, and Bitcoin prize was worth over 0.0041. Moving forward to today 10,000BTC which now worth over 1 billion dollar or thereabout, and he never regretted his actions for a day or probably he keyed into the first purpose of Bitcoin creation which is for basically digital payment.

There are key takes for every story way person come across anywhere for we world. Despite the fat say, Laszlo don take say e no regret en decision, I know say most of us no agree with that talk completely but, we fit look am this way,

The guy don immortalize himself for Bitcoin history. With that singular transaction, e list as the first instance way person use Bitcoin buy product and had it delivered. Na him show say, the money na real and the other parties way deliver the product way be Pizza no Dey as pronounced as Laszlo.

The guy don use en money buy farm and get a whole anniversary to himself for the Bitcoin history, every generation go Dey hear of am, e no bad and e offer teaching moments.


Spending of Bitcoin does indeed help the system via say, it creates more awareness and puts in the minds of people that, e actually Dey serve en currency purposes.

[Coyster]

This particularly brings me to the question that if he had not spent that much Bitcoin would it had one or the other contributed to the scarcity of Bitcoin?.

Bitcoin dey scarce because its total supply dey capped at 21 million bitcoins and also because of halving wey dey reduce the number of new bitcoins wey dey enter the system when a block is mined. This story about the pizza guy no really get anything to do with bitcoins scarcity.

That said, the pizza story is significant because it proved that bitcoin is a currency, one wey person fit spend. The event na historic one wey contribute wella to the growth of bitcoin. And even if the figures today looks like it was a waste of coins, it was a historic event that had to happen for us to get here today.

[Dr.Bitcoin_Strange]

This was not a mistake he made, as at then he also paid with bitcoin in USD equivalent of what the two pizza cost then, whether he knew that bitcoin will to $100k today or not, the truth was that he successful spent bitcoin to purchase what he desired then. His action contributed to the growth of bitcoin, when people remember what 10,000 bitcoin was worth then and it's worth now, you will have hope of what's next for bitcoin.

[Y3shot]

~Snip

I see no reason for that guy to regret buying Bitcoin with that amount of money. Just like today if I fit spend 100k naira comfortably and I come buy something of 100k naira in bitcoin and tomorrow the price of Bitcoin increase,  I no see anything wey go make me to regret because I spend thst amount of money in bitcoin.  The reason why I no go regret,  na because ordinary na amount i go fit afford them when I be spend the amount. No need to regret about something wey you no get plan for, but wetin you na true sha because today the guy wey buy pizza na hero, he is been celebrated because of buying pizza with such amount of bitcoin in the early days of bitcoin.

[Gozie51]

If Laszlo Hanyecz sold 10,000 btc to chop pizza, I don't see that affecting or hinder bitcoin in anyway. Bitcoin is spendable and whatever amount bought of it still remains in the bitcoin ecosystem and where the hodler decides not to sell, that doesn't mean it negatively affecting Bitcoin because scarcity increases the value and supply of the product.

So Laszlo Hanyecz decision to him isn't regrettable and is not affecting bitcoin. The block reduction adds to the value of bitcoin because it reduces the number of bitcoin in circulation and that creates scarcity which also increase the value that of bitcoin.