Bitcoin was initially designed to be a peer-to-peer digital currency that would help facilitate easier financial transactions around the world. Bitcoin was first introduced in 2008 and, within a year, it was starting to gain traction among a small but growing following. Looking back at what happened in 2010, it’s not difficult to find a few key activities that would go on to shape how the cryptocurrency would start to be received as people tried to understand exactly what the technology was all about.
In February of that year, the first Bitcoin exchange, Bitcoin Market, was introduced. A month later, on March 17, it saw its first trade. It had been primarily accepting PayPal for deposits, but the two entities had a major falling out (some say PayPal scammed the exchange out of its money) and the exchange began to fizzle. It would then be replaced by Mt. Gox, which has its own sordid story.
A few months later, on May 22, the first reported purchase of goods was made using Bitcoin. Laszlo Hanyecz, a crypto miner, purchased two pizzas at a price that, if purchased today for the same BTC amount, would give most people a heart attack. He spent 10,000 BTC for the pies, but that was only worth about $25 at the time. Today, 10,000 coins are worth over $91 million. It’s also thanks to Hanyecz that there is now an official holiday called Bitcoin Pizza Day, an annual celebration of his purchase that sees pizza parlors across the globe busy making pies to celebrate his transaction.