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How Bitcoin Became Money

In 2009, when Bitcoin was first announced with the mining of the Genesis Block, Bitcoin was not money.  It would be another year before what is now known as Bitcoin Pizza Day–a.k.a.,May 2010. That’s when Laszlo Hanyecz posted on Bitcointalk.org that he was willing to pay 10,000 bitcoins for anyone who would deliver two pizzas to his home. The pizzas were delivered and the bitcoin duly paid. 

This incident is unique not only because of the eye-watering amount this transaction would be worth today, but because it is regarded as the day Bitcoin achieved medium-of-exchange status. Having previously been mined, sent, and forwarded between various cryptography enthusiasts, the so-called “funny internet-money” was now, well, money.