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Your First Bitcoin Purchase | What Made People Buy & Why It’s a Smart Saving
If I asked you a question today, what would be the world's first bitcoin purchase? You might think it would be real estate, a car, gold, or something around that. But in reality, the first ever purchase by a bitcoin was a Pizza, yup, a 10,000 BTC pizza. This exchange happened in 2010, and today it is recorded as the world's most expensive takeaway in human history, because the bitcoin price today is not what it was in 2010.
But if you are a curious person like me, you would wonder what would make people buy Bitcoin in the first place, and why would a pizza delivery accept something bizarre like Bitcoin as a mode of payment? There were no flashy crypto exchanges, no Instagram reels or TikTok talking about how to invest in crypto, 05 cryptocurrencies you need to invest in, etc.
In the early days, crypto and bitcoin were just a bunch of tech enthusiasts, dreamers, and early adopters who saw something that the rest of the world thought was crazy.
But if we look at the bitcoin price today, we know how precious it is and how big an investment it could be for you. Once you start earning Bitcoin, what should be your first Bitcoin purchase?
The Pizza Story
In the year 2010, Bitcoin was just a year old, and most of the world had never heard of it. But then comes Laszlo Hanyecz, a programmer from Florida who posted on a Bitcoin forum giving away 10,000 BTC to anyone who could get him two large pizzas delivered.
And one of the fellow former members accepted the trade, the most expensive trade of the century. But this is the first Bitcoin purchase in history.
In 2010, the worth of 10,000 BTC was about $41. As I said, it is the world's biggest trade, yet Laszlo never regretted it. For him, it wasn't about the pizzas; it was about proving that Bitcoin worked. This is what started people getting excited about crypto and started people interested in it.
What Made People Buy Bitcoin?
When Bitcoin launched, it was not a physical asset like money, gold, diamonds, or platinum. So, what makes people jump and invest in it? Let's find out:1. Curiosity & Tech Enthusiasm
When Bitcoin came, a lot of tech enthusiasts were curious about what exactly it was. Their curiosity made people try it. Usually, the early adopters of crypto were coders, cryptographers, and internet personalities who loved checking & playing with new ideas. For them, Bitcoin was an experiment in digital freedom & decentralization.2. Distrust in Traditional Finance
When war hits, the traditional money goes down, the government collapses, and banks go down overnight, which is what made people trust the decentralized way of doing transactions. This pushed them to check out this new way of doing transactions.3. Fear of Missing Out
Well, if something new is on the market, we would all love to check that out. Similarly, when crypto came into existence, a lot of people bought in out of fear that they might miss out on it (and they were so right about it.4. The Freedom From Banks
A lot of people are just tired of traditional banks, and they want something decentralised, which not only crosses borders but also is independent from the thousands of rules the government imposes.From Pizza to Portfolios
When we talk about Bitcoin as a savings strategy, a lot of people still roll their eyes. Isn’t Bitcoin a bit risky and volatile? Yes, it is, but not all the time.
1. Scarcity Means Strength
Do you know there are only 21 million Bitcoins to will ever exist? No one can go and print them, or the government can control them; that is the strength of Bitcoin, it gives you the perfect opportunity to diversify your portfolio.
2. The “Digital Gold” Narrative
When people started making their portfolio, it was physical, like gold or real estate, that can be taken away from you at any point by robbers, natural disasters, etc, but bitcoin is digital gold. It’s portable, borderless, and very easy to secure. You do not need a physical safe to keep this.
3. History Proves Its Growth
If you look at the overall goal of Bitcoin, you know how much it has grown, even with its ups and downs. So, if you are really overthinking investing in Bitcoin, you should not, or just go back and check out the numbers yourself.
The Smart Way to Think About Bitcoin
Today, when you are thinking about buying a pizza with Bitcoin, it may be overdue, considering how expensive Bitcoin is, but think of Bitcoin as a smart savings plan with future potential.
Here’s why:
- Diversification: When you add Bitcoin to your portfolio, it exposes you to a new kind of asset and helps you diversify.
- Inflation: While your traditional currency might lose its value over a period of time, Bitcoin is made to resist any kind of inflation.
Accessibility: Anyone and everyone can invest in Bitcoin; there is no gatekeeping here. You do not even need a bank account to get started.
How Do People Use Bitcoin Today
- As savings: Today, people use Bitcoin as a tool for long-term savings.
- As payment: A lot of bitcoin users today use bitcoin as a medium to shop, book flights, pay their bills, and much more.
As remittance: Travellers use Bitcoin as a source of remittances so that they can avoid any kind of transfer or exchange fees.
Why Your First Bitcoin Purchase Matters
Well, savings are great, but when you use Bitcoin to do a transaction for the first time, you feel that it is real. Even if it is a small amount, it gives you confidence in the currency and power it holds. You can book a small flight ticket or use it for remittance; that’s how easy your first Bitcoin purchase can be today.
Final Bite of Wisdom
When you buy something for the first time using Bitcoin, you are not just buying something; you are understanding and believing that this is real.
Today, Bitcoin has become a financial powerhouse. And if you’ve ever thought about what made people buy Bitcoin, the answer is as simple as a vision and a belief to make finances more decentralised.
Today, Bitcoin isn’t just another type of investment; it’s a statement that you are smarter to diversify your portfolio. It is the smartest way to protect yourself from inflation and banking systems.
If you love reading breakdowns like this or want to invest in crypto or grow your crypto ride, Wemine is the place to be.
Your first Bitcoin purchase isn’t just a transaction or something you did for the sake of it. It’s your first step into the future of money. Ready to make yours? Wemine is here to help you start smart.