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Man Who Bought Pizza With 10,000 Bitcoin Buys it With Lightning

Bitcoin Pizza Day is an unofficial holiday among cryptocurrency enthusiasts. It marks the birthday of the moment on which Laszlo Hanyecz paid 10,000 BTC for two large pizzas. It seems Hanyecz is still keeping a close eye on Bitcoin as of right now. He recently used the Lightning Network to buy two pizzas with Bitcoin at more normal prices.

Laszlo Hanyecz is a Cult Figure

It is safe to say Bitcoin would not be this popular without Laszlo Hanyecz. This man is responsible for creating the first commercial Bitcoin transaction. In May of 2010, he spent 10,000 Bitcoin to buy two pizzas. Considering how Bitcoin had no real value at that time, it became evident this was a rather big milestone for the cryptocurrency. Ever since that time, the Bitcoin ecosystem has grown by leaps and bounds.

Every year, Bitcoin enthusiasts celebrate Bitcoin Pizza Day. This is done to celebrate the Laszlo Hanyecz Bitcoin payment. It is quite a fun event, as it involves eating pizza paid for in Bitcoin. With popular services such as Takeaway.com accepting Bitcoin, ordering a pizza has become a lot easier. This too can be credited to Laszlo Hanyecz in an indirect manner. Bitcoin certainly has come a long way ever since May of 2010.

Over the past few years, the value of Bitcoin has soared. As time progressed, these two pizzas have become rather expensive. The money spent by Laszlo Hanyecz would be worth nearly $10 million at current prices. Few people expected things to evolve in such a direction so quickly. However, there is no time to dwell on the past too much. Now is the time to look to the future of Bitcoin, especially when it comes to using it as a payment method.

The Lightning Network is Important

Conducting Bitcoin transactions has become a lot more expensive over the years. Fees are rather low now, but they went as high as $20 not all that long ago. A scaling solution is direly needed in this regard. The Lightning Network seemingly offers a lot of feasible solutions in this regard. For now, we have to wait and see if this scaling solution can live up to people’s expectations, though.

Surprisingly, Laszlo Hanyecz has tried this technology himself. Most people expected him to be done with Bitcoin in recent years. Even so, Hanyecz purchased two pizzas with Bitcoin. By using the Lightning Network, he didn’t have to pay 10,000 BTC to do so. Instead, the payment was completed virtually instantly. It is worth mentioning the shop he ordered from does not accept Bitcoin payments natively, However, a one-off deal was agreed upon without too many problems.

This trial further highlights the potential of Bitcoin’s Lightning Network. While it’s still a bit of a complex solution, the new Core client makes it easier to use. That doesn’t mean everyone will follow the lead of Laszlo Hanyecz, though. There is still a lot of work to be done before LN will go mainstream. It is good to see people actively experiment with this concept as of right now, though. With this solution in place, Bitcoin will enter a new era altogether.

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Law enforcement in Ukraine has arrested four young men who were running at least six fake cryptocurrency exchanges. The cryptocurrency sphere is an exciting space, and many people are eager to begin buying and selling virtual currencies. However, such an influx of money and inexperienced newcomers also bring out the criminal element, seeking to gain funds at the expense of those new to the space. Scams abound, but police in Ukraine have done their part by arresting some individuals who ran a number of fake cryptocurrency exchanges. Using Programming Skills to Set up Scams In the city of Dnipro, Ukraine, police announced that they had arrested four men between the ages of 20 and 26. The quartet had set up a number of fake cryptocurrency exchanges. Police know of six fake exchanges that they operated, but there is a definite possibility that there may be more. The six fake exchanges include: moneycraft.info, wowex.online, swapex.net, myexchanger.lv, iconvex.net, and likechange.biz. Police say that the criminals had “special knowledge and skills in the field of programming” and “have created their own CMS-system for managing the content of exchange sites.” Unsure of Amount Stolen Police are asking those who were scammed by the fake cryptocurrency exchanges to come forward and file complaints. As of now, law enforcement does not know exactly how much the four men were able to steal from their victims. Police may be able to glean such information from the equipment that was seized during the arrests. It was reported that flash drives, computers, smartphones, and other equipment were confiscated when police raided the homes of the four men. The reality is that crime and scams are rampant in the cryptocurrency sphere. One should always do due diligence before spending any money. The world of virtual currencies is still akin to that of the Wild West, which means that danger is just as close as excitement and opportunity. Have you ever been scammed by a fake exchange, wallet, or ICO? Let us know in the comments below. Images courtesy of Shutterstock. The post Police Arrest Four Ukrainians for Running Fake Cryptocurrency Exchanges appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

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