Nowadays, the medium used by people in buying goods and services is money depending on the currency of a certain country. Ever since the beginning, money is being used already but in a different form. Before, payment is just words written on clay, gems and stones, coins made of metals, notes of papers, credit cards, among many other.

No matter the form, money is always represented by material or physical things. Nowadays, a new form has emerged and with no physical representation – virtual money. The very first commercial transaction involving this virtual money is made when two pizzas were purchased. The amount paid was 10,000 in bitcoins. Later it was revealed that the said amount equals to millions of dollars.

It was in 2008 that the bitcoin was conceived in the midst of the collapse of Lehman Brothers which is the fourth top investment bank in the United States and at the same time the financial crisis that was felt all over the globe. Due to this, some people decided to create a digital currency that will be independent of central bank and is not controlled by any government.

The creator of the bitcoin is an unknown programmer hiding behind the pseudo name Satoshi Nakamoto.

A programmer from Florida with the name Laszlo Hanyecz, was the first ever to conduct a transaction using bitcoin. He was mining bitcoins and collected 10,000 when he decided he wants to use his bitcoin to purchase pizza. At that time, bitcoin was not recognized as payment in any form thus it is impossible for him to buy pizza at his local store.

Using the bitcoin forum, he posted that he wanted to have two pizzas in exchange for his bitcoins. The post was answered by Jeremy Sturdivant, an 18-year old residing in the United States. During that time, the 10,000 bitcoins was only worth $41. Three years later, it was already valued at $12.4 million. Everyone getting started with bitcoins have no idea by then that someday it will be the leading digital currency with billions worth currently in circulation and many are still left to be mined.