Cryptocurrency

Bitcoin Pizza Day

Pizza

Bitcoin

USDC

<p class="is-style-lead">In a bid to demonstrate cheap payments with USDC, Coinbase faced backlash from the Bitcoin community for not selling pizzas for BTC during Bitcoin Pizza Day.</p>
<p>Cryptocurrency exchange <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> came under fire from the <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> community for its unconventional celebration of Bitcoin Pizza Day, opting to sell pizzas exclusively for <a href="https://crypto.news/tag/usdc/" target="_blank" rel="noopener noreferrer nofollow">USDC</a> instead of Bitcoin, triggering a wave of criticism.</p>
<p>On May 22, Coinbase launched its celebration by rolling out the Coinbase Pizza Truck in New York, offering pizza slices for $1. However, the only catch was that the exchange only accepted USDC, a stablecoin issued by <a href="https://crypto.news/tag/circle/" target="_blank" rel="noopener noreferrer nofollow">Circle</a>, Coinbase’s <a href="https://www.coinbase.com/blog/ushering-in-the-next-chapter-for-usdc" target="_blank" rel="noopener noreferrer nofollow">long-time friend</a>, as payment, sparking controversy among Bitcoin enthusiasts.</p>
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   <p lang="en" dir="ltr">This Bitcoin Pizza Day, we’re celebrating how far crypto has come since 2010 in helping to create a cheaper, faster system.<br><br>Welcome to the Coinbase Pizza Truck.<br>$1 USDC slices.<br>Payment easy as pie.<br><br>Washington Square Park, NYC<br>12-5PM EST<br>Stop by if you’re in town. <a href="https://t.co/ctuSWjss4P" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ctuSWjss4P</a></p>— Coinbase 🛡️ (@coinbase) <a href="https://twitter.com/coinbase/status/1793305706088521843?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 22, 2024</a>
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<p>You might also like: <a href="https://crypto.news/bitcoin-pizza-day/" rel="noopener noreferrer nofollow"> What is Bitcoin Pizza Day? Celebrating a milestone in cryptocurrency history </a></p>
<p>While Coinbase’s move may have aimed to showcase the efficiency and transparency of stablecoin payments, the decision to exclude Bitcoin, the cryptocurrency being celebrated on the occasion, fueled <a href="https://x.com/Pledditor/status/1793394119135449562" target="_blank" rel="noopener noreferrer nofollow">furious</a> <a href="https://x.com/w_s_bitcoin/status/1793450878365507987" target="_blank" rel="noopener noreferrer nofollow">outrage</a> within the crypto community.</p>
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   <p lang="en" dir="ltr">I didn't know know it was USDC pizza day. Thanks Coinbase for keeping it classy on Bitcoin pizza day. <a href="https://t.co/5oYtMclwBt" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/5oYtMclwBt</a></p>— Randy 📡 NYC Bitcoin Association (@c3ntrx) <a href="https://twitter.com/c3ntrx/status/1793512638447775908?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 23, 2024</a>
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<p>Despite the backlash, neither Coinbase nor its founder Brian Armstrong issued any public statements regarding the matter at the time of reporting. Former TechCrunch reporter Jacquelyn Melinek <a href="https://x.com/jacqmelinek/status/1793388072110805201" target="_blank" rel="noopener noreferrer nofollow">noted</a> in an X post that she gets “the principle” of selling pizzas for Bitcoin but tried to defend Coinbase’s focus on USDC, citing lower transaction costs for businesses.</p>
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 <p>“Some people complained about Coinbase selling pizza with USDC instead of bitcoin on Bitcoin Pizza Day. I get the principle, but there’s a bigger message here: buying pizza with USDC makes transaction costs for business a few cents vs the usual 3% card fee.”</p>
 <p>Jacquelyn Melinek</p>
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<p>However, critics argued that Coinbase could have also accepted payments in Bitcoin through the Lightning Network, a layer-2 solution known for cheaper transaction fees, which the exchange <a href="https://x.com/coinbase/status/1785309426691273092" target="_blank" rel="noopener noreferrer nofollow">has been promoting recently</a> as a way for “low-cost BTC transfers.”</p>
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   <p lang="en" dir="ltr">Starting today, support for the Lightning Network via <a href="https://twitter.com/lightspark?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@lightspark</a> will begin rolling out.<br><br>Enjoy instant, low-cost BTC transfers.<br><br>Learn more: <a href="https://t.co/6YPiWgIyyf" target="_blank" rel="noopener noreferrer nofollow">https://t.co/6YPiWgIyyf</a> <a href="https://t.co/ufOhO7Qe7i" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ufOhO7Qe7i</a></p>— Coinbase 🛡️ (@coinbase) <a href="https://twitter.com/coinbase/status/1785309426691273092?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 30, 2024</a>
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<p>Bitcoin Pizza Day celebrates the first documented commercial transaction using Bitcoin.</p>
<p>On May 22, 2010, a programmer named Laszlo Hanyecz famously paid 10,000 BTC (currently valued at around $700 million) for two pizzas, making it one of the earliest real-world transactions involving the cryptocurrency. The event is now celebrated annually as Bitcoin Pizza Day, symbolizing the beginning of Bitcoin’s journey towards mainstream acceptance as a form of currency.</p>
<p>Read more: <a href="https://crypto.news/bitcoin-pizza-day-users-spend-135k-on-pies/" rel="noopener noreferrer nofollow"> Bitcoin pizza day, users spend $135k on pies </a></p>

Community angry after Coinbase taps USDC to celebrate Bitcoin Pizza Day

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