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Community angry after Coinbase taps USDC to celebrate Bitcoin Pizza Day

Must Read

In a bid to exhibit low-cost funds with USDC, Coinbase confronted backlash from the Bitcoin neighborhood for not promoting pizzas for BTC throughout Bitcoin Pizza Day.

Cryptocurrency change Coinbase got here beneath fireplace from the Bitcoin neighborhood for its unconventional celebration of Bitcoin Pizza Day, opting to promote pizzas completely for USDC as an alternative of Bitcoin, triggering a wave of criticism.

On Might 22, Coinbase launched its celebration by rolling out the Coinbase Pizza Truck in New York, providing pizza slices for $1. Nonetheless, the one catch was that the change solely accepted USDC, a stablecoin issued by Circle, Coinbase’s long-time buddy, as fee, sparking controversy amongst Bitcoin fanatics.

This Bitcoin Pizza Day, we’re celebrating how far crypto has come since 2010 in serving to to create a less expensive, sooner system.

Welcome to the Coinbase Pizza Truck.
$1 USDC slices.
Cost simple as pie.

Washington Sq. Park, NYC
12-5PM EST
Cease by if you happen to’re on the town. pic.twitter.com/ctuSWjss4P

— Coinbase 🛡️ (@coinbase) Might 22, 2024

You may also like: What’s Bitcoin Pizza Day? Celebrating a milestone in cryptocurrency historical past

Whereas Coinbase’s transfer might have aimed to showcase the effectivity and transparency of stablecoin funds, the choice to exclude Bitcoin, the cryptocurrency being celebrated on the event, fueled livid outrage throughout the crypto neighborhood.

I did not know understand it was USDC pizza day. Thanks Coinbase for protecting it elegant on Bitcoin pizza day. pic.twitter.com/5oYtMclwBt

— Randy 📡 NYC Bitcoin Affiliation (@c3ntrx) Might 23, 2024

Regardless of the backlash, neither Coinbase nor its founder Brian Armstrong issued any public statements relating to the matter on the time of reporting. Former TechCrunch reporter Jacquelyn Melinek famous in an X publish that she will get “the precept” of promoting pizzas for Bitcoin however tried to defend Coinbase’s deal with USDC, citing decrease transaction prices for companies.

“Some individuals complained about Coinbase promoting pizza with USDC as an alternative of bitcoin on Bitcoin Pizza Day. I get the precept, however there’s an even bigger message right here: shopping for pizza with USDC makes transaction prices for enterprise a couple of cents vs the standard 3% card payment.”

Jacquelyn Melinek

Nonetheless, critics argued that Coinbase might have additionally accepted funds in Bitcoin by means of the Lightning Community, a layer-2 resolution identified for cheaper transaction charges, which the change has been selling just lately as a method for “low-cost BTC transfers.”

Beginning as we speak, help for the Lightning Community by way of @lightspark will start rolling out.

Take pleasure in immediate, low-cost BTC transfers.

Be taught extra: https://t.co/6YPiWgIyyf pic.twitter.com/ufOhO7Qe7i

— Coinbase 🛡️ (@coinbase) April 30, 2024

Bitcoin Pizza Day celebrates the primary documented business transaction utilizing Bitcoin.

On Might 22, 2010, a programmer named Laszlo Hanyecz famously paid 10,000 BTC (presently valued at round $700 million) for 2 pizzas, making it one of many earliest real-world transactions involving the cryptocurrency. The occasion is now celebrated yearly as Bitcoin Pizza Day, symbolizing the start of Bitcoin’s journey in the direction of mainstream acceptance as a type of forex.

Learn extra: Bitcoin pizza day, customers spend $135k on pies

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