The Praia Bitcoin experiment set a record with P2P transactions occurring every three seconds.
On February 18, 2023, a new world record for peer-to-peer (P2P) bitcoin transactions was set using the Lightning Network. The Praia Bitcoin experiment, a Brazilian non-profit social project, was able to perform 71 P2P bitcoin transactions in just 3 minutes and 33 seconds, making it the most P2P bitcoin transactions via Lightning in the shortest time. possible.
Kits were distributed to students and residents of the town of Jericoacoara, which contained a piggy bank, a T-shirt and a Bitcoin debit card (bolt card), and with this a payment was made every three seconds.
The children were able to use the card by tapping it at 21 local merchants, as well as buy fruit at school for 10 sats, roughly one cent in Brazilian currency. All of this was done without the need for a smartphone. The initiative was organized by Fernando Motolese, Vinicius Kinczel, and Lucia Helena Buso and was supported by 2go Fintech, Bipa CEO Luiz Parreira, and Bitcoin Beach. The achievement was audited by Lucas Ferreira of Lightning Labs, confirming that the funds traveled between Bitcoin servers and were available in participants’ Lightning wallets.
Fernando Motolese, founder of Praia Bitcoin, explained why registration is important. “This record is proof of the power of Bitcoin and that it is ready for the masses,” he said. “We’re excited to see what the future holds for the Lightning Network, and we hope this achievement will inspire other communities to embrace Bitcoin as a medium of exchange and, who knows, maybe even surpass our record.”
The Praia Bitcoin team plans to attempt a new attempt to break their own record later this year, but this time with the assistance of the Guinness Book of World Records team, to make it an official record.
