The Praia Bitcoin experiment set a record with P2P transactions occurring every three seconds.
On February 18, 2023, a new world record for bitcoin peer-to-peer (P2P) transactions was set using the Lightning Network. The Praia Bitcoin Experiment, a Brazilian non-profit social project, was able to complete 71 P2P bitcoin transactions in just 3 minutes and 33 seconds, making it the highest number of P2P bitcoin transactions via Lightning to occur in the most promptly.
Kits were distributed to students and residents of the village of Jericoacoara, containing a piggy bank, a t-shirt and a bitcoin debit card (Bolt Card), and using this, a payout was made every three seconds.
Children were able to use the card by tapping it at 21 local merchants, as well as buying fruit from school for 10 sats, or about a penny in Brazilian currency. All of this was done with no smartphone required. 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 funds traveled between Bitcoin servers and were available in participants’ Lightning wallets.
Fernando Motolese, founder of Praia Bitcoin, explained why the record matters. “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 inspires other communities to embrace Bitcoin as a medium of exchange and who knows, maybe even surpass our record.”
The Praia Bitcoin team plans to make another attempt to break their own record later this year, but this time with the Guinness Book of World Records team, to make it an official record.