- 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 nonprofit social project, was able to make 71 P2P bitcoin transactions in just 3 minutes and 33 seconds.
- Fernando Motolese, founder of Praia Bitcoin, explained why the record is important and that the team plans to try a new attempt later this year with the Guinness Book of World Records team in attendance.
New World Record for P2P Bitcoin Transactions
On February 18, 2023, a new world record for peer-to-peer (P2P) bitcoin transactions was established using the Lightning Network. The Praia Bitcoin experiment – a Brazilian nonprofit social project – was able to make 71 P2P bitcoin transactions in just 3 minutes and 33 seconds. This made it the largest number of P2P bitcoin transactions via Lightning to occur in the shortest time possible.
Participants and Supplies Used
Kits were distributed to students and residents of Jericoacoara village which contained a piggy bank, t-shirt and also a Bitcoin debit card (Bolt Card). Children used these cards by tapping it at 21 local merchants as well as buying fruits at school for 10 sats per payment (approximately one cent in Brazilian currency). All of this was done without requiring any smartphones from participants. The initiative was organized by Fernando Motolese, Vinicius Kinczel and Lucia Helena Buso and supported by 2go Fintech, Bipa CEO Luiz Parreira as well as Bitcoin Beach.
Auditing Process
The achievement has been audited by Lucas Ferreira from Lightning Labs confirming that funds have traveled between Bitcoin servers being available inside Lightning wallets of participants.
Impact Of The Record
Fernando Motolese – founder of Praia Bitcoin – commented on why this record is so important saying “This record is proof of power of Bitcoin and that it’s ready for masses”. He also expressed excitement regarding future prospects of Lightning Network hoping that this achievement will inspire other communities to adopt crypto currency as medium of exchange or even surpass their own record set earlier.
Future Plans
The Praia Bitcoin team plans on trying another attempt breaking their own record later this year but inviting Guinness Book Of World Records team at same time in order to make it an official record