March 22, 2023

The Praia Bitcoin Experiment Sets New World Record for P2P Transactions

On February 18, 2023, the Praia Bitcoin experiment, a Brazilian nonprofit social project, set a new world record for peer-to-peer (P2P) bitcoin transactions using the Lightning Network. The project was able to perform 71 P2P bitcoin transactions in just 3 minutes and 33 seconds, making it the largest number of P2P bitcoin transactions via Lightning to occur in the shortest time possible.

The experiment was conducted in the village of Jericoacoara, where kits containing a piggy bank, a t-shirt, and a Bitcoin debit card (Bolt Card) were distributed to students and residents. Using the Bolt Card, a payment was made every three seconds, and children were able to use the card by tapping it at 21 local merchants. They were also able to buy fruits at school for 10 sats, approximately one cent in Brazilian currency.

The experiment was a huge success, with P2P transactions occurring every three seconds. The Lightning Network, a second-layer solution built on top of the Bitcoin blockchain, allows for faster and cheaper transactions, making it ideal for micropayments.

The Praia Bitcoin experiment aims to promote financial inclusion and education in Brazil, and the success of this project is a testament to the potential of Bitcoin and blockchain technology to transform the lives of people around the world.

The project has received widespread praise from the Bitcoin community, with many hailing it as a major milestone in the adoption of Bitcoin and Lightning Network technology. The success of the Praia Bitcoin experiment is a clear indication that Bitcoin and blockchain technology have the potential to revolutionize the way we conduct transactions and interact with money.

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