Unofficial World Record Set For Highest Amount of P2P Bitcoin Lightning Transactions Paid In 3 Minutes

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 established using the Lightning Network. The Praia Bitcoin experiment, a Brazilian nonprofit social 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. 

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 payment was made every three seconds.

Children were able to use the card by tapping it at 21 local merchants, as well as buying fruits at school for 10 sats, approximately one cent 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 the funds traveled between the Bitcoin servers and were available in the Lightning wallets of the participants.

Fernando Motolese, founder of Praia Bitcoin, explained why the record is important. “This record is proof of the power of Bitcoin and that it’s 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 adopt Bitcoin as a medium of exchange and who knows, maybe even surpass our record.”

The Praia Bitcoin team plans to try a new attempt to break their own record later this year, but this time with the Guinness Book of World Records team in attendance, in order to make it an official record.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Finixio Crypto: From Online Marketing to Cryptocurrency Scams?

Cryptocurrency scams have been a constant threat to the industry since its inception. These scams not only drain funds from unsuspecting investors but also contribute to the negative perception of cryptocurrency as a whole. One such company that has been experimenting with online users’ psychology is Finixio crypto. In this article, we will delve into

Binance CFTC Lawsuit Has Enough To Affect Major Crypto Downtrend?

Crypto News: The Commodities Futures Trading Commission (CFTC) lawsuit against crypto exchange Binance changed the narrative in the market, but it remains to be seen if the move still has enough legs to affect a major downtrend in cryptocurrency prices. Although the news of the lawsuit led to significant drop in Bitcoin price, it continues

Miners Dumping Bitcoin To Crypto Exchanges, BTC Price Reversal Below $25K Likely

Bitcoin price fell from $28K to $26.5K after the US CFTC sued crypto exchange Binance and its CEO Changpeng “CZ” Zhao for violating U.S. crypto trading and derivatives regulations. The crypto market considers this move as a continued regulatory crackdown against crypto. With the crypto market already facing liquidity issues, action against Binance will further

XRP Lawyer: After CFTC, SEC Could Sue Binance Over Securities Offerings

Crypto News: The Commodity Futures Trading Commission’s (CFTC) lawsuit on crypto exchange Binance made waves in the market. But the CFTC’s views on crypto classification is becoming a much bigger debate as US regulators continue enforcement actions on crypto businesses. Meanwhile, the crypto market is perceiving this as a fight between the two regulatory agencies,