• A group of business owners in Brazil have created a new economic center to accept Bitcoin as payment and set a world record for peer-to-peer transactions on the Lightning Network.
• Fernando Motolese, the creator of Praia Bitcoin, was inspired by Bitcoin Beach which released a whitepaper and helped him to build up consumer donations.
• The Brazilian government is reportedly working on implementing new digital currency rules that will help crypto tokens thrive.
Praia Bitcoin: A New Economic Center
A group of business owners have gathered in Brazil to create a new economic center that accepts bitcoin as payment. This project, known as Praia Bitcoin, has set a world record for peer-to-peer transactions on the Lightning Network.
The Inspiration Behind Praia Bitcoin
Fernando Motolese, the creator of Praia Bitcoin, initially worked as a musician and struggled with financial issues. This motivated him to research bitcoin and turn towards entrepreneurship. He received inspiration from Bitcoin Beach which released a whitepaper and helped him build up consumer donations for his project.
Lightning Network Integration
The Lightning Network works by taking smaller BTC transactions off-chain, allowing it to run faster with lower costs. In under three and a half minutes, more than 70 separate BTC transactions occurred through this network — setting a time record in the crypto history books.
Brazilian Government Supporting Crypto Thriving
Foxbit CEO Ricardo Dantas stated that the Brazilian government is allegedly working on implementing new digital currency regulations that will help build out the space and ensure crypto tokens remain present in Brazil’s economy.
The Praia Bitcoin project demonstrates how cryptocurrency can be used to improve local economies around the world while also showing how governments can support these initiatives through regulation implementation.