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A group of business owners have gathered in Brazil to create a new economic center to accept bitcoin as a form of payment.
Bitcoin Is Getting Bigger in Brazil
Known as the Praia Bitcoin project, the engagement is designed to set a world record for peer-to-peer transactions on the Lightning Network, which as we reported earlier today, is now being integrated into Coinbase, one of the largest and most prominent digital currency exchanges in the world. In under three and a half minutes, more than 70 separate BTC transactions occurred, thus setting the time for the shortest period in the crypto history books.
The Lightning Network works to take smaller BTC transactions off-chain, thus allowing the network to operate faster and with lesser costs. Praia Bitcoin’s creator Fernando Motolese proudly explained in an interview:
This was only possible because the Lightning Network is ready for the masses. Right now, there is no other option that is as prepared for this kind of market with a functional solution as Lightning. It is superior to Visa.
Initially working as a musician, Motolese was used to a time where money was very scarce. This is what ultimately caused him to turn to bitcoin in the first place, and it’s what inspired him to give business dealings and entrepreneurship a try. He commented:
I asked for help from Bitcoin Beach, but that only came a year later. They were just the inspiration at first, but after the release of their Bitcoin Beach whitepaper, they became a role model and an important partner.
Initially, the presence of the Lightning Network in the area had to be built up through consumer donations, which Motolese says was a rather hard undertaking. He mentioned:
Getting donations is very difficult. At each stage of our development, we update our crowdfunding campaign with new goals and proof of the work we have done with those donations. I started this by donating 0.02 BTC, which was around $1,000 at the time. Now we have around 2.43 BTC.
The Government Wants to See BTC Thrive
The Brazilian government, according to Foxbit CEO Ricardo Dantas, is allegedly working to implement new digital currency rules that will help build out the space and ensure a lasting presence for crypto tokens. He said:
A better understanding of the regulations will light some fire under Brazilian investor demand for bitcoin because today there are a lot of cold feet regarding cryptocurrency… There is a sense that bitcoin technology is relatively complex and has no rules, which gives people the sense that it is totally lawless. We work hard to change that perception even though it’s not something people see, and it’s not something everyone in crypto will follow, but with better rules will come more adoption [and] more investor confidence.
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