A node of the Bitcoin (BTC) Lightning Network has hit ground in one of the most challenging operating environments. Lagos, the capital of Africa’s most populous country, Nigeria, welcomed a new Bitcoin Lightning node this week, a vital step to better connect the continent to the layer 2 Bitcoin payments network, the Lightning Network (LN). .
The node is powered by an old laptop powered by a diesel generator, as Lagos regularly experiences power and electricity outages.
In a discussion with Cointelegraph, Megasley, who is Nigeria’s first Lightning node of 2023 and the first active Lightning node in the country (as other nodes are down), Megasley shared his vision of bringing instant and low-cost payments to Africa. Thanks to the LN.
“Light takes 50ms to cross the ground. This is fast, but with a lot of hops, these milliseconds can add up and when you’re standing at a POS waiting for your payment to clear, it can be frustrating.”
Megasley explained his desire for Africans to have payments that were instant and as free as possible. “If a Nigerian Bitcoiner and a Nigerian retailer are connected to a node in Nigeria, it will give them the best lightning experience”Megasley added.
Nigeria Free Routing is live!
The lightning network is now alive and routing on the ground in Lagos.
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— Africa Free Routing ⚡ (@FreeRoutingAf) January 10, 2023
Nigeria Free Routing is on!
The lightning network is now alive and routed on the ground in Lagos.
Please share and support us by opening a channel for us:
According to exploration services Mempool and Amboss, the operator is currently the only active node on the Nigerian map. By activating an active node in Nigeria, the operator aims to make lightning payments as accessible as possible for Africans.
When asked about the importance of building an extensive network of nodes around the world to facilitate Bitcoin payments, the node broker explained: “For Bitcoin to be successful, it must become a better, easier and faster medium of exchange than headlines. To get there we need to build an extensive network of nodes around the world to facilitate these payments.”
Megasley also touched on the volatility of Bitcoin prices and its perception in Africa: “People talk about the problem of volatility, but this is nothing when you live in a place where your money could easily lose half its value. in one year”.
“Africa has rotten money controlled by rotten people and that is why we need Bitcoin. We will take away the power of money so that the enormous potential of the African people can flourish.”
In fact, there has been an increase in Bitcoin adoption among countries that use the Central African franc, fueled by Bitcoin conferences and forums in Senegal and Ghana. Although Nigeria has shown promising signs of Bitcoin adoption, such as the legal tender debate, the legacy financial system has imposed further restrictions in 2023.
For example, Nigerians will only be allowed to withdraw $44 a week for individuals and a maximum of $11,000 for businesses by 2023, according to the efforts government to phase out cash. As a reminder, Bitcoin has no limits or restrictions on its use. To freely transact on the Bitcoin network, users need a phone and an Internet connection; there are no limits.
The establishment of a Bitcoin node in Nigeria is an important step in increasing the accessibility and adoption of the cryptocurrency in the country and across the continent. Ultimately, Megasley hopes to empower individuals and businesses in Africa to take charge of their financial future.
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