By Nathan Ferguson
Bitcoin Lightning Network has been facing enormous challenges for some time in the case of the operating environments. A few days ago, the Nigerian capital “Lagos” invited a unique node of the Lightning Network (LN). This is termed a significant move in improving how African consumers connect to the payment network. This network is created on top of Bitcoin.
A Nigerian Opens a Node for Bitcoin Lightning Network to Facilitate BTC Payment Transfers
An old lap has been utilized to run the node with a diesel generator as the city is regularly going through electricity and energy blackouts. Megasley, the person who is responsible for operating the earliest node of Lightning Network in Nigeria in 2023, remarked on the development. The person mentioned that this denotes another step in his commitment to providing rapid as well as cost-effective payments in African jurisdiction via Lightning Network.
He expressed his intention to facilitate the African citizens to enjoy easy and swift payments. He added that if the Bitcoin consumers and the retailers in Nigeria get connected it will offer them the finest experience on the Lightning Network. As per the explorer services Amboss and Mempool, the operator is presently the sole active node operating in Nigeria.
By opening the respective node, the operator’s target is to provide increased payment accessibility to the people in Africa. He also spoke on the significance of establishing a broad node network around the world to offer convenience in Bitcoin payments. As per him, if the primary crypto network remains effective, it will turn into an improved, faster, as well as more conveniently used means of exchange as compared to the incumbents.
Megasley additionally discussed the price volatility of Bitcoin and the Nigerian perspective on it. In his words, people think of volatility as an issue however this does not matter in an area where people’s funds could normally lose nearly 50% of their worth per year.
The continent of Africa, he added, is witnessing hard economic times as the authorities are controlling money. According to Megasley, Bitcoin gives the chance to people to gain back control over their funds.
Nigerian Government’s Endeavors to Control Economy Lead toward Increased Crypto Adoption
Bitcoin adoption has been getting a lot of attention in countries utilizing the Central African franc. A significant role in this scenario has been played by the Bitcoin-centered platforms and conferences in Ghana and Senegal. Even though promising signs have been shown by Nigeria in terms of Bitcoin adoption, the traditional system of finance has witnessed more restrictions imposed in 2023.
One such limitation compels the people living in Nigeria to withdraw less than $44 each week per head in 2023. While, in the case of businesses, the limit equals just $11,000. By taking these measures, the government endeavored to increase the adoption of the eNaira (the country’s CBDC project). Nonetheless, the limitless nature of Bitcoin is alluring the people who want to get rid of the centralized monetary systems.
People who utilize the Bitcoin network just require a phone as well as an internet connection to carry out fund transfers freely. The formation of a node in Nigeria for the Bitcoin Lightning Network represents an important step toward the growing adoption and accessibility of crypto assets across the country. Eventually, the node operator expects to empower African businesses and individuals to take their economic future into their control.