Nigerians Now Able To Transact Instantly Thanks To The Node Bitcoin Lightning Network

Nigeria, welcomes the new Node Bitcoin Lightning this week. (photo: Twitter @FreeRoutingAf)

JAKARTA - The Node Bitcoin Lightning Network has found its most challenging operating environment. Lagos, the capital of Africa's most populous country, Nigeria, welcomes the new Bitcoin Lightning Node this week, an important step towards better linking the continent to layer-2 payment networks above Bitcoin, Lightning Network (LN).

Nodes run on old laptops powered by diesel generators because Lagos often experience energy and power outages.

In discussions with Cointelegraph, Megasley, which is Nigeria's first Lightning node in 2023 and the country's first active Lightning node, as other nodes are inactive, Megasley shared his vision of bringing instant and cheap payments to Africa thanks to LN.

"Lightning takes 50 meters to cross the earth. It's fast, but with a lot of jumps, this millisecond can increase and as you stand at the place of sale waiting for your payments to be removed, it can be frustrating," Megasley said, as quoted by Cointelegraph.

Megasley explained his desire for Africans to have instant payments and be as close to free as possible. "If a Nigerian Bitcoiner and Nigerian retailer are both connected to a node in Nigeria, it will give them the best lightening experience," added Megasley.

According to browsing services Mempool and Amboss, the current operator is the only active node on the map in Nigeria. By activating active nodes in Nigeria, the operator aims to make quick payments as easily accessible to Africans as possible.

When asked about the importance of building a wide-ranging node network around the world to facilitate Bitcoin payments, node runners explained, "If Bitcoin wants to succeed, Bitcoin should be a better, easier, and faster exchange medium than the old one. To get there we need to build a wide network of nodes around the world to facilitate this payment," Megasley said.

Megasley also alluded to Bitcoin price volatility and its perception in Africa: "People talk about volatility issues but it's nothing when you live in a place where your money can easily lose half its value in a year," Megasley said.

"Africa has rotten money controlled by rotten people and this is why we need Bitcoin. We will take the power of money from them so that the great potential of the African people can develop," Megasley said.

Indeed, there has been a surge in Bitcoin adoption among countries using Central Africa's Franc, supported by Bitcoin conferences and forums in Senegal and Ghana. Although Nigeria has shown signs of promising adoption of Bitcoin, such as discussions on legal tenders, the old financial system has imposed further restrictions in 2023.

For example, Nigerians will only be allowed to withdraw 44 US dollars per week per individual and a maximum of 11,000 US dollars for businesses by 2023, according to the government's efforts to stop cash payments. As a reminder, Bitcoin has no restrictions or restrictions on its use. To transact freely on the Bitcoin network, users need an internet phone and connection; and there are no restrictions.

The formation of the Node Lightning Bitcoin in Nigeria is a significant step towards increasing accessibility and adoption of cryptocurrencies in countries and continents as a whole. In the end, Megasley hopes to empower individuals and businesses in Africa to control their financial future.