A Bitcoin Lightning Network node (BTC) has been established in Lagos, Nigeria, marking a significant milestone in connecting the African continent to the layer-2 payments network built on Bitcoin, known as the Lightning Network (LN).
Operating in Lagos, which faces frequent energy and electricity disruptions, the Lightning node is powered by an old laptop running on a diesel generator.
In a conversation with Cointelegraph, Megasley, the first active Lightning node in Nigeria, expressed his vision of enabling instant and low-cost payments across Africa through the Lightning Network. Megasley emphasized the importance of fast and affordable payments, stating that connecting a Nigerian Bitcoin user and retailer to a node in Nigeria would provide the best Lightning experience.
“Light takes 50ms to cross the earth. This is quick, but with many hops, these milliseconds can add up and cause delays, especially at a point of sale waiting for payment clearance.”
Highlighting the significance of expanding the network of Lightning nodes globally to facilitate Bitcoin payments, Megasley stressed the need for Bitcoin to evolve into a more efficient medium of exchange to compete with traditional systems.
Megasley also addressed the issue of Bitcoin price volatility and its impact in Africa, emphasizing the potential of Bitcoin to empower individuals by providing a stable financial alternative devoid of governmental influence and depreciation.
“Africa has corrupt financial systems controlled by corrupt individuals, which is why Bitcoin is essential. By embracing Bitcoin, we are reclaiming financial control to unleash the vast potential of African people.”
While countries like Senegal and Ghana have shown increased Bitcoin adoption through conferences and forums, Nigeria faces challenges in Bitcoin usage due to restrictions imposed by the legacy financial system, including limitations on cash withdrawals.
By setting up a Bitcoin lightning node, Megasley aims to promote accessibility and adoption of Bitcoin in Nigeria, empowering individuals and businesses to manage their financial destinies independently.
Nigeria Free Routing is live!
The lightning network is now alive and routing on the ground in Lagos.
Please share and support us by opening a channel to us: nClBZbW4zA pic.twitter.com/hGsKobyjzY
— Africa Free Routing ⚡ (@FreeRoutingAf) January 10, 2023
Image Credit: Momentum Ronnarong / Shutterstock
