- Approximately 22 million people comprise the total trading volume in Nigeria.
- Megasley created a Bitcoin Lightning node and successfully operated it from January 2023.
- Nigeria was the only African country in the top 15 countries with high trading volumes in 2022.
Nigeria stands tall within Africa’s crypto ecosystem, with only a few competitors. The trading volumes are off the charts, with over $1.1 billion between January 2021 and June 2022. One of the few detrimental factors contributing significantly to this is Nigeria’s number of African crypto payment services. Nigeria has one of the largest local crypt exchanges found in Africa. This brings some sense of security among its crypto traders. Recently, a Nigerian innovator launched the first active Bitcoin lightning node. Digital currency transaction is bout to be redefined within Nigeria, thanks to its embracing nature of local talent.
What are a Bitcoin Lightning node and network?
To understand the significance of this milestone achieved by Nigeria, we must understand the fundamental nature of a Bitcoin Lightning network and a node and its significance when used as an African crypto payments service.
A lightning network is a secondary layer added to Bitcoin’s existing blockchain network. This allows chai transactions to establish multiple payment channels between parties and Bitcoin users. In layman’s language, it enables two blockchain networks to transact without any hindrance from network inefficiencies easily.
It can also establish peer-to-peer channels between parties such as customers and coffee shops. It can generally form the basic functionalities of an African crypto payment service.
When successfully established, it enables both parties to send an unlimited amount of nearly instant and inexpensive transactions. It can facilitate significant reactions such as paying for goods at the local shop, subscriptions, or other miniature goods and services.
Unfortunately, a BItcoin lightning node can mainly cater for small transactions. However, it mainly shines in terms of scalability. Launching such an application in a densely populated area with most Bitcoin trades can act as an instant African Payment solution. Its applications can propel the very definition of digital currency in Africa to new heights. Take this scenario in Nigeria alone.
Approximately 22 million people comprise the total trading volume in Nigeria. With each individual having access to a Bitcoin Lightning node, the volume could easily double in months. Fortunately, Mageslie, a Nigerian innovator, saw this opportunity for what it was and successfully created a functioning Bitcoin lightning node in Nigeria’s crypto ecosystem.
Nigerian Innovator creates a bitcoin lightning node.
Megasley is your standard Nigerian crypto trader who saw Nigeria’s crypto ecosystem’s potential in Africa and the entire globe. His passion and zeal for the craft led him to create a Bitcoin Lightning node and successfully operate it from January 2023. This Nigerian Innovator stated that digital currency in Africa could solve various financial issues that plague the typical African.
He claimed that he saw the potential of using a bitcoin lightning node. Its speed, efficiency and performance would allow the trading volumes in Nigeria to skyrocket. A bitcoin Lightning node would revolutionise how a Nigerian Btconer and a retailer view transaction rates.According to Mempool ad Amboos, explore services, the Nigerian Bitcoin lightning node is still a stand-alone system within Nigeria. The operator aims to spin up the node and extend its capabilities beyond Nigerian borders.
When asked about his thoughts on Bitcoin and its current price, Megasley stated that crypto appeared similar to the current financial inflations all over Africa.
This statement comes from experience, given that the Naira bill has consistently fluctuated over the years. Today t is common for a country’s fiat currency to dangle between two extremes of the value range as such digital currency in Africa is thriving. More astonishing is that Nigeria’s crypto ecosystem carries most of Africa’s total trading volume. With the establishment of the Bitcoin Lightning node, the crypto payments service would be easily accessible, ushering in a new age of crypto traders.
Unfortunately, for his invention to work, the node runner stated that they would need to build an extensive network of nodes across the globe to facilitate international transactions.
To begin with, Nigeria’s crypto ecosystem is already so high. It is the only African country in the top 15 countries with high trading volumes in 2022. With the incorporation of a lightning node, its citizens would not use fiat currency. Being able to buy small goods and services is the final step of digital currency in Africa.
Eventually, it might compete with the likes of MPESA. With the creation of this Bitcoin Lightning Node, accessibility and adoption of crypto within Nigeria will grow even higher. It is already at the top of the leaderboard in crypto, only having some sense of competition from South Africa in implementation and from Kenya in trading volumes.
At the end of the day, if applied correctly, this could lead to an African crypto payment service that sculd double the speed of Web3 adoption in the continent.