Nigeria Now Has Its First Bitcoin Lightning Network Node Operating

Key Points:

• Lagos, Nigeria, has received its first Bitcoin Lightning Network node, marking an important step toward better connecting the continent to a Bitcoin-based layer 2 payment network.
• According to Bitcoin blockchain discovery sites Mempool and Amboss, Megasley, who manages the country’s LLightning Network node, is currently the only active LN node operator on the map in Nigeria.

A new Lightning Network node in Nigeria is motivating Africans to adopt Bitcoin.

Lightning Network (LN) has been around for a while, but its adoption in rural places is still a long way off. However, the city of Nigeria, Lagos, just received its first Bitcoin Lightning Network node, a significant step toward better linking the continent to a Bitcoin-based layer 2 payment network.

Megasley, who runs the country’s LLightning Network node, revealed his idea for delivering low-cost, rapid payments to Africa with the solution. He stated that his purpose is to assist Africans in receiving rapid and free money.

“The optimal trading experience would be provided if a Bitcoin holder and a retailer in Nigeria are both linked to an LN node operating in the nation.”

Megasley is presently the sole active LN node operator on the map in Nigeria, according to Bitcoin blockchain discovery platforms Mempool and Amboss. By spinning the node, he will make LN payments as available to Africans as feasible.

When asked about the need of developing a worldwide network of nodes to allow Bitcoin payments, Megasley commented: “If Bitcoin is to flourish, it has to become a better, easier, faster medium of exchange than its incumbents. To accomplish this, we must establish a global network of nodes to support these payments.”

Finally, Megasley cited Bitcoin as a big perspective shift in Africa, despite the argument that BTC is an overly volatile asset. “People often talk about Bitcoin volatility, but this is nothing when you live in a place where your money may easily lose half its value in a year.

Money in Africa is controlled by irresponsible individuals, which is why Bitcoin is required. We will deprive them of their financial power, allowing the African people to realize their full potential.”

However, the installation of a Lightning Network node in Nigeria is a key step toward growing cryptocurrency accessibility and adoption in the country and across the continent. Nigeria has also launched its national digital currency CBDC, which has over 270,000 active users. The Central Bank of Nigeria imposed a cap on ATM withdrawals in the country to encourage consumers to use CBDC more.

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