Cointime

Download App
iOS & Android

Nigerian Innovator Launches First Active Bitcoin Lightning Node in the Country

A Bitcoin Lightning Network node (BTC) has struck the earth in one of the most challenging operating environments. Lagos, the capital of Africa’s most populous country, Nigeria, welcomed a new Bitcoin Lightning node this week, a vital step to better connect the continent to the layer-2 payments network atop Bitcoin, the Lightning Network (LN). 

The node runs on an old laptop powered by a diesel generator as Lagos regularly experiences energy and electricity blackouts.

Megasley's diesel generator and laptop running the node. Source: Megasley 

In a discussion with Cointelegraph, Megasley, who is the first Nigerian Lightning node of 2023 and the first active Lightning node in the country (as other nodes are dormant), Megasley shared his vision for bringing instant and low-cost payments to Africa thanks to the LN.

"Light takes 50ms to cross the earth. This is quick, but with many hops this milliseconds can add up and when you're standing at a point of sale waiting for your payment to clear it can be frustrating.”

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

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: https://t.co/nClBZbW4zA pic.twitter.com/hGsKobyjzY

— Africa Free Routing ⚡ (@FreeRoutingAf) January 10, 2023

According to the explorer services Mempool and Amboss, the operator is currently the only active node on the map in Nigeria. By spinning up an active node in Nigeria, the operator aims to make lightning payments as accessible as possible to Africans.

When asked about the importance of building out an extensive network of nodes across the globe to facilitate Bitcoin payments, the node runner explained, "If Bitcoin is to succeed it must become a better, easier, faster medium of exchange than the incumbents. To get there we need to build out an extensive network of nodes across the globe to facilitate these payments."

Megasley also touched on Bitcoin price volatility and its perception in Africa: "People talk about the problem of volatility but this is nothing when you live in a place where your money could easily lose half its value in a year.”

“Africa has rotten money controlled by rotten people and this is why we need Bitcoin. We will take the power of money away from them so that the enormous potential of the African people can thrive."

Indeed, there has been a surge in Bitcoin adoption among the countries that use the Central African Franc, bolstered by Bitcoin conferences and forums in Senegal and Ghana. Although Nigeria has shown promising signs of Bitcoin adoption, such as legal tender discussion, the legacy financial system has imposed further restrictions in 2023.

For example, Nigerians will only be allowed to withdraw $44 dollars per week per individual and a maximum of $11,000 for businesses in 2023, as per the government’s efforts to phase out cash. As a reminder, Bitcoin has no limits or restrictions for its use. To transact freely on the Bitcoin network, users require a phone and an internet connection; there are no limits.

The establishment of a Bitcoin lightning node in Nigeria is a significant step towards increasing accessibility and adoption of the cryptocurrency in the country and the continent as a whole. Ultimately, Megasley hopes to empower individuals and businesses in Africa to take control of their financial future.

Comments

All Comments

Recommended for you

  • Iranian Military: Ready to Respond Decisively to 'Enemy's Breach of Promises'

    On April 21, local time, Abdollahi, commander of the Khatam al-Anbiya Central Command of the Iranian Armed Forces, stated that Iran is prepared to respond decisively to the 'enemy's breach of promises.' Abdollahi emphasized that the current Iranian military possesses 'authority, readiness, and comprehensive strategic capabilities.' He noted that the Islamic Revolutionary Guard Corps and other defense forces have demonstrated combat capabilities in relevant operations, putting 'Israel and the United States in a difficult and fatigued position,' forcing them to 'seek a ceasefire.' Abdollahi also stressed that the Iranian armed forces maintain a high level of unity with the government and the people under the supreme leader's unified command, and will respond 'decisively, resolutely, and promptly' to any threats and actions. (CCTV News)

  • Another Iranian Oil Tanker Returns to Iran After Breaking US Blockade

    On April 21, according to CCTV News, maritime intelligence company 'TankerTrackers' reported that a tanker belonging to the National Iranian Tanker Company returned to Iran after unloading approximately 2 million barrels of crude oil in Indonesia, crossing the relevant maritime blockade line. The tanker is currently en route to Iran's main oil export hub, Khark Island, and is expected to arrive on April 22 local time. It is reported that the tanker set sail from Iran in late March, heading towards the Riau Islands of Indonesia.

  • White House: US and Iran on the Verge of Reaching an Agreement

    On April 21, White House Press Secretary Kayleigh McEnany stated in an interview with Fox News on the evening of the 20th that the United States and Iran are on the "verge of reaching an agreement." McEnany remarked, "The US has never been closer to achieving a truly good deal." However, she did not disclose any information regarding the current status of the negotiations. McEnany noted that even if an agreement is not reached, President Trump has multiple options and is not afraid to utilize these measures. Previous actions have demonstrated that Trump is not just "bluffing."

  • Kelp DAO Attacker Transfers 30,800 ETH to Special Address

    On April 21, news emerged that, according to monitoring by PeckShield, the Kelp DAO attacker transferred 30,800 ETH to a special address starting with 0x00000, possibly indicating a destruction action.

  • Trump: 'Midnight Hammer' Completely Dismantled Iran's Nuclear Dust Base

    On April 21, U.S. President Trump stated that the 'Midnight Hammer' operation has completely destroyed the 'nuclear dust' base within Iran. As a result, the cleanup will be a long and arduous process. The fake news media, including CNN and other corrupt media networks and platforms, have failed to give our great pilots the credit they deserve, instead always attempting to belittle and undermine them. They are losers!!! (Dongxin News Agency)

  • BTC Drops Below $76,000

    Market data shows that BTC has dropped below $76,000, currently priced at $75,999.63, with a 24-hour increase of 1.68%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Japan Officially Allows Export of Lethal Weapons Through Cabinet Resolution

    On April 21, according to Kyodo News, the Japanese government officially revised the 'Three Principles on Transfer of Defense Equipment' and its operational guidelines during a cabinet meeting, which will, in principle, allow the export of lethal weapons. (Xinhua News Agency)

  • Trump Claims Iran Will Negotiate

    On April 21, during a phone interview with CNN, U.S. President Trump stated that Iran "will negotiate" and expressed confidence in potential talks set to take place in Pakistan. Trump remarked, "They will negotiate; if they don't, they will face unprecedented problems." He also expressed hope that both sides could reach a "fair agreement" and emphasized that Iran "will not have nuclear weapons." Additionally, he defended military actions against Iran by stating there was "no choice" and claimed that they would ultimately "wrap things up."

  • Amazon to Invest Additional $5 Billion in Anthropic

    On April 21, Amazon announced on Monday that it will invest an additional $5 billion in the artificial intelligence company Anthropic, bringing the total investment to as much as $20 billion. Anthropic develops the Claude chatbot and programming tools, and plans to invest over $100 billion in Amazon's cloud technology and chips over the next decade.

  • Three U.S. Carrier Strike Groups May Deploy Simultaneously in the Middle East

    On April 21, according to CCTV, the U.S. military is expected to deploy three carrier strike groups simultaneously in the Middle East in the coming days. Currently, the USS Lincoln strike group is stationed in the Gulf of Oman, near the Strait of Hormuz, participating in maritime blockade operations; the USS Ford strike group is located in the northern Red Sea; and the USS Bush strike group, which is taking a route around Africa, is heading north from the southeast of Africa and is expected to enter the Arabian Sea—this carrier may replace the USS Ford in its mission. In the short term, the U.S. military may have three aircraft carriers in the Middle East.