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34 sats \ 1 reply \ @KenyaCoin 10 May \ on: Have you ever used Bitcoin without internet connection? How's your experience? AskSN
https://8333.mobi/faqs <-- Under How does Machankura Work section
The absence of almost any regulation previously cause many exchanges to stay completely out of Nigeria, and many of those that took the risks have suffered due to selective enforcement of money laundering regulations (e.g. Binance).
At least now there's a path to follow:
Heritage put it best when asked about the outlook for Nigerian Bitcoin builders, “these are necessary growing pains if we're truly committed to transforming how Africans send and receive value globally.”
The author of the article did mention that:
For Bitcoin entrepreneurs in Nigeria, the Act is a welcomed change. However, sentiment is split evenly between relief and trepidation from the potential negative consequences introduced by the (mis)classification of Bitcoin as a security
or maybe the lack of reliable exchanges there.
Bingo -- at least for BTC/CFA via Lightning.
Bitnob just expanded support for CFA:
#962393
https://bitnob.com/blog/send-and-receive-xaf-xof-currencies-using-bitnob
Another government-affiliated agency champions a payment method, and suppresses competition. Said payment method gains share and network effects result in it having the power of a monopoly. Then raises fees, adds taxes ... and bleeds the citizenry dry!
But they are getting revenue they likely otherwise would not have gotten, and that revenue generally has mostly profit as marginal expense on the revenue is minimal. That could help subsidize R&D or production systems that expand their green energy footprint. Or not, who knows. Bitcoin mining doesn't exist to serve the green energy industry.
This makes a good demonstration of how a payment network can gain traction over time, and become the dominant retail and P2P payment network.
They can do what they want, but just know that this Africa Bitcoin Conference isn't African, nor is it for Africans. It's funded by outsiders, for outsiders.
For example, just a few months ago for the 2024 ABC in Nairobi, held in the JW Marriott, the opening keynote had less than half the conference seating occupied -- yet for those arriving, without a ticket but willing to pay for a seat, the price of entry was $300.
Now if you just want a kickass time, with kickass people -- most of whom you already know, at a kickass vacation destination, this would probably work.