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I am Bernard Parah, CEO of Bitnob, AMA!
43.3k sats \ 54 comments \ @bernard_parah 30 Jun 2022 bitcoin freebie
I am Bernard Parah, CEO of Bitnob AMA
Hi everyone! I’m @bernard_parah, Founder and CEO of Bitnob.
Bitnob - Bitcoin + Noble (uses) started as a project to demonstrate the good uses of Bitcoin beyond speculation. Our distributed team is based out of Nigeria, Ghana and some parts of Europe. Come visit our Bitcoin hacker houses in Abuja and Accra anytime you find yourself in Nigeria or Ghana.
In an environment where we are having to deal with very strict monetary controls such as the ability to only spend $20/month from our debit cards, double-digit inflation and high remittance costs, Bitnob uses bitcoin and the lightning network to connect Africans to the world.
Recently, we became the major sponsor of the Nigerian Professional Football league, which is the equivalent of the English Premier league, through this medium, we can get Bitcoin to the millions of people who need it around the country
Ask me anything about: Bitnob Lightning Bitcoin use cases in Africa Farming (haha) Sports
Let’s go🚀
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275 sats \ 2 replies \ @rheedi0 30 Jun 2022
What do you think is the biggest misconception that the West has about the global adoption of Bitcoin?
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82 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
That:
Everyone in the world also has access to cash app, PayPal, etc and therefore has no reason to use bitcoin beyond speculation.
The majority of the world population lives outside the West, and they're capable of figuring out ways to survive in their environments. Bitcoin fixes some problems for them, and use bitcoin they will.
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0 sats \ 0 replies \ @Undisciplined 30 Jun
This comment was featured on This Day in Stacker News as the top comment of the day.
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231 sats \ 4 replies \ @Jel 30 Jun 2022
What kind solutions/improvements need to be developed for lightning to make it usable in areas with a bad internet infrastructure? Where should the focus be, the costumer of the merchant?
Things that are in development are LNURL NFC payment cards and a offline POS terminals. Are this developments in the right direction, or do you think there are important specs that are not being taking in to account at this moment?
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193 sats \ 3 replies \ @bernard_parah OP 30 Jun 2022
You just mentioned them! I love LNURL NFC payment cards. The Bolt card is pretty dope!
Those are the things we need, offline POS terminals, merchants will be key drivers if consumer adoption is to grow.
One other thing that needs to be developed to make lightning more usable in these areas is finding ways to connect it to USSD (Unstructured Supplementary Service Data). This will enable millions of people using feature phones to use lightning. It's already the biggest way people use mobile money on the continent.
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57 sats \ 2 replies \ @Jel 30 Jun 2022
I think the current NFC cards still needs a lot of improvement. Especially in the field of authorisation. At this moment there is no way to check/approve the amount that will be deducted from the card. I think if a solution is found for this, it can go fast with the adoption.
What is needed to connect Lightning to USSD. Is this something telecom providers need to support? Or is this something that (for example) Bitnob can build?
Wouldn't it be nicer if there was a Mash network available for Lightning payments? I thought that goTenna and Blockstream (https://txtenna.com) are working on this. But than you first need to invest a little bit in hardware before you can use it.
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81 sats \ 1 reply \ @bernard_parah OP 30 Jun 2022
Yes the auth part needs improvements. I think the folks at coincorner have a way out, though not publicly released.
For lightning to work with USSD, it's more of a regulatory than technical issue. It should be pretty easy hacking a USSD <> Lightning connector.
Mesh networks should definitely be a thing in the future, we need more hardware down here
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0 sats \ 0 replies \ @Jel 3 Jul 2022
On SN a message about a USSD service for Lightning.
USSD service Machankura
On SN: Machankura - LN custodial wallet accessible via any phone in six African countries
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225 sats \ 0 replies \ @xz 30 Jun 2022
  • Are there any other notable businesses on lightning/ products being developed in Nigeria that you are aware of or that you might hope to work with? Wondering how retail looks, availability of products and services in Nigeria, or wider on the continent.
  • What is the competition in the remittance space?
  • Does Bitnob plan to grow userbase to other regions, if legislation allows for it?
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162 sats \ 1 reply \ @kilianbuhn 30 Jun 2022
Is Bitnob a company that can bring people into Bitcoin or just thriving from the preexisting Bitcoin community?
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72 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022 freebie
Bitnob's has primarily brought in more people to Bitcoin, many of our users had their first interaction with Bitcoin by dollar-cost averaging on our platform. The thought of trading was a huge barrier for many, but we made it look simple. Many also didn't know of the other things you could use Bitcoin for until they found Bitnob.
We are growing the community in Nigeria and Africa as a whole.
Also, Bitnob is Bitcoin-focused, this way, we are creating a lot of new Bitcoiners who see the long-term benefit of holding bitcoin instead of speculating.
With our lightning integration, many users now bypass monetary controls by topping up visa cards on sites like paywithmoon, or buying gift cards on bitrefill.
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140 sats \ 5 replies \ @kilianbuhn 30 Jun 2022
Will Lightning one day be synonymous with Bitcoin?
Or will we have to say "Bitcoin-Lightning" and confuse normies from now until reality?
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73 sats \ 4 replies \ @bernard_parah OP 30 Jun 2022 freebie
I think lightning will be relegated to the background for normies, many of them will probably first experience bitcoin on lightning in the coming years.
For example something we do on the Bitnob app is let the user scan a QR and we pay via lightning or onchain depending on the QR without asking them to select "Lightning or Onchain" as the payment channel
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20 sats \ 1 reply \ @Jel 30 Jun 2022
Or maybe even USD/EUR payments routed over the Lightning network. So people not even know they are using lightning.
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41 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
Right!
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25 sats \ 1 reply \ @cointastical 30 Jun 2022
Is there a cost to doing this?
e.g., If I deposit via LN and then withdraw on-chain, beyond on-chain fees?
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69 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
No there isn't any extra cost to that beyond onchain fees
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125 sats \ 4 replies \ @kr 30 Jun 2022
What might be the most surprising or unexpected thing about life in Africa for someone who has never been to Africa?
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184 sats \ 3 replies \ @bernard_parah OP 30 Jun 2022 freebie
Nice. I'll say a few gotten from my friends who visited Africa for the first time.
Africa is diverse, life in one country is almost totally different from life in the neighboring country. So it's difficult to understand one African country and have the same image for all of Africa.
That there are beautiful houses and places etc, not the people living in huts and on trees western media portrays.
The energy is positive despite the difficult circumstances
There is so much hidden talent and opportunities the world doesn't know about
The sense of community is high
and the is food is the BEST in the world haha!
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20 sats \ 2 replies \ @kr 30 Jun 2022
love it, hope to make my first trip soon!
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95 sats \ 1 reply \ @bernard_parah OP 30 Jun 2022
yooo! Happy to host you!
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20 sats \ 0 replies \ @kr 30 Jun 2022
let’s gooooo! ⚡️
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135 sats \ 3 replies \ @kr 30 Jun 2022
If you had to guess, how many people are using Bitcoin in Nigeria today?
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150 sats \ 2 replies \ @bernard_parah OP 30 Jun 2022 freebie
A good guess would be in the range of 2-5million people who have at least interacted with Bitcoin
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21 sats \ 1 reply \ @kr 30 Jun 2022
Interesting, if you had to guess, how many people have debit/credit cards in Nigeria today?
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126 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022 freebie
As of 2020, there were 111m active bank accounts, 1 person can have multiple bank accounts, so let's assume 60m people have bank accounts, I am not sure up to half of them have debit/credit cards. I'll settle for a 20m debit card users
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20 sats \ 5 replies \ @k00b 30 Jun 2022
What's your experience with farming?
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53 sats \ 4 replies \ @bernard_parah OP 30 Jun 2022
Livestock - I did poultry farming for a couple of years.
I am now more focused on trading agricultural commodities and growing grains like corn, and soybean.
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31 sats \ 3 replies \ @k00b 30 Jun 2022
Nice! What's the path from poultry farming to Bitnob?
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51 sats \ 2 replies \ @bernard_parah OP 30 Jun 2022
poultry farming, then I went to study computer science in Ghana (2013), back in Nigeria in 2018 and then Bitnob.
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20 sats \ 1 reply \ @k00b 30 Jun 2022
Do you talk about this on any of the podcasts you've been on? I tend to love these kind of hero journeys, and I don't want to ask a million questions.
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121 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
Haha, the only podcast I got close to sharing this is coming out this July!
It's packed with a lot of personal stories!
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116 sats \ 1 reply \ @siggy47 30 Jun 2022
I know that bitcoin usage in Nigeria has been stunted somewhat by the association with scammers. Has that perception improved at all recently? Also, is the term"bitcoin" used as a shorthand for any crypto, as I know is the case in some parts of the world.
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79 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
Yes, that perception has largely changed and is changing every day. Regular folks now talk about Bitcoin, people use it for remittances as well. The EndSars protests which were funded using bitcoin donations were a watershed moment for this change in perception as well.
No, it's not, when people say crypto, they actually mean it. When you find someone who says Bitcoin, then they're really talking about Bitcoin
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125 sats \ 1 reply \ @om 30 Jun 2022
In what way are people using LN? Galoy for example made this fancy multisig setup where community elders (or someone like that) would custody everyone's sats. Of course non-custodial is better but even the simplest non-custodial app Phoenix has this problem that you can't just start with receiving a small sum and people have great trouble figuring out why. So what would be the best working solution in Nigeria?
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46 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
People mostly use lightning for remittances to and from Europe, the US, and Australia. It's still early days for lightning over here, so we don't exactly have any unique setups yet.
Custodial wallets are currently the easiest way, Bluewallet is the most common I've seen here outside of Bitnob.
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120 sats \ 1 reply \ @And1 30 Jun 2022
  • Do most people have access to a PC or phone and are they technically experienced?
  • Is it difficult to explain them bitcoin/lightning?
Great work btw;)
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111 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
Phones are common place.
Yes, it can be difficult explaining it, the best way I've seen it work is getting them to try it without trying to explain too much too fast.
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20 sats \ 0 replies \ @k00b 30 Jun 2022
What's the standard pitch for Bitnob to a customer? What are their main reservations when getting them to use Bitnob?
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105 sats \ 1 reply \ @KenyaCoin 30 Jun 2022
What's the prognosis for e-Naira (CBDC)?
Does it have any traction to speak of?
Will it be growing in usage organically, or will they have to force adoption, carrot and stick methods?
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46 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
With the amount of resources and influence pushing it, I'd say adoption has been very bad. Terrible.
Even the forced adoption isn't working at the moment. DoA
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20 sats \ 1 reply \ @k00b 30 Jun 2022
What's the most surprising thing you've learned building a Bitcoin company?
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63 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
That a lot of people don't actually care about Bitcoin, they only care about what problems it solves for them.
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40 sats \ 0 replies \ @KenyaCoin 30 Jun 2022
If anyone is interested, just started now there is a Twitter Spaces from Bitnob:
How Are Africans Using Bitcoin
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41 sats \ 1 reply \ @k00b 30 Jun 2022
What's something you believe about bitcoin that no bitcoiners agree with you on?
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51 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
That people who don't believe in Bitcoin or play on other chains are not necessarily bad people. There's life outside of Bitcoin.
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20 sats \ 1 reply \ @sunnyokoroawa 30 Jun 2022 freebie
Hi boss, when will your card feature be available and would it be available via API?
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41 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
It's already available via API and will be soon be on the app!
https://docs.bitnob.com/docs/virtual-card
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20 sats \ 1 reply \ @ayhechrmg 30 Jun 2022 freebie
What are the challenges to mass Bitcoin adoption in Nigeria?
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56 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
Education is certainly the biggest challenge
Regulation comes at a close second, the banks are not allowed to serve crypto companies
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15 sats \ 1 reply \ @ayhechrmg 30 Jun 2022 freebie
How has Bitnob fared with regulators and regulations in Nigeria?
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41 sats \ 0 replies \ @bernard_parah OP 30 Jun 2022
We've done out best to comply where regulations are clear. In areas where nothing is clearly defined, we self-regulate.
It hasn't been easy growing since regulators are not exactly happy with banks serving crypto companies, this makes it difficult for on and offramps
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0 sats \ 0 replies \ @Undisciplined 30 Jun
This post was featured on This Day in Stacker News as the top post of the day.
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0 sats \ 0 replies \ @metamick14 1 Jul 2022
Are you guys still working on a crowdfunding tool?
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