Bitcoin Lightning Network Falls Flat in Africa
- Africans shun the Bitcoin Lightning Network.
- Stablecoins are more appealing to Africans.
- Bitcoin lags stablecoin activity in Nigeria.
The Bitcoin Lightning Network was envisioned as a secondary layer solution that could enable faster and cheaper Bitcoin transactions for everyday payments. Yet former NFL player Russell Okung recently expressed his dismay at the lack of interest from Africans, who prefer using dollar stablecoins.
Africans Dodge Bitcoin Lightning Network
Sharing his experience advocating for Bitcoin Lightning in Africa, Okung stated that he “faced a cold, hard realization” that Africans are more interested in dollar stablecoins, such as USDT .
During my time in Africa, while advocating for the Lightning Network, I faced a cold, hard realization.
— OKUNG Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.
Despite my efforts, I found that more people were interested in dealing with USDT rather than Bitcoin.
They desired USD, even if they were synthetic versions.
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