A thread 🧵
btc LightningNetwork bitcoin bitcoinadoption
1/ These kind of developments eliminate the need for a third-party facilitator, such as Western Union, and allows for instant and low-cost transactions in multiple fiat currencies.
2/ According to the World Bank, Sub-Saharan Africa received upwards of 40 billion in remittances annually as of 2020.
3/ The adoption of cryptocurrencies in Africa has been a hot topic in the industry, with the Nigerian government meeting with Binance to discuss a special economic zone for blockchain and cryptocurrency businesses.
4/ The Bitcoin Lightning Network has made it possible for users to conduct instant, low-cost transactions without the need for a centralized facilitator.
5/ This is particularly beneficial for the remittance market, which has traditionally been expensive and slow.
6/ The ability to transfer multiple fiat currencies using the Lightning Network makes it a valuable tool for cross-border transactions between Europe and Africa.
7/ As the cryptocurrency market continues to expand, especially in developing regions like Africa, partnerships like this one will play a key role in promoting global adoption.
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