Nigeria is a unique country in West Africa, geographically located between the Sahel to the north and the Gulf of Guinea to the south in the Atlantic Ocean. Inflation is currently over 18% and currency depreciation is sometimes a daily occurrence. If you’ve never had a backpack full of useless naira, you wouldn’t understand.
In places like Accra, Ghana, the cost of living is among the highest of any African country. But Bitcoin can take the trust factor out of money from the hands of nefarious governments and broken monetary policies, which are driving inflation and the high cost of living across Africa.
A recent report by KuCoin revealed that of the 51% of Nigerians who have internet access, 86% are aware of cryptocurrency as an investment vehicle. And a country like Nigeria, with unlimited talent, full of entrepreneurs and developers looking for ways to solve the country’s many economic problems through the Bitcoin protocol, will have a profound impact.
Innovate with Bitcoin
For example, a circular Bitcoin economy, similar to El Salvador’s infamous Bitcoin Beach, is being built there, and it could be just as big and world-changing as its Latin American counterpart. Now is the time to make Nigeria a place of tourism for Bitcoiners around the world.
Satoshis Journal founders Jeremy Garcia and Oluwasegun Kosemani of Satoshis Journal are working on building the first-ever Bitcoin Village in Lagos, Nigeria. They plan to power it with solar power, mine Bitcoin onsite, educate the local community about Bitcoin, and create a Bitcoin Core development synergy with a STEM lab.
It won’t be the typical village you see in Africa, entrenched in scorching jungles with no internet connection – this place will create a new economy in Nigeria using Bitcoin.
Nigeria has had its fair share of fear, uncertainty and doubt regarding Bitcoin, whether it comes in the form of a government ban on cryptocurrency activity or competing with the country’s CBDC, the eNaira, which poses more challenges in establishing government- drives adoption.
It takes a village
But that has not stopped Nigerians seeing the benefits of bitcoin in their daily lives. And creating a circular economy on a bitcoin standard could start with this Bitcoin Village in West Africa.
In a promotional video, Kosemani, who innovates on the site, says, “We are going to open a Bitcoin village in Lagos, Nigeria. You would come here, spend your bitcoins, buy fish from local fishermen, buy items from locals directly using the Lightning Network, and all that.
A domestic water well and solar panels will allow continuous running water throughout the village and an unlimited supply of energy to power the school, mining equipment, streetlights and a hospital. The property is located on private land in the heart of the financial metropolis of Lagos.
The first phases of construction will include:
- Property Survey
- Land clearing, which consists of lush jungle vegetation
- Construction of a 2,500 square foot school and a 120-seat amphitheater
While Satoshi Nakamoto detailed the motivation behind the development of Bitcoin in numerous writings, they presented the new protocol as a solution to the shortcomings of traditional currency. This village will open up the possibilities for bitcoin’s peer-to-peer capabilities in Africa and hope to fill the gaps of corruption and money debasement there.
The Bitcoin Village will also eventually include the construction of a basketball court, a soccer field and a swimming pool. The village school curriculum will revolve around what money is and how bitcoin is money, and a regular school curriculum will also be in place to meet local educational requirements.
Not only will locals get the best bitcoin education as residents of the village, but tourists can also experience the benefits of bitcoin’s store of value, as well as its use as payment in shops.
The village’s tech lab hopes to attract the best tech talent in the area. Nigeria has proven to produce skilled bitcoin developers, like Abubakar Nur Khalil of BTrust, so fostering a new generation of bitcoin protocol developers is a win-win. The STEM curriculum will eventually include programming for Bitcoin, building nodes, and servicing miners. The business is huge, but the power of Bitcoin is even greater.
During the construction of the first phase of the Bitcoin Village, sponsor Botmecash will donate 1 BTC to the village to be used as the first step in establishing a sovereign circular economy, just as Bitcoin Beach began.
Making Bitcoin History
In conclusion, Nigeria occupies a unique position in the history of bitcoin, and although it has not yet officially declared bitcoin as legal tender, many people who live there see it as such.
Once complete, Bitcoin Village will host a conference both virtually and in person with the plan to open the idea of Bitcoin Village to the world. Currently, the Bitcoin Village expects to be completed by the anniversary of the first Bitcoin client release, January 9, 2023.
As countries like El Salvador and the Central African Republic accept bitcoin as legal tender, Nigerians are building something special of their own. Stay tuned, because at a time when innovation in the Bitcoin ecosystem seems to be stalling, new businesses, solutions, and ideas are being propelled with the belief that the greatest digital currency asset man has ever created is here to stay. .
This is a guest post by Dawdu M. Amantanah. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.