• Sun. Jul 21st, 2024

Bitcoin Lightning Network Intro

One may not be able to derive any benefits from Bitcoin but Bitcoin is capable of benefitting others. This is so true because the Bitcoin blockchain also owns a system called ‘Bitcoin Lightning Network’.

It is a system specifically designed to execute local and international digital fund transfers against fiat and digital currencies. As the name suggests, transfers are lightning fast, efficient, non-costly, and free from third-party mediums.

Exorbitant Fund Transfer Costs into Africa Removed

An announcement has been made by a digital payment platform called ‘Strike’ of adding a new feature known as ‘Send Globally’.

The users of this feature would be able to send digital payments from the US to African countries at cheaper costs.

Strike is a free-of-cost downloadable app that is part of the Bitcoin Lightning Network. It is widely used for executing international transfers instantly and trading cryptocurrencies.

For US Based Users Only

Strike’s newly added feature aims at sending transfers from the US to African countries such as Nigeria, Ghana, Kenya, etc.

Currently, the feature of ‘Send Globally’ would be available to users which are US based.

Strike’s press release on 6th December suggested that sending funds into Africa has now become so convenient than ever before. The release also suggests that sending money to Ghana, Nigeria or Kenya is almost non-costly.

It is known globally that the costs involved in sending money to African countries from outside the region are exorbitantly high. Even the World Bank took note of exorbitant costs in its latest report titled “Migration & Development Brief”.

According to World Bank, fund transfer costs into Africa is higher than any other continent, let alone any country.

Strike Finds African Bitnob as Partner

Prior to launching the new feature, Strike had to deal with multiple challenges and remove various obstacles. However, Strike was not capable of dealing with such challenges and removing the obstacles alone.

Resultantly, it found a partner in the shape of Bitnob, an African digital payment platform, with which Strike became a partner. So ultimately the obstacles were removed through the partnership with Bitnop.

Jack Mallers, Strike’s CEO, commented that the developing world has long been deprived of technology and innovation in terms of cross-border payments.

He claimed that international sending funds into Africa were not as frequent as in other continents because of huge costs. Resultantly, Africans living abroad have had to face difficulties in sending funds to their families at home.

He suggested that US-based Africans can use Strike’s ‘Send Global’ option for sending instant funds to their loved ones. Most importantly, instead of paying hefty costs, they can send monies by paying cheap rates.

‘Send Globally’ Benefits

Users of strike can now send funds either in the USD or through digital currencies, including Bitcoin. The ‘Send Globally’ option would first convert the funds into local currencies of the countries where funds have been sent.

The transferred funds can be deposited in any bank account of a chartered bank in the region. Alternatively, the recipient also has the option of receiving funds directly into a mobile account.

Although currently, the option is available for US-based users only, however, the facility would be further expanded in other countries.

Similarly, more African countries would be brought into the network apart from the initial three countries of Nigeria, Kenya and Ghana.

The adoption level for cryptocurrencies in the African region is quite high, making it a promising land that international crypto firms can explore.

It is important that major cryptocurrency firms such as Binance and many more expand their businesses to African countries for more crypto exposure.

This way, they will have a new and very promising market to target that could bring in huge investments in the long term.

Since its advent, the cryptocurrency industry has had an appetite for worldwide expansion, and Africa will help make it possible.

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