Entrepreneurs in Nigeria are building on the country’s growing interest in BTC and establishing Bitcoin Village, a safe haven for Africa.
This won’t be the typical village that you see in Africa, entrenched in steamy jungles with no internet connection — this place is going to create a new economy in Nigeria using Bitcoin.
But this has not stopped Nigerians who see Bitcoin’s benefit in their daily lives. And creating a circular economy on a bitcoin standard could start with this Bitcoin Village in West Africa.
A domestic water well and solar panels will allow continuous running water throughout the village and a boundless supply of energy to power the school, mining equipment, street lights and a hospital. The property is on private land in the heart of the financial metropolis of Lagos.
The first phases of the build will include:
As Satoshi Nakamoto detailed the motivation behind the development of Bitcoin in numerous writings, they framed the new protocol as a solution to the shortcomings of traditional money. This village will open up the possibilities of bitcoin’s peer-to-peer capabilities in Africa and it hopes to quell the shortcomings of corruption and money debasement there.
The Bitcoin Village will eventually also include the construction of a basketball court, soccer field and swimming pool. The village’s school curriculum will revolve around what money is and how bitcoin is money, and a regular school curriculum will also be implemented to meet local educational requirements.
Not only will locals have the best Bitcoin education as residents of the village, but tourists can also experience the store-of-value benefits of bitcoin, as well as its use as a payments rail at shops there.
In conclusion, Nigeria is in a unique position in Bitcoin history, and although it has not yet officially declared bitcoin as legal tender, many of the people that live there see it that way.
This is a guest post by Dawdu M. Amantanah. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.