Mar 09, 2023
Senegal Embraces Bitcoin Revolution to Break Monetary Chains
Cointelegraph recently visited Senegal, West Africa to explore the potential for Bitcoin and other crypto adoption in the nation. Senegal is home to a young and digitally native population, and in recent years, the use of mobile money has become increasingly popular. The nation recently hosted its first major Bitcoin conference, DakarBtcDays, and the event underscored the Senegalese’ interest in learning about and using Bitcoin.
Armed with a camera, a lightning wallet and a microphone, Reporter Joe Hall took to the streets of Senegal to explore the potential for Bitcoin and other crypto adoption in the nation. He found that many merchants and customers were joining the Lightning Network, and that the user experience of sending money over mobile money was quite similar to sending money over Bitcoin’s Lightning Network. However, mobile money charges anything from 1 to 3% and can take a few minutes to confirm, making it too costly for microtransactions.
Hall sent Bitcoin over the Lightning Network to a manager at Wave, a popular mobile money provider in Senegal, who showed interest and surprise at the Bitcoin Lightning Network’s efficacy. In fact, many Senegalese were interested in receiving, acquiring or learning how to custody Bitcoin.
The overarching reason which could lead to greater Bitcoin adoption in Senegal is breaking the monetary chains of its colonial past. In 1994, the value of the local currency, the CFA was sliced in half by a combination of efforts from France, the IMF and the World Bank. Senegalese fiat savings were decimated. This monetary collapse and its residual regime remain in West Africa and Senegal, and this has led people to look for alternatives, with some turning to Bitcoin.
The potential for Bitcoin and other crypto adoption in Senegal is clear, and this is being driven by a combination of factors. The use of mobile money is becoming increasingly popular, and the user experience of sending money over Bitcoin’s Lightning Network is similar to sending money over mobile money. Additionally, the monetary collapse and its residual regime in West Africa and Senegal has led people to look for alternatives, with some turning to Bitcoin.
The use of NFTs is also becoming increasingly popular in Senegal, as they offer a unique way to promote and market products and services. NFTs are digital tokens that represent a unique asset, and they can be used to promote and market a variety of products and services. For example, a company could create an NFT to promote a new product, or an individual could create an NFT to promote their artwork.
NFTs have become popular in Senegal, and there are now several NFT marketing agencies and web3 agencies that specialize in helping companies and individuals create and promote their NFTs. These agencies can help companies and individuals create and promote their NFTs on platforms like Twitter, and they can also help them monetize their NFTs by selling them on various marketplaces.
Overall, Senegal is a nation with a lot of potential for Bitcoin and other crypto adoption, and the use of NFTs is becoming increasingly popular. There are now several NFT marketing agencies and web3 agencies that specialize in helping companies and individuals create and promote their NFTs, as well as monetize them by selling them on various marketplaces. This is creating a vibrant ecosystem in Senegal, and it could lead to greater crypto adoption in the nation.
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