APATA JOHNSON.
(C.E.O LUMINOUS EXCHANGE)
CONTENTS Foreword
1 Bitcoin acting as a shield against inflation in Nigeria
2 How bitcoin can act as both savings and investment
3 How Bitcoin can break international transfers/ transactions in Nigeria
4 How Bitcoin can create opportunities in Nigeria in this technology advancement age
5 Bitcoin lightning network
6 How Nigerian youths can adapt the El Salvador Bitcoin system
7 DONATIONS AND AUTHOR
FOREWORD
I’m a visionary, a dedicated entrepreneur, who loves technology. With time as I grew up, I observed we humans have to adapt to changes in nature and everything we do in life. Sometimes changes can go drastically or bring about transformation. In either way, there is no need to fear it. Changes is like a think or drown method, and we as human are supposed to study its current state and its future possibilities to affect our daily lives or activities. So, we must adapt to its strong effects or risk seeing what we have built perish in a relative instant.
Technology has changed the way we view the world. Take for instance magazines and newspaper are now read easily on our phones and laptop, hard covered books are now replaced by e-books and pdfs. Technology brings about innovation and innovation are not liked by industries who fail to see forward thereby drown in the process. Banks don’t like bitcoin, cinemas don’t like Netflix, taxi drivers don’t like Uber, bookstores don’t like Amazon and so on. The thinkers see forward and adapt to technology and innovation while the industries
drowning are the ones who don’t like technology advancement and innovation.
Technology advancement in the currency or money system has brought about Cryptocurrency, an online and smart method to send and receive money. As a thinker, and someone who cherish technology I can say cryptocurrency is the next big thing especially Bitcoin, and I see hope on how Bitcoin can change the way we view money in my country Nigeria and the world as a whole.
In an era where having a smart phone is highly more likely than having a Bank account, Bitcoin is here to stay. The architecture of money that we live in today brings the borrower and lender together through a financial intermediary, usually a Bank. One of the parties usually conforms to the rules and regulations put forth by the financial institution making it the most sought-after financial product the banks have to offer. People with limited education and a profile not matching to open a bank account can open a Bitcoin account in under 30 seconds. Bitcoin is Gold 2.0 because Bitcoin is great as a store of value.
Change is the only constant the world witnesses, and it is certainly inevitable. Toward the end of the 1990s, the information technology phenomenon had the world tied together, and the Internet has surely revolutionized the world. Considering it is only 20 odd years old, here comes another paradigm shift in the form of Internet of value or data technology.
The economies around the world are considering, what may be the end of the largest Financial Intermediaries, The Banks! It was a fearful thought but so were the palm tops, where the tech gurus predicted that everyone will be walking around with a computer in their hands. The thought was scrapped by many, but it became a reality sooner than it was predicted. Developed in 2008 by an anonymous under the name of Nakamoto, Bitcoin, a cryptocurrency, was introduced to the world. A ‘virtual currency’ which is denied as any type of digital unit, used as a medium of exchange, a unit of account, or a form of stored value. The idea was close to the gold standard but with an alternative view to tackle inflation and its value, Bitcoins have a predetermined number of having 21 million Bitcoins in circulation around the world for the next 25 years. At the moment, 18.5 million Bitcoins have
already been mined. So, is this the currency of the world, without having any central authority?
The decentralized cryptocurrency, Bitcoin, relies on blockchain technology to record its transactions in a public ledger: a technology originally conceived for Bitcoin in 2008 and first implemented in 2009. The blockchain is a distributed database that maintains a continuously growing list of records called blocks secured from tampering and revision. Each block contains a timestamp and a link to a previous block. It serves as the public ledger for all transactions. Every compatible client can connect to the network, send new transactions to it, verify them, and take part in the competition to create new blocks. The competition creating new blocks is known as mining. The Bitcoin design has been the inspiration for other applications and certainly for other cryptocurrencies. If blockchain technology is like metal, then Bitcoin is like gold.
Bitcoin acting as a shield against inflation in Nigeria
Nigeria is often referred to as the Giant of Africa, it
is the 7th largest populated country in the world
about 201 million people. One out of every 4 persons
in West Africa is a Nigerian and Nigeria is the largest country entirely of Negroes. Apart from its abundance of human resources, the country is blessed with large arable lands and mineral resources. These resources include, coal, tin ore, crude oil and gas among others. But it is an underdeveloped economy characterized by high unemployment rate, inflation, bad government, poverty, low-capacity utilization among many other such factors.
INFLATION
Inflation depicts an economic situation where there is a general rise in the prices of goods and services.
In 2021, Nigeria’s inflation rate is projected to reach 16 percent. In January 2021, the inflation rate of urban areas grew by 17 percent, while the rural inflation rate increased by 16 percent. In 2020, Nigeria recorded one of the highest inflation rates worldwide. The governor of the central bank of Nigeria (can’t say his name, he’s a disgrace) has come out times without number telling the masses that there will be a solution to the inflation
fighting my dear country, but after years of hoping, I found out it’s a lie. 2017 I found out about bitcoin and after much research I found out that bitcoin is the best alternative to tackle inflation especially Nigeria with a double-digit inflation. Bitcoin is fixed 1 bitcoin will remain 1 bitcoin 10 years in the future, unlike the naira who devalue against dollar and euro daily. Inflation is majorly caused by the devaluing of naira against dollar and euro, thereby causing hike in prices of goods and services in Nigeria, imagine setting Bitcoin that is fixed as a standard in this country. If Bitcoin adoption is implemented like the El Salvador citizens, gradually inflation will fall and in years, Nigeria will be free from inflation.
You can try an idea for a year and see which one works. For example, you’re earning a monthly pay of 100,000 naira and you decided to go into savings of 20% of your monthly savings for a year. Put 10% into bitcoin savings and 10% into your bank account savings for a year. After a year, do check which one gives you more raise in interest. I’m sure after a year, you will be all in with the bitcoin movement.
How bitcoin can act as both savings and investment
This is one of the best parts about bitcoin. In a country where naira is failing, and the central bank are doing nothing about it and the government are literally trying to frustrate the youths, bitcoin come as a relief to the youth as bitcoin can act as both savings and investments thereby giving you power/freedom to own your rights. [I know the government gon hate me for this, but do I really care. I’m gangster]
I texted one of my friends in the bitcoin community [@bitcoinsampo on twitter] to tell us about how bitcoin can act as savings and investment and he said thus “the historical average annual return of BTC is 230%. So, if one invests $100 into bitcoin, they should expect 230% return after a year. An oversimplification based on historical price action”.
As a Nigerian citizen/youth who is smart, why not look on to the bright side of life and own your
money. Can any bank in Nigeria give you a 20% raise or interest of your money in the bank for a year [ do your findings]. For example, you sow a seed of savings of about 100 thousand naira or 10 thousand naira, be sure to receive at the end of the year 230 thousand naira or 23 thousand naira respectively. We bitcoiners [bitcoin holders] call it “HODL”. Another benefit of financial literacy is how to invest wisely and bitcoin is one open world of investment. Another trick to this falling of naira to dollar that can benefit we Nigerian youths. As you buy bitcoin and save for a year, you can be sure naira will keep falling to dollar [ yeah, the central bank they dumb] and after a year be sure to even cash out more than 230% interest because by then you converting from dollar to naira and the rate of dollar is high to naira, imagine how much naira It will be converted to.
Michael Saylor[@saylor} invested $3 billion on bitcoin and he got $6.1 billion dollar increase worth of bitcoin. Vlad costea {@thevladcostea} bought 30- euro worth of bitcoin on relai {relai_ch} to celebrate El Salvador for recognizing bitcoin as legal tender and in two months there’s 20% increase while euro
is losing value to inflation [ all central banks including European Central Bank is shit].
How Bitcoin can break international transfers/ transactions in Nigeria
Here once again, Bitcoin prove his majesty as the best coin against fiat currency especially Naira.
Nigeria banks blocked transfer of payment with cards and reduced to $100 monthly to buy goods or services abroad [ so shitty, so as an entrepreneur, they spoilt my means of living] but Bitcoin came and rescue me. Now I can pay to a fellow seller abroad withing minutes and get my goods without stress [ that’s freedom]. That’s the work of bitcoin “connecting people”. This point will lead me to my next chapter [take note]
The Nigerian government also stopped forex traders and ban all forex markets [ governments are dumb]. With bitcoin I can still pay and trade BTC/NGN [ that’s freedom].
Bitcoin is borderless, the transaction is in minutes. Unlike fiat that would take days to get to foreign countries. Numerous great men/women are wanting to connect with great minds, get to know more about the bitcoin community and see how borderless you can be. I met
great friends with bitcoin and I feel borderless. I see great opportunities here in Nigeria with Bitcoin.
How Bitcoin can create opportunities in Nigeria in this technology advancement age
We are going to take a point from the other
chapter, if you read the past chapter, you will notice
I told you all to take note of a point [ “That’s the work of bitcoin “connecting people”. This point will lead me to my next chapter”].
Anything we do in this life, we need connections and we need services of people to make a great life, great nations and a great world in general [ connections bring opportunities]. One of bitcoin uniqueness is connecting people. We need people that’s why we have bitcoin community. Through bitcoin, we can connect to the world and bring opportunities home [ get connected].
I was opportune to study at the Niger delta region of Nigeria [ Warri delta state], and I was also opportune to talk to some of their youths heart to heart and to my surprise many youths have big dreams that the
conditions of this nation [ bad government, inflation etc.] are killing their dreams. Imagine if 10 to 20 youths with that large dream are connected and giving opportunity to make his/her dream a reality. Bitcoin community is a place to get connected.
What pained me the most is the British government giving the power to the northerners after we gained independence, wrong move that affected the growth of this country [ the youths are here to rewrite and right that mistake]. Boots on ground now to empower all the youths on financial literacy and Bitcoin. So, if we all can get connected and get opportunities, we can create wonders in Nigeria. I’m not condemning the northerners, I’m just saying at that time Nigeria gained independence, the Northerners were not capable to lead the country at that moment.
I read a book on why every bitcoiner should consider a career in bitcoin [ by Michael Matulef], and the writer defined career in bitcoin as any work that directly impact and improves the growth of bitcoin and adoption of bitcoin network. Careers ranging from coders, developers, engineers and the financial service
provider such as the journalist and the educators. The fiat system is failing and its mathematically certain and will be devastating. Luckily bitcoin came at a time, we needed it’s help. Now with bitcoin, we can preserve our wealth and opt out of the corrupt and collapsing fiat system. I would advise youths to begin learning one or two careers in bitcoin.
Bitcoin lightning network
The lightning network is a layer 2 [superior yet simple] payment protocol designed to be layered on top of a blockchain based cryptocurrency such as Bitcoin. It is intended to enable fast transactions among participating nodes and has been proposed as a solution to the Bitcoin scalability problem. It is measured in sats or Satoshi.
Joseph poon and Thaddeus dryja published a draft of the lightning network paper in February 2015 and since then, the lightning network has been gaining ground. It has been endorsed by the formerly C.E.O of Twitter Jack Dorsey.
In January 19, 2019, a twitter user started a game like promotional test of the lightning network. He sent 100,000 Satoshi to a trusted recipient and each recipient added 10,000 sats to send to the next trusted recipient. The lightning torch game/ payment reached notable personalities including Jack Dorsey, lightning tabs C.E.O Elizabeth stark, and binance C.E.O Chang Peng Zhao, among others. The lightning torch was passed 292 times before reaching the formerly hand-coded limit of
4,390,000 sats. The final payment was sent to Bitcoin Venezuela on April 13,2019, a non profit that promote Bitcoin in Venezuela.
In June 2021, the legislative assembly of El Salvador voted legislation to make Bitcoin legal tender in EL Salvador. The government has introduced a wallet utilizing the lightning network protocol while giving the freedom for citizens to use other Bitcoin lightning wallet.
BENEFITS OF LIGHTNING NETWORK
1 GRANULARITY: some implementation of the lightning network allows for payments that are smaller than a Satoshi, the smaller unit on the base layer of bitcoin.
2 PRIVACIES: the details of individual lightning network are not publicly recorded on the blockchain.
3 SPEEDS: settlement time for lightning network transactions is under a minute and can occur in milli seconds. Confirmation time on the Bitcoin blockchain, occurs every ten minutes on average
4 LIMITLESS TRANSACTIONS: There are no fundamental limit to the amount of payment per seconds that can
occur under the protocol. The number of transactions is only limited by the capacity and speed of each node.
How Nigerian youths can adapt the El Salvador Bitcoin system
I talked with Arman the Parman [the bitcoin whisperer] about the benefits of bitcoin in El Salvador, he gave me more than one point
He said thus.
*Citizens who are given $30 in bitcoin are in profit
*Any remittances sent home with strike has saved about 30%
*Companies are learning to accept bitcoin, and ready for the future
*Bukele [El Salvador best president] has announced a bitcoin volcano bond and will raise millions in funding
*El Salvador is becoming a more desirable place to visit, it’s on the radar
*Bitcoiners are going there and offering assistance *The good will from freedom lovers is massive
This is how bitcoin makes a country bright. I don’t need to write much, the words Arman the Parman said is clear and easy to understand [ it’s a short insight]
Let’s make use of the power of visualization to analyze bitcoin as legal tender for Nigeria, a land of opportunities. Just imagine how Nigeria will transform from an underdeveloped nation to a super developed nation. I’m just a freedom lover and I feel Nigeria needs bitcoin.
How bout a little something, you know, for the effort?
If you found this guide helpful, we heartily encourage you to explore the ease of Bitcoin’s Payment system firsthand by sending us contributions. Each of the Bitcoin Address below goes to luminous exchange project. Thanks! Or if you prefer lightning payment, the address is below also
3AbF5Zgor3c4i8nHseRN8aYMvzf9X5Bffa
lnbc1psmfpm3pp5hj3yrtjnw38g0hgzvarzun02y4667gqf574lu3cxr3laztjqptxsdqu2a
skcmr9wssx7e3q2dshgmmndp5scqzpgxqyz5vqsp5lpz6rc5786e37g7mh35q0fvhuz mc2h0ruc96p2l82xuc4755957q9qyyssqv6s6yy5y4uc6fqwdyhn0c5xgjkmv0s0y9h2 mn84cmjwh32003xp9tknc64grnzf2vnyjck2yn5624gf5znrerv00cgd727lqfzv5mfcpq 3sp2z
PROJECT LUMINOUS EXCHANGE
1 Creating Bitcoin awareness in Nigeria, Africa and the world
2 Starting a Bitcoin research institute in Nigeria
3 Educating youths in Nigeria about Bitcoin and financial literacy
Any questions,
Mail me @ apatajohnson100@yahoo.com Facebook: King johnson Apata
Facebook page: luminous exchange Twitter: @apataj [King johnson Apata] Zoom: apatajohnson100@yahoo.com
ABOUT THE AUTHOR
A visionary, game changer, speaker, author, mentor, bitcoin investor, and dedicated entrepreneur. Apata Johnson is on a mission to shift our culture, and won’t stop until his
vision becomes a reality. Johnson can’t stand traditional education, and feels our society isn’t doing enough to educate, teach, and train our youth on how to REALLY thrive in this tough new age economy. He’s taken it upon himself to guide and educate our millennials on what it takes to not only succeed, but thrive. Johnson aim is to make Nigeria, Africa and the World a cryptocurrency world. johnson has seen a lot of success over the years, but even more failure. He’s used his past to design his ideal future, and has dedicated the last 4 years to helping people maximize their potential. Johnson is the C.E.O of LUMINOUS EXCHANGE