Olaniran
Web application developer, I write and share my understanding of how systems work.
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The advent of Lightning Network marked the beginning of the Bitcoin mainstream, offering instantaneous and less expensive possibilities than the Bitcoin protocol's main network (Mainnet).
Today, access to Bitcoin is an innovative challenge in underdeveloped and/or emerging countries, to compensate for a certain failure of the local financial system.
In this tutorial, we discover Banxaas, a barter platform that brings Senegalese people closer to Bitcoin exchanges.
Getting started with Banxaas
Banxaas comes from the Senegalese dialect (Wolof) meaning a branch. Ideologically, we can see Banxaas as a branch that links Senegalese people to the use of Bitcoin. A branch you can rely on to protect your savings from inflation and censorship. Developed by a Senegalese start-up (Yité Technologies), Banxaas offers an instant exchange service between Bitcoin and the CFA Franc (XOF) vice-versa, thanks to the power of Lightning Network. Banxaas comes with an unusual approach to exchange platforms in the West African sub-region.
- Banxaas is a non-custodial platform: you don't need to create an account or own a wallet on the platform. You remain in control of your money, and your anonymity is strengthened.
- Transparent accounting: Banxaas advocates transparency while reinforcing the anonymity of financial transactions.
Trading for the first time with Banxaas
The first thing to do on banxaas is to define the direction of your exchange:
- You have CFA Franc and wish to exchange into Bitcoin.
- You have bitcoins that you would like to convert into CFA francs
The Banxaas web platform is minimalist and intuitive, allowing you to complete your transaction in just one minute. After defining the direction of your exchange, insert the amount you wish to send in the first text field of the form, or insert the amount you wish to receive.
- From CFA Franc to satoshis:
Banxaas covers the entire Senegalese territory with two major mobile operators. With the help of their payment integrator (DexchangePay), the platform mainly supports :
- Orange Money
- Wave
- Wizall Money
When you initiate a conversion from CFA francs to Bitcoin, you'll add your Lightning address or an invoice without amount created from your Lightning wallet in the destination field.
Banxaas lets you check the accuracy of your Bitcoin reception address by clicking on the Validate destination button.
Confirm your transaction by clicking on the Troc button to buy bitcoins from your CFA Franc payment.
- From Satoshis to CFA Francs
Banxaas allows you to convert your bitcoins into CFA Francs and receive them on two operators available in Senegal.
- Orange Money Senegal
- Wave Senegal
Click on the Troc button to pay the Lightning invoice that will be generated in order to receive the equivalent amount on your Mobile Money.
More than just a conversion platform, Banxaas is a service that lets you use bitcoins as a means of exchange. Through the platform, you can pay for meals, do your shopping and pay for equipment using satoshis, by bartering Satoshis to CFA Franc and providing your seller's Money mobile number.
Transparency at the heart of the process
Transparency is an important pillar for Banxaas, to minimize censorship and enable users of the solution to judge its reliability.
In the Transaction menu, you can view recent transactions without having access to user information: Banxaas only asks for your telephone number or Lightning address. Each transaction is unique and identified by a UUID (Universal Unique Identifier).
And it doesn't stop there. You can also consult, in the Treasury menu, the cash position in CFA Francs (with payment aggregators) and the balance of the Bitcoin wallet used by Banxaas. This approach is a first in the West African sub-region, and enables users to assess the state of the platform's finances.
The Banxaas team is at your disposal to help you with any problems you may encounter. You can contact customer support via their social networks:
You've now got the hang of the Banxaas platform to exchange your bitcoins and potentially send money to Senegal using your satoshis.
Also check out our tutorial on Peach, a peer-to-peer exchange platform that also lets you buy and sell bitcoins without compromising your confidentiality.
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