Bitcoin is a digital currency that operates on a decentralized network of computers, without the need for intermediaries or central authorities. Bitcoin is often referred to as the “internet of money” because it enables peer-to-peer transactions across the globe, without borders or barriers.

But Bitcoin is more than just a payment system. It is also a form of digital asset that can store value over time, independent of any government or corporation. I will explain why Bitcoin is “empowering” and “internet store of value”, and how it can benefit individuals and society.

Bitcoin is empowering because it gives users full control over their own money. Unlike traditional currencies, which are issued and controlled by central banks, Bitcoin is created and distributed by the network of users, following a set of rules that are transparent and verifiable.

Users can send and receive bitcoins without intermediaries, fees, censorship, or restrictions. Users can also choose their own level of security and privacy, depending on how they store and use their bitcoins. Bitcoin empowers users to be their own bank, and to participate in a global and open financial system.

For example, Alice is a freelance writer who lives in Nigeria. She works for clients from different countries, who pay her in different currencies. She used to face many challenges when receiving her payments, such as high fees, delays, exchange rate fluctuations, and fraud. She also had to deal with the instability and inflation of her local currency, the naira.

But ever since she started using Bitcoin, she has been able to receive her payments faster, cheaper, and more securely. She can also save her earnings in Bitcoin, which preserves her purchasing power and gives her more financial freedom.

Bitcoin is internet store of value because it has the properties of sound money. Sound money is money that has a limited supply, is durable, divisible, portable, fungible, and recognizable. Bitcoin has all these properties, and more. Bitcoin has a fixed supply of 21 million units, which ensures its scarcity and protects its purchasing power from inflation.

Bitcoin is durable because it exists as digital information that cannot be destroyed or corrupted. Bitcoin is divisible because each unit can be split into 100 million smaller units, called satoshis. Bitcoin is portable because it can be transferred anywhere in the world with an internet connection.

Bitcoin is fungible because each unit is interchangeable and indistinguishable from another. Bitcoin is recognizable because it has a unique and recognizable code that can be verified by anyone.

Bitcoin is not only a store of value, but also a growing one. Bitcoin’s value is determined by the supply and demand of the market, not by the whims of governments or corporations. Bitcoin’s value has increased over time, as more people adopt it and recognize its potential.

Bitcoin’s value is also supported by its network effect, which means that the more users and applications it has, the more valuable and useful it becomes. Bitcoin’s value is also enhanced by its innovation and improvement, which means that the network constantly evolves and adapts to new challenges and opportunities.

For example, Bob is an investor who believes in the long-term potential of Bitcoin. He started buying bitcoins in 2014, when they were worth around $500 each. He held on to his bitcoins through the ups and downs of the market, ignoring the short-term volatility and focusing on the long-term trend.

Today, his bitcoins are worth over $40,000 each, giving him a return of over 8000%. He plans to keep holding his bitcoins for the foreseeable future, as he expects them to appreciate even more as more people discover and use them.

Bitcoin is empowering and internet store of value because it offers a new way of thinking about money and finance. It challenges the status quo and opens up new possibilities for individuals and society.

It enables people to have more freedom, choice, and opportunity in their economic lives. It also creates a more fair, inclusive, and resilient financial system that can serve the needs of everyone.

For example, Carol is a social activist who cares about human rights and environmental issues. She supports various causes and organizations that work to make the world a better place. She uses Bitcoin to donate to these causes and organizations, as well as to support other activists around the world who face oppression or censorship from their governments or corporations.

She also uses Bitcoin to raise awareness and educate others about the benefits and potential of this technology. She believes that Bitcoin can empower people to create positive change in the world.

These are just some examples of how Bitcoin is empowering and internet store of value for different people in different situations. There are many more stories and use cases that illustrate the power and potential of this technology.

A bold move from Mr. Governor: ‘Over the last five months, the Deputy Governor and I have been working to put a concise plan together for the establishment of an airline, but we did not make the plan open because of the need to get adequate knowledge about the operational procedures of airlines,” Governor Sanwo-Olu remarked. “The business plan is viable, and there is no issue about financing. The conversation has gone to an advanced stage, but we need to get the proper information on operations before we go ahead to implement the plan.”’

Yes, Lagos Air or Eko Air or whatever they decide to call it is coming. And I score it A because it is viable. Yes, Lagos Air is more viable than Nigeria Air for many reasons which include that a convergence at Lagos does not need any push, since it is already there.

As the nation’s commercial capital where more than 80% of local flights revolve around, a successful Lagos Air will give the current local operators a really tough competitive moment. You will like that as competition will serve the customers better.

That said, I am not of the opinion that states should operate airlines in Nigeria (excuse Lagos, a top-10 largest economy in Africa if you consider it a country). I will prefer for states to build airports and allow private sector participants to use those airports for their airlines. Be the hub and not the spoke especially in a place where the customer base is still evolving.

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A bold move from Mr. Governor: 'Over the last five months, the Deputy Governor and I have been working to put a concise plan together for the establishment of an airline, but we did not make the plan open because of the need to get adequate knowledge about the operational… pic.twitter.com/XF9XCHmdl8

— Ndubuisi Ekekwe (@ndekekwe) January 26, 2024

Not really. I think an airport in the Lekki area is a good playbook for Lagos. Over time, all the traffic will move there. The economy of Eti Osa LGA is bigger than the GDP of Gambia and Lagos’ GDP is possibly closer to Ghana’s. An airport there is not bad. But an airline, NOT a good move since Lagos cannot even run a train well.

Lagos State Unveils Ambitious Plan to Launch Commercial Airline and Construct New Airport

Governor Babajide Sanwo-Olu of Lagos State has announced plans for the establishment of a state-owned commercial airline and the construction of a new airport in Lekki.

The governor made this revelation during the presentation of the administration’s achievements at the Lagos West Senatorial District People’s Town Hall Meeting on Thursday.

According to him, the idea of a state-owned airport has been under consideration for several months, and the state government is now in the final stages of determining the financing model for this ambitious project. Sanwo-Olu acknowledged that the next crucial steps involve securing Federal Government approval and establishing operational contingencies for the proposed commercial airline.

“Over the last five months, the Deputy Governor and I have been working to put a concise plan together for the establishment of an airline, but we did not make the plan open because of the need to get adequate knowledge about the operational procedures of airlines,” Governor Sanwo-Olu remarked. “The business plan is viable, and there is no issue about financing. The conversation has gone to an advanced stage, but we need to get the proper information on operations before we go ahead to implement the plan.”

The governor promised that the senatorial district would benefit significantly from the intracity railway development projects, with major passenger hubs of Blue Line and Red Line trains located in Lagos West.

Stakeholders applaud the move

Stakeholders within the aviation industry, who spoke to The Punch, have expressed optimism about the Lagos State government’s plans. Kingsley Nwokoma, Chairman of the Association of Foreign Airlines and Representatives in Nigeria, sees this development as positive for the industry.

“The aviation sector benefits from increased players, addressing recurring issues like low service quality, delayed flights, and cancellations,” he said.

Nwokoma further noted that having more airlines would be advantageous, addressing concerns such as flight delays and cancellations, which have been key issues for the Minister of Aviation.

“In the past, we had only a few airlines, but the current expansion is a welcomed and beneficial development for the sector. Nigeria requires more standardized airlines, potentially reaching the IATA clearing house,” he added.

The General Secretary of the Aviation Safety Round Table Initiative, Olumide Ohunayo, supported the need for more airlines to address the current demand-supply imbalance in the industry. He pointed to recent incidents of exorbitant Christmas ticket prices reaching N250,000 due to high demand, underscoring the necessity for growth.

However, Ohunayo advised the Lagos State Government to draw inspiration from the success of Ibom Air in Akwa Ibom, suggesting a state-dependent, professionally managed structure similar to Ibom.

The aviation expert noted the need for more players in the industry, citing Ibom Air as an example that a state could run an airline successfully.

“The industry is not unsaturated. We need more. We saw what happened during the last Christmas when tickets hit the roof of about 250,000 naira. So we had less supply. We would not have gotten to that fair price if the demand had outpaced supply,” he said. “I would advise that they shouldn’t make it a civil service airline but they should look at the Ibom structure whereby it is managed by professionals. That is the route to take.”

Lagos State’s Aviation Aspirations: A Historical Perspective

Nigeria’s aviation history is marked by several failed attempts by both the government and private entities to establish sustainable airlines. In 2017, Imo State became the first Nigerian state to have its own airline, aiming to operate regular scheduled flights to major cities across the country. Unfortunately, this venture, like many before it, turned into another unfortunate investment story.

Thus, Lagos State’s attempt to establish its airline is, however, met with skepticism in many quarters, given the historical challenges faced by previous national carriers in Nigeria. From the defunct Nigerian Airways of 1958 to ventures like Virgin Atlantic and the ill-fated Nigeria Air in 2023, these endeavors have sent a message of the state’s inability to successfully operate a national carrier.

Amidst the excitement and optimism, voices of concern and skepticism regarding Lagos State’s foray into the aviation industry persist. Some critics view this move as a potential waste of taxpayers’ money, questioning the state government’s ability to run a successful airline. Despite the success of Ibom Air, founded by Akwa Ibom state in 2019, as a potential benchmark, doubts remain about the viability of Lagos State’s venture.

Critics argue that Lagos should prioritize providing diverse means of transportation, expanding initiatives like the rail line launched last year to ease traffic congestion—a significant impediment to the state’s economic development.

While the aviation industry may benefit from increased players, some believe that the state’s resources could be better allocated to address pressing issues such as infrastructure road, and rail transportation that have remained a clog in the economic development of the state.