The satoshi-sized pocket guide.
If you live in Uganda and want to convert bitcoin into shillings you are not alone. With this article I explain a method to trade BTC into shillings that should work for everyone.
Assume the Bitcoiner in question has 11,000 satoshis on a Lightning wallet address with Machankura. Call it bitcoiner@8333.mobi.
If they are in Uganda, they can turn this into mobile money (denominated in Uganda shillings/UGX) with which they can purchase some bread.
All it requires is a download of two applications.
One is a cryptocurrency exchange that allows conversion of bitcoin to digital local currency either in a bank account or a mobile money account.
The big exchanges like Coinbase, Binance can do this, as well as the smaller ones like Chipper Cash.
The other is an application that can do both Lightning Network (LN) and Bitcoin network transactions. This will receive bitcoin from an LN wallet and send it to a Bitcoin-network wallet in, say, Chipper Cash.
An example is Wallet of Satoshi.
Step 1: Send 10,890 sats (You cannot send 11,000. Some small fees will be paid every step of the way) from bitcoiner@8333.mobi to goodstuff@walletofsatoshi.com
Step 2: Set up an account in the Chipper Cash app.
Step 3: Send 10,400 sats from goodstuff@walletofsatoshi.com to Bitcoin wallet address 0xaknefb3628482u3bfnfkwjen in Chipper cash.
Step 4: Sell 10,200 BTC satoshis in Chipper Cash for UGX at the current market price.
Step 5: Send your UGX balance in Chipper Cash to your mobile money account.
Voilà.
You can now buy some breakfast.
