Venezuela Launches Bitcoin Satellite Node

The President of Cuba, Miguel Diaz-Canel (left) meets with the President of Venezuela, Nicolas Maduro (right) in Caracas, Venezuela.

Venezuela, the Latin American country of the Petro cryptocurrency fame, has now announced that they have launched a Blockstream-based satellite node. This will make it possible to trade Bitcoin in Venezuela without an internet connection, reported Decrypt.

Venezuela suffers from poor internet coverage. The deployment of its first Bitcoin satellite node will consequently make the use of cryptocurrency and transactions more easily accessible.

Venezeula’s satellite node, EUTELSAT-113, is powered by Blockstream, which contracts satellites to broadcast data via offline connections.

Cryptobuyer, a Latin American startup, proposed the idea of launching a cryptocurrency satellite node. This came in response to Venezuela’s ailing internet infrastructure and in a bid to make the use of cryptocurrency easier and more accessible to the general public.

CryptoPotato further reports that because of this new revolutionary infrastructure, Bitcoin users in Venezuela do not need to worry anymore about the country’s poor and slow internet connection before they transact using the cryptocurrency. Instead, the interaction with Bitcoin will now be seamless and straightforward. An installed satellite will be in constant contact and communication between the satellite node and the Bitcoin blockchain network.

Reportedly, Cryptobuyer intends to install two more satellite nodes to cover areas most widely hit by poor internet connectivity. Two of them will be in Venezeula’s capital Caracas in the north of the country. They also intend to place another in the industrial southern city of Puerto Ordaz.

Hopes are that this is just the first in a long process of revitalising the internet problems in Venezuela, which hinder the ease of using cryptocurrency. Later on, the country intents to create a mesh type network. This would make it even easier to transact than the satellite node, including away from the set up antennas.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.