The acceptance of cryptocurrencies in Venezuela has been rather an impressive feat. Since the country is facing an uncertain economic future, they have had to rely more on cryptocurrencies. Now that these digital assets have become a fixture in Venezuela’s economic environment, they have made several moves for improving access. In the latest move for crypto adoption, the government of Venezuela has struck a partnership with Blockstream, a blockchain solutions provider, for launching a Bitcoin node on their satellite network. Earlier this week, CryptoBuyer, a crypto payments service had published a blog post in which they announced the launching of a Bitcoin node in the country successfully.
The launch was conducted by Blockstream and CryptoBuyer and would enable people in Venezuela to spend satoshis, which are the smallest units of Bitcoin, over the internet and without requiring a reliable connection. This initiative is especially helpful for people in remote areas of the country because it means they will always have access to cryptocurrency. According to the blogpost by CryptoBuyer, they had partnered with a crypto training service called AnibalCrypto for launching a satellite node on Blockstream Satellite. A Valencian programmer named Álvaro Pérez had also participated in the project.
He said that they had downloaded the entire Bitcoin blockchain and had used a Bitcoin satellite node in the country for carrying out the first successful transaction on 23rd September in the city of Valencia. He revealed that they had been able to receive Bitcoin via the satellite connection and without an internet connection, which was a great achievement. The chief executive of CryptoBuyer, Jorge Farias, said that the project aimed to solve the real-world financial inclusion problems faced by millions of people in the country. It is in accordance with CryptoBuyer’s mission for bringing cryptocurrencies to more Venezuelans. After all, the company has already installed numerous Bitcoin point-of-sale terminals and ATMs across the country.
It was also stated in the blog post that more nodes would be launched by all parties in Venezuela’s capital, Caracas, along with the Southern state of Bolivar. Interest users will be able use the mesh networks for connecting to the satellite nodes, as these are already being tested across the country. There is no doubt that Blockstream Satellite is an innovative product. Since it eliminates the need for internet connectivity to conduct crypto transactions, it ensures that people can access features of the technology, no matter where they may be.
When the service had been launched in 2017 by Blockstream, their CEO Adam Back had said that they understood the importance of a strong Bitcoin network for businesses. Reducing cost and improving accessibility will enable adoption, particularly for businesses in developing countries. Blockstream Satellite had been launched in Europe, Africa, and the Americas. In December 2018, it had also expanded to the Asia Pacific region and provided support for the Lightning Network for improving scalability and payment speed. The technology had also received a cosign recently from leading exchange platform BitMEX the previous month, which had implemented Bitcoin Satellite for testing its transaction and security features.